Höegh LNG Partners LP reports financial results for 3Q15

Höegh LNG Partners LP has reported its financial results for 3Q15:

• Reported total time charter revenues of US$11.5 million for 3Q15 compared to US$9.1 million of time charter revenue and US$6.3 million of construction contract revenues for 3Q14.
• Generated operating income of US$7.5 million and net income of US$5.2 million for 3Q15 compared to operating income of US$5.2 million and net income of US$3.3 million for 3Q14; operating income and net income were impacted by an unrealised loss on derivative instruments on the Partnership's share of equity in earnings of joint ventures in 3Q15 compared with an unrealised gain for the 3Q14.
• Excluding unrealised gains (losses) on derivative instruments, net income for 3Q15was US$6.9 million compared to US$1.9 million for 3Q14.
• Generated Adjusted EBITDA1 of US$16.9 million for 3Q15.
• On 1 October 2015, closed the acquisition of the entity that owns the FSRU Höegh Gallant.
• On 13 November 2015 paid a US$0.3375 per unit distribution with respect to the third quarter of 2015, equivalent to US$1.35 per unit on an annual basis.

Richard Tyrrell, CEO and Chief Financial Officer, stated: "Höegh LNG Partners' solid operational and financial performance in 3Q15 reflected the stable nature of the Partnership's long-term contracts. Including the dropdown of the FSRU Höegh Gallant that closed on October 1, 2015, our contracts have an average duration of 13 years excluding options. We are not exposed to commodity price risk and believe that the FSRU industry is benefiting from the current affordability of LNG. The fourth quarter will benefit from the FSRU Höegh Gallant – an acquisition that takes our fleet size to four FSRUs."

Edited from press release by Angharad Lock

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/17122015/hoegh-lng-partners-lp-3q15-financial-results-1778/