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Höegh LNG to provide FSRU for AGL’s Crib Point LNG project

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LNG Industry,

Höegh LNG Holdings Ltd has announced that it has entered into a time charter party with AGL Shipping Pty Ltd – a wholly owned subsidiary of AGL Energy Ltd – for the provision of a floating storage and regasification unit (FSRU) to facilitate its proposed gas import jetty project.

The project would be located at Crib Point, Victoria, Australia, with startup targeted for 2020 – 2021.

According to the statement, the charter is for a period of 10 years, and remains conditional on the board of directors of AGL Energy Ltd taking a final investment decision (FID) in relation to the project and receipt by the charterer of key environmental project approvals.

It is expected that the FSRU will generate annual EBITDA of approximately US$29 million to US$31 million depending on planned technical modifications that may be specified by AGL before project startup.

Sveinung J. S. Støhle, the President and CEO of Höegh LNG, said: “We are delighted to have been awarded the contract with AGL for their new LNG import project in Victoria, Australia. Our modern FSRU solutions offer our clients the quickest, most cost-efficient and most flexible method of connecting a new market to global LNG trade. Höegh LNG looks forward to delivering its best-in-class floating import infrastructure to highly credible counterparts in the high-potential Australian LNG market.”

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Australia LNG news LNG import news Offshore LNG news