South Korea: Hyundai Heavy to Build FSRU for Hoegh LNG

Höegh LNG has, pursuant to a successful private placement, today exercised an option for a new FSRU to be built at Hyundai Heavy Industries Ltd. in Korea. The FSRU will be delivered in the second quarter of 2014, and its specifications will be adapted to comply with relevant project requirements.

Höegh LNG’s President and CEO, Sveinung Støhle, says in a comment: “With our two FSRUs on order allocated to specific projects in Indonesia and Lithuania, the Company continues focusing its growth plans at the floating regasification market, and is currently participating in several tender processes for additional FSRU projects. We have therefore decided to place an order for a third FSRU to be built at Hyundai. Our strategy to expand in the floating regasification market worldwide remains firm and we believe in strong continued growth in this segment.”

Hyundai Heavy (HHI), the world’s number one shipbuilder, leads the shipbuilding industry with a 15% share of the market. The Hyundai shipyard stretches over four kilometers along the coast of Mipo Bay in Ulsan, Korea. The Shipbuilding Division is capable of building all types of ships to meet various demands from its clients. It has nine large-scale dry docks with seven huge ‘Goliath Cranes’. Since the shipyard’s groundbreaking in 1972, Hyundai Heavy’s Shipbuilding Division has garnered many awards and set many records within the shipbuilding industry.

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Shipbuilding Tribune Staff, February 3, 2012; Image: hoeghlng