Höegh LNG Partners Completes Acquisition of 51 Pct Stake in Höegh Grace

Norway-based Höegh LNG Partners LP has finalized the transfer of the 51% interest in floating storage and regasification unit (FSRU) Höegh Grace, Höegh LNG Holdings informed. 

In early-December, Höegh LNG Partners agreed to acquire the ownership interest in the entities that own and operate the FSRU and contribute the acquired ownership interest to the group’s operating company.

The vessel’s purchase price was USD 188.7 million, less USD 96.9 million, the pro rata amount of indebtedness related to Höegh Grace.

In addition, Höegh LNG Partners has the option, at any time on or prior to February 28, 2017, to buy the remaining ownership interest in Höegh LNG Colombia Holding, the sole owner of Höegh LNG FSRU IV and Höegh LNG Colombia S.A.S., the entities that own and operate Höegh Grace.

The 170,000 cubic meter Höegh Grace was built by South Korean shipbuilder Hyundai Heavy Industries and delivered on March 30, 2016.

The vessel is intended for servicing a new LNG import terminal in Cartagena on the Atlantic coast of Colombia under the long-term charter contract with Sociedad Portuaria El Cayao S.A. E.S.P. (SPEC), which commenced in December 2016.