Höegh LNG completes sale of 51 pct in FSRU Höegh Grace

Oslo-based Höegh LNG said it has completed the sale of 51 percent interest in FSRU Höegh Grace to Höegh LNG Partners. 

According to the initial agreement, the transaction is valued at US$188.7 million.

The purchase price excludes the $96.9 million pro rata amount of indebtedness related to Höegh Grace that is expected to be outstanding under the credit facility related to the vessel as of the closing date of the transaction.

In addition, HMLP has the option at any time on or prior to 28 February 2017 to purchase the remaining ownership interest in Grace Holding, the sole owner of the entities that own and operate the FSRU Höegh Grace.

If the HMLP does not purchase the remaining interest by 28 February 2017, it will retain a right of first offer with respect to the remaining interest in Grace Holding.

The FSRU Höegh Grace has started operations in Columbia under a 20-year contract with Sociedad Portuaria El Cayao (SPEC). It has the capacity to transport 170,000-cbm of LNG and has a regasification capacity of 500 mmscf/d.

The vessel served as an LNG carrier under a contract with Trafigura before arriving in Cartagena at the beginning of November.

LNG World News Staff