Höegh LNG announce financial results for the end of 2017

Highlights

• EBITDA of US$43.0 million.
• Profit after tax of US$20.0 million.
• Dividend of US$0.125 per share paid in Q4.
• Closing of the sale of the remaining 49% interest in Höegh Grace to Höegh LNG Partners.

Subsequent events

• Dividend of US$0.025 per share declared in the first quarter of 2018.
• Höegh LNG Partners starts 'at-the-market' (ATM) equity raising programme.
• Höegh Giant commences three-year time charter with Gas Natural Fenosa.

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

"We are pleased to report record EBITDA and net profit for [Q4] of 2017, confirming the outstanding operational performance of our assets. So far in 2018 we have delivered Höegh Giant on a hybrid LNGC/FSRU contract with Gas Natural Fenosa, which should have a positive effect on our financial performance from the next quarter. Meanwhile, our business development activity remains focused on securing long term contracts for our FSRUs under construction, and here we are in advanced stages in several tenders with near term decision points."

"However, while we continue to make progress towards additional FSRU contracts, due to the project delays seen in 2017, the board of directors has decided it prudent to reduce the dividend payments in order to optimise our equity capital towards sustainable long-term value creation. We continue to see value in the provision of dividends to our shareholders, and the dividend amount is subject to re-evaluation as we firm up new contracts through the number of tender processes currently underway."

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/28022018/hoegh-lng-announce-financial-results-for-the-end-of-2017/