Hoegh LNG’s third quarter income drops

Höegh LNG of Norway reported USD 33.8 million in total income in the third quarter of 2014, down from USD 36.7 million in the same quarter last year.

The company’s consolidated operating loss before depreciation was USD 3.9 million in the quarter compared to an operating profit before depreciation (EBITDA) of USD 1.2 million in the same quarter last year.

“HLNG’s Q3 results are affected by non-recurring expenses from moving two FSRU’s from construction into their operational phase, with some technical challenges during the start-up and commissioning phase of the FSRU Lampung, and I am very pleased that these where identified and resolved by our Lampung team, and the FSRU is now in operation under her 20 year charter,” Sveinung J.S. Støhle, CEO of Höegh LNG said.

Stohle added that the FSRU Independence arrived at Klaipeda on schedule and is now in the commissioning phase. In addition, the company has been very successful in securing new business for the two remaining newbuilt FSRU’s, having secured long term contract for the Höegh Gallant and also FSRU#4.

“We have further started our next expansion into the FSRU segment, by placing an order for a 5th FSRU at HHI in Korea,” he concluded.

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LNG World News Staff; Image: Höegh LNG

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