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Höegh LNG 2Q16 profit tumbles

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LNG Industry,

Höegh LNG has announced a fall in its 2Q16 profit after tax to US$3.5 million, compared to US$6.3 million in the previous quarter.

The company’s EBITDA during the period rose to US$27 million from US$26.6 million in the previous quarter.

The President and CEO of Höegh LNG Holdings Ltd, Sveinung J. S. Støhle, said: "By maintaining solid operating performance, evidenced by 99% technical availability for the second quarter of 2016, we continue to deliver stable operating results and cash dividends. Höegh Grace is on schedule to commence commercial operations in the fourth quarter, after which the vessel is available for a potential drop down to Höegh LNG Partners LP assuming the MLP market is available. To capture additional business opportunities in 2017 and 2018, Höegh LNG has ordered critical equipment for our first FSRU conversion project which will have a potential delivery date late 2017/early 2018."

Wärtsilä recently announced that it has been contracted to provide the regasification system for Höegh LNG’s FSRU conversion project.

Edited from press release by

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