Hoegh LNG swings to profit in Q4

Norway-based floating LNG giant Höegh LNG posted a profit of $0.8 million in the fourth quarter of last year after recording a loss of $33 million in the same quarter a year before.

Compared to the quarter before, Höegh LNG’s net profit was lower for $2.5 million.

In its report issued on Tuesday, Höegh LNG said that the total income for the quarter reached $62.3 million, an increase over $58.7 million from the same quarter in 2015.

Speaking of the results, Höegh LNG’s president and CEO Sveinung Støhle said that by concluding bilateral negotiations for two long-term FSRU contracts, one in Ghana and one in Pakistan the company added $1.8 billion to its revenue backlog in the fourth quarter.

According to Støhle, the company continues to operate in a positive market environment where demand for FSRU capacity increases on the back of growing LNG production.

“Backed by our solid operational and financial platform we intend to further expand our revenue backlog,” Støhle said.

Höegh LNG has currently six floating and regasification units (FSRUs) in operation and four under construction.

LNG World News Staff