Höegh LNG Holdings Ltd has confirmed that a FSRU Time Charter Party contract (TCP) has been signed with Egypt’s EGAS.
The contract, for a period of five years, is expected to generate an average annual EBITDA of around US$ 40 million.
The FSRU Höegh Gallant will service the contract. It is expected to start by the end of Q1 2015. The company will evaluate interim employment for the FSRU before start of operations in Egypt.
President and Chief Executive Officer, Sveinung J.S. Støhle, sais: "We are delighted to have signed a firm contract with EGAS and been entrusted through this contract to provide strategic important infrastructure that will give EGAS added capacity to serve the Egyptian gas market. This project clearly demonstrates the advantage of FSRUs as the fast-track solution for LNG imports to any market and we look forward to a long-term relationship with Egas. The Höegh Gallant will be offered to Höegh LNG Partners L.P. in due time".
Adapted from press release by Callum O'Reilly
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