Höegh notes LNG progress in 1Q15

Höegh LNG has reported a total income of US$46.9 million and EBITDA of US$16.5 million for the first quarter of 2015.

Loss before tax was US$1.9 million, compared to a loss of US$4.5 million in the first quarter of 2014. The company reported a first quarterly dividend payment of US$0.10 per share.

Höegh Gallant

Höegh Gallant completed all performance and commissioning tests and subsequently commenced commercial operations in Egypt.

Port Meridian FSRU

Significant progress has been made on the Port Meridian FSRU project, where the company has an exclusive right to supply one FSRU and two LNG carriers.

Board appointment

Former CEO of BG Group, Chris Finlayson, joined the Höegh LNG Holdings Board as non-executive director, replacing Jon-Erik Reinhardsen.

Comments

Commenting on the first quarter results, President and CEO, Sveinung J. S. Støhle, said: “The improved EBITDA in the quarter is a result of PGN FSRU Lampung and Independence both generating income for a full quarter after start up of the long-term FSRU contract in Indonesia and Lithuania, respectively.

“In a subsequent event, Höegh Gallant also commenced operations under its long term FSRU contract in Egypt and will contribute positively to EBITDA from the second quarter 2015. With the increase in opportunities we see in the FSRU market, growth prospects are good and the company is considering accelerating its newbuilding investment plan."

Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/floating-lng/21052015/hoegh-lng-first-quarter-2015-results-803/