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Höegh LNG reports quarter and half year 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 2018.

Highlights for Q2 of 2018:

  • EBITDA of US$40.3 million.
  • Profit after tax of US$7.8 million.
  • Dividend of US$0.025 per share paid in the second quarter of 2018.
  • Höegh Esperanza commenced three-year FSRU/LNGC contract with CNOOC.

Subsequent events:

  • Dividend of US$0.025 per share declared in the third quarter of 2018.
  • Secured commitments for a US$177 million debt financing for FSRU #9.

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

"We are pleased to deliver another quarter of operational excellence and an increase in our EBITDA. During the quarter we commenced commercial operations under the three-year time charter with CNOOC for Höegh Esperanza and have subsequently reached a financial milestone by securing commitments for the debt financing for FSRU #9. Combined with good progress being made towards securing the debt financing for FSRU #10, we expect to be fully financed by both debt and equity well in advance of scheduled deliveries. Meanwhile, we are proud to have been selected as the FSRU provider for AIE’s FSRU project in Port Kembla, Australia, which we believe to be a strong candidate for achieving a final FID in an attractive end market. Following a muted 2017, the tendering market has returned to a high level of activity, and Höegh LNG is in a strong position as we compete for a number of additional tenders at various stages of development."

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