Höegh LNG has released interim results for the first quarter of 2014.
The company reported a total income of US$ 51.3 million, up from US$ 20.1 million in Q1 2013. Höegh also reported a loss before tax of US$ 4.5 million, an improvement from a loss of US$ 7.9 million in the same period last year.
First quarter highlights
- The Senior Secured Credit Facility for the financing of Höegh Gallant and FSRU No. 4 increased to US$ 412 million.
- The PGN FSRU Lampung was delivered from the yard and hooked up to the mooring system in Indonesia.
- The Independence was delivered from the yard and entering the short term market before starting its long -term contract with Klaipedos Nafta.
- Höegh signed a Letter of Intent with Egyptian Natural Gas Holding Company for a 5 year FSRU contract.
- Höegh LNG Partners (MLP) made a confidential submission to the United States Securities and Exchange Commission of an initial draft registration statement for initial public offering of common units of the MLP.
Höegh President and CEO, Sveinung J.S. Støhle, commented: "So far this year we have taken delivery of two FSRUs and installed a Tower Yoke Mooring System offshore Lampung, Indonesia. The first FSRU, PGN FSRU Lampung, is already hooked up to the Tower Yoke Mooring System and on schedule to commence operation in less than one month.
“We have also signed a Letter of Intent with Egas of Egypt for our third FSRU, Höegh Gallant, and executed a debt facility that completes the financing of our newbuilding programme. Overall I am very pleased with the company's performance so far this year".
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/23052014/hoegh_lng_q1_2014_interim_results_647/