Norway: Hoegh LNG Q3 Income Rises 7 Percent

Höegh LNG today announced its interim results for the period ended 30 September 2011.

Highlights

* Total income of USD 27.4 million, up 7 % from the third quarter 2010

* Operating profit before depreciation of USD 8.6 million

* Exclusive negotiations with PGN regarding the Medan FSRU project well advanced

* Submitted bids for 4 FSRU projects

* Acquired the LNG carrier “LNG Libra”

“Höegh LNG has continued to deliver safe and stable operation of its fleet through the third quarter 2011, while increasing its total income and operating profit before depreciation. Negotiations with Perusahaan Gas Negara for the floating regasification terminal offshore Medan in Indonesia are progressing well. Work on the two new regasification vessels ordered at Hyundai Heavy Industries Co. is progressing according to plan. The market for LNG transportation remains good and we are working on several bids for new floating regasification terminals“,  Sveinung Støhle, President and Chief Executive Officer of Höegh LNG said.

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LNG World News Staff, November 30, 2011; Image: Höegh LNG