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Hoegh considers purchasing fifth FSRU

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LNG Industry,

According to Reuters, Hoegh LNG Partners LP is considering the possibility of spending US$300 million – US$400 million on a fifth floating storage regasification unit (FSRU).

Reportedly, the company, which is controlled by Norway’s Hoegh LNG Holdings Ltd, will partially fund the purchase through an equity offering. The company currently has four FSRUs in its fleet, all of which are on long-term contracts. Reuters claims that it will purchase this latest FSRU through a transfer of assets from its parent.

Richard Tyrell, the Chief Executive of Hoegh LNG Partners, reportedly said: “Our clients, utilities, are benefiting from cheap LNG and they are stronger as a result […] So we are benefiting from the low oil price and in that sense may be one of the few companies in the energy space to benefit."

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