GDF SUEZ Cape Ann to Operate at Tianjin, China

Höegh LNG has signed an agreement with GDF SUEZ (the Charterer) which will form the basis for facilitating their use of the GDF SUEZ Cape Ann (the Vessel) as the first floating storage and regasification unit in China.

The vessel will serve the Tianjin project under a sub-charter between GDF SUEZ and China National Offshore Oil Corporation Gas & Power Ltd (CNOOC). Höegh LNG has worked closely with GDF SUEZ over the last two years in order to support its customer with the sublet of the Vessel, which is scheduled for commissioning in Tianjin in October 2013, followed by commercial operations thereafter. Höegh LNG will continue to operate the Vessel.

The Vessel is expected to be permanently moored at Tianjin for a period of up to five years operating as an FSRU while at the same time maintaining full trading capability. The FSRU will be the first floating LNG import terminal in China. The unit will fulfill the same role as a land based terminal whilst providing a shorter timeline for the ability of receiving LNG into Tianjin and fuel growth of the whole region.

President and Chief Executive Officer Sveinung J.S. Støhle says in a comment:

“Höegh LNG is very pleased to have supported GDF Suez with the flexibility of sub-chartering the vessel to CNOOC for the use as an FSRU, and at the same time establish an important presence in a rapidly growing Chinese market.”

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Höegh LNG, May 3, 2013