Hoegh LNG Q4 Income at USD 51.6 Million

Höegh LNG of Norway reported USD 51.6 million in total income in the fourth quarter of 2013, up from USD 37.6 million in the fourth quarter of 2012.

Operating profit before depreciation was USD 8.9 million in the quarter, down from USD 20.6 million in the fourth quarter 2012. The deviation is mainly explained by a non-recurring income relating to a change in the pension regime recorded in the fourth quarter last year (USD 5.6 million), and less contributions from LNG Libra and Norman Lady in the quarter (USD 5.5 million), the company said in a statement.

Loss before tax was USD 4.2 million in the fourth quarter 2013 compared to a profit of USD 13.6 million in the same period last year.

“We are pleased to see that both the Indonesian and Lithuanian FSRU projects are on schedule to commence operation in the second and fourth quarter 2014, respectively. The company sees increasing demand for FSRU projects and is currently involved in several tendering processes. The company is well positioned to meet start-up requirements of ongoing tenders with two uncommitted FSRUs under construction.” Sveinung J.S. Støhle, President and Chief Executive Officer of Höegh LNG said.

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LNG World News Staff, February 28, 2014; Image: Höegh LNG