Hoegh LNG swings to profit

Höegh LNG of Norway said its profit after tax was at US$6 million in the second quarter of this year, up from a loss of US$2.4 million in the previous quarter.

The company’s EBITDA also rose to US$22.6 million in the quarter, as compared to US$16.5 million in the first three months of this year.

Total cash flow in the quarter was US$46.5 million, which includes US$25.9 million from operating activities, Höegh LNG said in a statement on Thursday.

The improved operating and net results are driven by Höegh Gallant starting commercial operations according to schedule in Egypt, where she currently is operating at full capacity and regasifying four to five cargos per month,” Höegh LNG’s CEO Sveinung J. S. Støhle said.

During the quarter, we secured a long term FSRU contract in Chile upon which we ordered another FSRU plus a firm priced option. The increased number of opportunities in the FSRU market, combined with our success in securing new contracts, places us ahead of schedule in expanding our fleet to 12 FSRUs on the water or under construction by 2019,”  Støhle added.


LNG World News Staff; Image: Höegh LNG