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Höegh LNG releases interim results for 4Q18 and 2018

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LNG Industry,


Höegh LNG releases interim results for the quarter and year ended 31 December 2018.

Highlights for 4Q18

  • EBITDA of US$81.4 million, including US$34.7 million in recognition of remaining payments from Egas under the amended contract structure for Höegh Gallant.
  • Net profit of US$45.0 million.
  • Dividend of US$0.025 per share paid in 4Q18.
  • Investment in Avenir LNG to pursue small scale LNG market.
  • Höegh Gannet delivered on interim time charter to Naturgy.
  • Signed 10-year conditional FSRU contract with AGL Energy Ltd. for its project in Crib Point, Australia.

Subsequent events

  • Dividend of US$0.025 per share declared for the first quarter of 2019.
  • Refinancing of Höegh Gallant and Höegh Grace completed (owned by Höegh LNG Partners LP).

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

“The fourth quarter concluded a very active year for Höegh LNG where we have delivered consistent financial results and made significant commercial progress, driven by increasing demand for LNG especially in Asia and a general increase in FSRU contract awards. We are pleased to have signed the agreement with AGL Energy for their FSRU project in Crib Point, Australia, and we continue to make good progress on additional LNG import projects across the Asia-Pacific region. Meanwhile, our strong financial position enables us to enter the highly complementary small-scale LNG market through our investment in Avenir LNG, which marks an extension of our well-proven FSRU platform.”

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/27022019/hoegh-lng-releases-interim-results-for-4q18-and-2018/

 

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