Hoegh LNG Partners posts revenue rise

Höegh LNG Partners, the Bermuda-based limited partnership formed by Norway’s floating giant Höegh LNG, reported a 54 percent rise in its revenue for the second quarter of this year.

The MLP’s time charter revenues rose to $35 million for the second quarter of this year compared to $22.8 million in the same period last year.

Net income for the quarter under review reached $12.2 million as compared $4.1 million for the same quarter in 2016.

“In the second quarter, our strong operational performance enabled us to generate positive financial results while we carried out the planned maintenance on the Höegh Gallant. Our long-term, fixed rate contracts continued to deliver strong cash flows and to support the Partnership’s distribution to our unitholders,” said Chief Executive Richard Tyrrell.

During the quarter, Höegh LNG Partners into a term-sheet with MOL for the acquisition of a further 23.5% of the joint venture companies that own the FSRUs Neptune and GDF Suez Cape Ann.

The purchase price of the acquisition is $27.3 million.

“The FSRUs have a minimum of 12 and 13 years remaining on their contracts, respectively. As with the recently announced strategic alliance between Höegh LNG and Qatar’s Nakilat, the Partnership’s proposed transaction with MOL demonstrates the ability of the Partnership and Höegh LNG to pursue diverse, value-generating FSRU opportunities to supplement our robust core pipeline,” added Tyrrell.