Höegh LNG posts “improved results” for 4Q2019

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Höegh LNG reported its financial results for the quarter and year ended 31 December 2019.

Highlights for the fourth quarter of 2019:

• EBITDA of USD 59.8 million
• Net profit of USD 4.0 million
• Dividend of USD 0.025 per share paid in the fourth quarter of 2019

Subsequent events:

• Dividend of USD 0.025 per share declared for the first quarter of 2020
• Secured a revolving credit facility of USD 80 million and a new bond loan of NOK 650 million to refinance the HLNG 02 bond maturing in June 2020 and for general corporate purposes
• Commercial agreement reached with Total for settling the boil-off claim in line with provisions made in previous periods
• HMLP issued new Series A preferred units in January and February under its ATM programme equal to USD 2.1 million in net proceeds
• On 26 February, HMLP declared the option to lease back Höegh Gallant to Höegh LNG Holdings for about five years, effective from expiry of Höegh Gallant’s existing LNGC contract in April 2020

The President and CEO of Höegh LNG Sveinung J.S. Støhle comments: “I am pleased to report that Höegh LNG’s results for Q4 2019 improved compared to the previous quarter due to solid operating performance across the fleet, seasonal variations in the rate for Höegh Esperanza and Höegh Galleon contributing for a full quarter. The outlook for our industry is optimistic since global LNG trade continues to grow. The competitive LNG price clearly has a positive effect on LNG demand, supporting the demand for additional import facilities, where FSRUs have an advantage due to the short time to market. Looking forward we are obviously concerned with the potential effects of the Corona virus outbreak, but this has not had any direct effect on HLNG’s personnel, operations or revenues.”
Source: Höegh LNG

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