Höegh LNG posts interim results

Highlights:

• EBITDA of US$36.7 million.
• Profit after tax of US$11.4 million.
• Dividend of US$0.125 per share paid in the first quarter of 2017.
• Successful placement of NOK 1500 million in unsecured bonds maturing on 1 February 2022.
• Signed HOA with LNG producers for FSRU terminal infrastructure for the GEI project in Pakistan.
• Announced the signing of a FSRU newbuilding contract with Hyundai Heavy Industries for delivery in the fourth quarter 2018.

Subsequent events:

• Declared dividend of US$0.125 per share for the second quarter of 2017.
• Höegh Giant delivered from Hyundai Heavy Industries and US$190 million in debt drawn down.

The President and CEO of Höegh LNG Holdings Ltd., Sveinung J. S. Støhle, comments: "We are pleased to report our best underlying results to date as Höegh Grace contributed with a full quarter of revenues in the first quarter of 2017, enabling another US$0.125 per share dividend. Going forward, we expect to record similar stepwise earnings improvements as we start operations under long-term contracts in Ghana, Pakistan and Chile. Our focus is to prepare for these contracts, whilst at the same time we are working to further expand our US$6.2 billion revenue backlog. We continue to operate in a positive market environment where ample LNG supply and competitive prices support FSRU demand as existing and new markets continue to import LNG, and we see ourselves well positioned to win further contracts owing to our leading market presence and solid operational track record."

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/24052017/hegh-lng-posts-interim-results/