Höegh LNG Holdings Ltd. has reported its financial results for the quarter ended 31 March 2020.
Highlights for 1Q20:
- EBITDA of US$59.6 million.
- Net loss of US$1 million.
- Dividend of US$0.025 per share paid in the first quarter of 2020.
- Contract coverage increased to close to 100% for 2020.
- Completed revolving credit facility for up to US$80 million.
- Completed new senior unsecured bond issue of NOK 650 million.
- Selected preferred bidder for two new FSRU projects in Latin America.
- AIE received approval for increasing the import capacity through the Port Kembla Gas Terminal.
- Completed the amendment, extension and US$45 million upsizing of Independence’s debt facility.
- Höegh LNG and Total reached a final binding agreement to settle the boil-off dispute regarding Neptune and Cape Ann.
- Suspension of dividends and cost savings plan implemented targeting US$9 - 11 million in savings for 2020.
President and CEO of Höegh LNG Sveinung J.S. Støhle comments:
“I am proud to report that Höegh LNG’s employees continue to deliver under these unprecedented circumstances caused by COVID-19, as shown by our financial and operational results, meaning Höegh LNG is experiencing limited operational impact of the COVID-19 pandemic. While the COVID-19 crisis has caused major disruptions and uncertainties to the energy markets, the demand for FSRUs does not appear to have been significantly affected, as can be seen by the selection of Höegh LNG as preferred bidder for two new FSRU projects in the quarter.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/29052020/hoegh-lng-releases-its-latest-interim-results/