Norway: Hoegh LNG Q4 Income Rises

Norway’s Höegh LNG reported total income of USD 30.0 million for the fourth quarter of 2011, up 18 % from the fourth quarter 2010.

Highlights

* Operating profit before depreciation of USD 3.5 million, up from USD 3.3 million in the fourth quarter 2010

* Awarded an engineering study for an FLNG solution for the Tamar gas field offshore Israel

* Signed USD 288 million debt facility agreement

* Signed 20 year charter agreement with PT Perusahaan Gas Negara for the Medan FSRU

* Selected preferred bidder for a 10 year FSRU charter agreement with AB Klaipedos Nafta in Lithuania

* Signed six month charter agreement for LNG Libra providing shipping services to North West Shelf

* Raised USD 206 million in new equity in a private placement

* Exercised option for delivery of one additional new FSRU from Hyundai Heavy Industries

“Höegh LNG has delivered another quarter of safe operations of its existing fleet of LNG carriers and regasification vessels. The first two months of 2012 have been eventful with new charter agreements, equity raising and the ordering of a third new FSRU, and the level of activity remains high,”  said Sveinung Støhle, President and Chief Executive Officer of Höegh LNG.

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LNG World News Staff, February 29, 2012