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Höegh LNG releases latest quarter and half results

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LNG Industry,


Höegh LNG Holdings Ltd. has reported its financial results for the quarter and half year ended 30 June 2019.

Highlights for 2Q19

  • EBITDA of US$45.7 million.
  • Net loss of US$3.6 million.
  • Dividend of US$0.025 per share paid in 2Q19.
  • Representative office opened in Shanghai, China.

Subsequent events

  • Dividend of US$0.025 per share declared for 3Q19.
  • Executed interim LNGC charter for Höegh Galleon.
  • Class renewal afloat completed for PGN FSRU Lampung.

The President and CEO of Höegh LNG Sveinung J.S. Støhle comments: “Höegh LNG’s results for Q219 are negatively affected by seasonal variations and dry docking costs. Adjusted for these effects our underlying numbers are in line with previous quarters. I am very pleased to see that the LNG market continues its rapid growth by increasing 16% in the first half of 2019, driven by the continued coal to gas switch and ample LNG supplies available at very competitive prices across the market. This is further reflected by the important progress being made on all FSRU projects where the company is already selected as the FSRU provider or has won exclusivity. In addition, the company is engaged in negotiations and business development activities that aims to see its complete fleet of FSRUs on long-term FSRU contracts by end of 2021.”

Read the article online at: https://www.lngindustry.com/floating-lng/22082019/hoegh-lng-releases-latest-quarter-and-half-results/

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