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Höegh LNG: interim results for 2Q15

LNG Industry,

Höegh LNG has released its interim results for 2Q15, stating a profit after tax of US$6 million, up from a loss of US$2.4 million in 1Q15. The company also saw an EBITDA of US$22.6 million, compared to US$16.5 million in 1Q15.

Höegh LNG said that Höegh Gallant has started commercial operations in Egypt have begun, five months after signing the contract, and the company has signed its third long-term FSRU contract in six months with a 20 year contract in Chile.

Höegh LNG's President and Chief Executive Officer, Sveinung J. S. Støhle, said: "The improved operating and net results are driven by Höegh Gallant starting commercial operations according to schedule in Egypt, where she currently is operating at full capacity and regasifying four to five cargos per month. During the quarter, we continued to deliver according to our strategy; we secured a long-term FSRU contract in Chile upon which we ordered another FSRU plus a firm priced option. The increased number of opportunities in the FSRU market, combined with our success in securing new contracts, places us ahead of schedule in expanding our fleet to 12 FSRUs on the water or under construction by 2019."

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