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Höegh LNG reports interim Q3 results

LNG Industry,

Höegh LNG has reported a total income of US$ 33.8 million for the third quarter of 2014, down from US$ 36.7 million in Q3 2013.

Operating loss before depreciation was US$ 3.9 million, compared to an operating profit before depreciation of US$ 1.3 million in the third quarter of 2013. The company reported a loss before tax of US$ 15.9 million, compared to a loss of US$ 2.6 million in Q3 2013.


In August, Höegh LNG Partners LP, a limited partnership formed by Höegh LNG Holdings Ltd., closed the initial public offering of 11,040,000 common units in the partnership raising US$ 220.8 million. The units began trading at the New York Stock Exchange (NYSE) under the ticker ‘HMLP’.

PGN FSRU Lampung commenced commercial operations, received its first cargo of LNG through a ship-to-ship transfer and entered the final commissioning phase. During the commissioning phase, the FSRU experienced problems with the regasification system and had to temporarily cease operations.

FSRU Independence was employed on a spot charter as an LNG carrier however was idle for the rest of the quarter due to a very soft spot market.

Gas Natural exercised its option to extend the charter period for LNG Libra for twelve months with re-delivery at the end of 2015.

Höegh LNG continued to make progress in developing the barge based FLNG project located in North America.


Commenting on the performance, President and CEO, Sveinung J.S. Støhle, said: "HLNG's Q3 results are affected by non-recurring expenses from moving two FSRU's from construction into their operational phase, with some technical challenges during the start-up and commissioning phase of the FSRU Lampung, and I am very pleased that these where identified and resolved by our Lampung team, and the FSRU is now in operation under her 20 year charter.

“The FSRU Independence arrived Klaipeda on schedule and is now in the commissioning phase. In addition we have been very successful in securing new business for the two remaining newbuilt FSRU's, having secured long term contract for the Höegh Gallant and also FSRU No. 4. We have further started our next expansion into the FSRU segment, by placing an order for a fifth FSRU at HHI in Korea."

Adapted from press release by Katie Woodward

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