Höegh LNG releases interim results for 1Q16

In its interim results for 1Q16, Höegh LNG announced that it had an EBITDA of US$26.6 million. This is an increase from US$24.6 million in the previous quarter. In addition to this, company said that its profit after tax was US$6.3 million. In the previous quarter, it was just US$4 million. Other key highlights include the following:

• A dividend of US$0.10 per share was paid for 1Q16.
• A US$223 million debt facility was signed for the company’s seventh floating storage and regasification unit (FSRU).
• The Höegh Grace was delivered and secured intermediate employment.
• All floating LNG (FLNG) activities have been stopped for the time being.
• The LNG Libra was delivered.

Sveinung J. S. Støhle, the President and CEO of Höegh LNG Holdings Ltd, said: “Our portfolio of long-term contracts continues to improve the operating results and constitutes the foundation for upholding the cash dividend at US$0.10 per share for the second quarter of 2016. As a consequence of ample LNG being available at low prices, the average regasification flowrate on Höegh LNG's FSRU fleet has almost tripled compared with the same quarter last year. This clearly demonstrates that demand for LNG into new markets continues to increase, and we observe the same effect for our FSRU services, since Höegh LNG is currently pursuing three fast-track FSRU projects that all have a start-up that matches the delivery of FSRU#7 in March 2017.”

Edited from press release by David Rowlands

Read the article online at: https://www.lngindustry.com/lng-shipping/27052016/hoegh-lng-releases-interim-results-for-1q16-2513/