Höegh LNG - Interim results for the quarter ended 31 December 2014

Highlights

  • Total income USD 45.3 million and operating profit before depreciation of USD 6.8 million
  • Loss before tax USD 56.4 million adversely impacted by impairment of mainly intangible assets capitalized in 2008 and 2009
  • FSRU Independence started generating income under the ten year contract with Klaipedos Nafta
  • Höegh LNG signed a contract with Sociedad Portuaria El Cayao S.A. E.S.P. (SPEC) for a new FSRU import terminal in Colombia
  • Höegh LNG signed a five year FSRU contract with the government owned EGAS of Egypt
  • Höegh Gallant delivered from Hyundai Heavy Industries and directly employed on a short term charter as an LNG carrier
  • The Company placed an order for its 7th FSRU with delivery first quarter 2017, in line with its business model and expansion plan
  • The Company signed a Joint Development Agreement with the project sponsor for a second North American FLNG project
  • Bondholders approved all proposed amendments to the NOK 750 million bond agreement (the "Bond Agreement"), giving the Company increased flexibility in executing its growth strategy and dividend policy

Subsequent Events

  • The Board of Directors of Höegh LNG approved the Company's first quarterly dividend payment of USD 0.10 per share to be paid on or about 20 March 2015. The HLNG share will be trading ex-dividend from 5 March 2015

"This quarter was marked by several significant milestones, including that the FSRU Independence started generating income and contributed to an improved EBITDA. The net result is, however, adversely impacted by impairment charges, of which the majority relates to intangible assets capitalized pre-IPO in 2008 and 2009. HLNG has now entered the operating phase of its current FSRU expansion program and expects to grow the Company's EBITDA several times over the next couple of years. This transition of the Company is further marked by our first quarterly dividend payment of USD 0.1 per share. And, most importantly, as shown by the decision to order our 7th FSRU, we will continue to leverage our position as the leading provider of FSRU services in order to reach our objective of doubling our fleet within the next 4 year period."

Sveinung J.S. Støhle
President and CEO

About Höegh LNG:
Höegh LNG provides floating energy solutions and operates world-wide with a leading position as owner and operator of floating LNG import terminals; Floating storage and regasification units (FSRUs). The Company has developed low-cost solutions for floating liquefaction terminals (FLNG) and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG's vision is to be the leading provider of floating LNG solutions and the strategy is to continue to focus its growth plans on the FSRU and the FLNG market, with the objective of securing long-term contracts with strong counterparts at attractive returns. Höegh LNG is a Bermuda based company with established presence in Oslo, Singapore, London, Miami, Jakarta and Klaipeda.  The company employs approximately 95 office staff and 500 seafarers

Contacts:

Sveinung J. S. Støhle, President and Chief Executive Officer, Telephone +47 975 57 402
Steffen Føreid, Chief Financial Officer, Telephone + 47 975 57 406
Birgitte Hjertum, VP Strategy and Investor Relations, Telephone +47 975 57 432

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act or the Continuing Obligations of Oslo Børs