Höegh LNG 1Q Income Increases
Höegh LNG of Norway reported USD 51.3 million in total income in the first quarter of 2014, up from USD 20.1 million in the first quarter of 2013.
The company also reported Loss before tax of USD 4.5 million, which is an improvement from a loss of USD 7.9 million in the first quarter 2013.
– The Senior Secured Credit Facility for the financing of Höegh Gallant and FSRU #4 increased to USD 412 million and signed;
– The PGN FSRU Lampung delivered from the yard and hooked up to the mooring system in Indonesia;
– The Independence delivered from the yard and entering the short term market before starting its long -term contract with Klaipedos Nafta;
– Signed a Letter of Intent with Egyptian Natural Gas Holding Company for a 5 year FSRU contract;
– Höegh LNG Partners (“MLP”) made confidential submission to the United States Securities and Exchange Commission of initial draft registration statement for initial public offering of common units of the MLP.
“So far this year we have taken delivery of two FSRUs and installed a Tower Yoke Mooring System offshore Lampung, Indonesia. The first FSRU, PGN FSRU Lampung, is already hooked up to the Tower Yoke Mooring System and on schedule to commence operation in less than one month. We have also signed a Letter of Intent with Egas of Egypt for our third FSRU, Höegh Gallant, and executed a debt facility that completes the financing of our newbuilding programme. Overall I am very pleased with the Company’s performance so far this year,” said Sveinung J.S. Støhle President and Chief Executive Officer.
Press Release, May 23, 2014; Image: Höegh LNG