Skip to main content

Höegh announces latest results

Published by
LNG Industry,


Höegh LNG Holdings Ltd. has reported its financial results for the quarter ended 30 September 2017.

Highlights:

  • EBITDA of US$ 31.6 million, or US$ 40.6 million adjusted for non-recurring items
  • Profit after tax of US$ 1.1 million, or US$ 10.8 million adjusted for non-recurring items
  • Dividend of US$ 0.125 per share paid in the third quarter of 2017

Subsequent events

  • Dividend of US$ 0.125 per share declared in the fourth quarter of 2017
  • Höegh LNG Partners raised US$ 115 million in perpetual preferred equity
  • Financial close for up to US$ 230 million in debt financing for FSRU no. 8
  • Agreement to sell remaining 49% interest in Höegh Grace to Höegh LNG Partners
  • Repayment of the 2012/2017 HLNG01 bond

The President and CEO of Höegh LNG Sveinung J.S. Støhle comments:

"Disregarding non-recurring items, we are pleased that the underlying results for the quarter are record high with EBITDA of around US$41 million and a net profit of around US$11 million. While Höegh LNG so far in 2017 has experienced delays regarding FSRU contracts with future start-up dates, the activity in the FSRU and LNGC markets is high, as confirmed from our novel FSRU/LNGC contract with Gas Natural Fenosa. We remain confident that we will secure additional long term contracts to supplement our current backlog and fleet employment. We are further pleased to see that the strong financial platform of Höegh LNG is facilitating further diversification of debt and equity funding sources supporting the growth of the company."

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/16112017/hoegh-announces-latest-results/

 

Embed article link: (copy the HTML code below):