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Hoegh scoops US$ 500 million Lithuanian FSRU deal

LNG Industry,

In a deal claimed to be worth approximately US$ 50 million per year, the Norwegian ship owner, Hoegh, has won a 10 year contract to lease one of its new vessels to Klaipedos Nafta. Additionally, Klaipedos also holds the right to buy the vessel following the conclusion of the lease.

Rokas Masiulis, general manger at Klaipedos Nafta has stated that “The proposal from [Hoegh] has been acknowledged as the most economically advantageous, providing the best ratio of price and quality.” As part of the contract, Hoegh, will supply operation and maintenance, in addition to a qualified crew.

In June of last year, Hoegh, signed a deal with Hyundai for a pair of FSRUs, the first ever of their type. These are due to be completed in late 2013 and early 2014.

These vessels are an improvement on their predecessors as they can operate for 10 years before needing major maintenance, double the time usually required for FSRUs. The newbuild FSRUs are expected to be able to operate for 40 years, and store 3.2 billion cubic ft of LNG.

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