Norway: Hoegh LNG Q1 Income Rises 6 Pct

Höegh LNG of Norway said its total income was USD 29.5 million in the fist quarter of 2013, up 6 % from USD 27.7 million in the first quarter of 2012.

Highlights

– Operating profit before depreciation USD 7.5 million, up from USD 5.8 million in the first quarter 2012

– Loss before tax USD 7.6 million, compared to a loss of USD 3.9 million in the first quarter 2012

– Replaced an obligation to acquire 50 % of STX Frontier with a right to acquire 100 % of the vessel within the second quarter 2013.

Subsequent events

– Commitment letters received from five international banks for a USD 299 million Limited Recourse Facility for the debt financing of the FSRU and Mooring system to be located in Indonesia

– A time charter entered into with Gas Natural for LNG Libra

– GDF Suez Cape Ann to become China’s first floating LNG import terminal.

Sveinung J.S. Støhle, President and Chief Executive Officer said: “While we have increased our total income in the first quarter by six percent year-on-year, we are also pleased to have secured long-term debt financing of our FSRU project in Indonesia and secured employment for LNG Libra.”

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LNG World News Staff, May 24, 2013; Image: Höegh