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Höegh reports third quarter losses

LNG Industry,

Norwegian company Höegh LNG reported losses of US$ 2.6 million in the third quarter. Total revenue for Q3 amounted to US$ 45.7 million, with an operating profit of US$ 10.9 million before depreciation.

Highlights for the quarter included the US$ 310 million purchase of a limited recourse facility to fund the Lampung floating storage and regasification unit (FSRU) and mooring project in Indonesia.

The company was also awarded a pre-front-end engineering and design (pre-FEED) study for a jetty-moored barge floating liquefied natural gas (FLNG) export project in North America and a pre-FEED study for an offshore moored FLNG project in Australia.

Other activities included the charter for LNG Libra being extended by 13 months by Natural Gas Fenosa (NGF) and the sale of the Höegh LNG carrier Norman Lady.

Sveinung J.S. Støhle, President and CEO of Höegh LNG said: “We are pleased to see that we execute according to schedule on our FSRU strategy, and are on track for taking delivery of three new regasification units in 2014. In addition, we continue our exit from the short term LNG transportation market through the sale of the Norman Lady."

Edited from various sources by Ted Monroe

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