Hoegh LNG Q3 Profit Up, Norway

Höegh LNG of Norway said its operating profit before depreciation for the third quarter of 2012 was USD 13.2 million, up 53% from USD 8.6 million in the third quarter 2011.

Highlights

• Profit before tax USD 1.1 million, up from a loss of USD 2.0 million in the third quarter 2011
• Total income USD 38.0 million, up from USD 27.3 million in the third quarter 2011
• Selected as preferred bidder by Colbún S.A. and AES Gener S.A. for a new FSRU project in Chile
• Issued a USD 130 million five year senior unsecured corporate bond
• Took delivery of LNG Libra, which commenced a six month charter for the North West Shelf project
• Exercised the option to purchase 50 % of the LNG carrier STX Frontier
• Ordered a new floating storage and regasification unit (FSRU).

Subsequent events

• Sold the Port Meridian deepwater port project in the UK for USD 20 million. Höegh LNG will own and operate the FSRU for the planned LNG import terminal
• Signed a revised agreement with Perusahaan Gas Negara (PGN) for the Medan FSRU to be re-located to Lampung, Indonesia
• Signed the loan agreement for the USD 250 million senior secured credit facility for the FSRU under contract to Klaipedos Nafta in Lithuania.

“In the third quarter we were pleased to be selected preferred bidder for a new FSRU project in Chile. Based on this, we decided to order a fourth new FSRU and in addition we exercised the option to purchase 50% of the LNG carrier STX Frontier.

“We are also pleased to have raised USD 130 million in the Norwegian bond market, and USD 250 million in bank debt backed by export credit agencies for our FSRU project in Lithuania,” said Sveinung J.S. Støhle President and Chief Executive Officer of Höegh LNG.

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LNG World News Staff, November 30, 2012; Image: Höegh LNG