Hoegh LNG strong in third quarter

Hoegh LNG

Höegh LNG reported its financial results for the quarter ended 30 September 2018.

Highlights for the third quarter of 2018:

  • EBITDA of USD 47.9 million
  • Profit after tax of USD 6.0 million
  • Dividend of USD 0.025 per share paid in the third quarter of 2018
  • Secured commitments for debt financing of FSRU #9 and FSRU #10

Subsequent events

  • Dividend of USD 0.025 per share declared in the fourth quarter of 2018
  • Investment in Avenir LNG to pursue small-scale LNG opportunities
  • Höegh Esperanza commencing FSRU operations in Tianjin, China
  • Höegh LNG Partners LP secured commitments for refinancing of Höegh Gallant and Höegh Grace

The President and CEO of Höegh LNG Sveinung J.S. Støhle comments: “We are pleased to deliver Höegh LNG’s best underlying quarterly results on record, with EBITDA up 19% compared to Q2, reflecting continued operational excellence and a full quarter of income from Höegh Esperanza under its contract with CNOOC in China. Our financial position is solid, and with debt commitments received for the financing of our two newbuildings, as well as for our first refinancing completed well ahead of maturity, we are fully financed across the fleet at attractive terms. Meanwhile, we continue to see an improving FSRU market and are currently exclusive and in the final selection round for four different long-term FSRU projects. Additional FSRU opportunities arise on a frequent basis, particularly in Asia, where China in a period of 12 months has emerged the world’s second largest LNG importer and a high-potential market for FSRUs. With our proven operational platform that now includes the highly complementary small-scale LNG offering represented by our shareholding in Avenir LNG, Höegh LNG remains in a strong competitive position for the most attractive FSRU contracts in the market.”

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