Höegh LNG : Interim results for the quarter ended 31 March 2018

Hamilton, Bermuda, 31 May 2018 - Höegh LNG Holdings Ltd. ("Höegh LNG") today reports its financial results for the quarter ended 31 March 2018

Highlights:

  • EBITDA of USD 38.1 million
  • Profit after tax of USD 13.2 million
  • Dividend of USD 0.025 per share paid in the first quarter
  • Höegh Giant commenced three-year time-charter with Gas Natural Fenosa

Subsequent events

  • Dividend of USD 0.025 per share declared in the second quarter of 2018
  • Höegh Esperanza delivered on 5 April 2018, and entered spot charter
  • Agreed terms for a three-year FSRU/LNGC contract for Höegh Esperanza

The President and CEO of Höegh LNG Sveinung J.S. Støhle comments: "We are pleased to deliver another quarter with strong operational results and flawless HSEQ execution demonstrative of our market-leading operational platform and industrial expertise. Our eight FSRU, Höegh Esperanza, was delivered in April and is now set to start a three-year time-charter with an energy major on a hybrid FSRU/LNGC basis. This contract will ensure that the unit will be put to seasonal use as an FSRU with corresponding rates, with intervening periods of guaranteed LNGC utilisation. Following the commencement of this charter in the coming weeks, we anticipate our financial results to reflect a full quarterly contribution from Höegh Esperanza from the third quarter onwards. Meanwhile, we continue to compete for the most attractive FSRU projects for our two uncommitted newbuildings with the objective of having established long-term employment at the time of their delivery."

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), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG's vision is to be the industry leader of floating LNG solutions and the strategy is to continue to focus its growth plans in the FSRU market, with the objective of securing long- term contracts with strong counterparties at attractive returns. Höegh LNG is a Bermuda based company with established presence in Norway, Singapore, the UK, USA, South Korea, Indonesia, Lithuania, Egypt, Colombia and Turkey. The company employs approximately 125 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
Erik Folkeson, VP IR and Strategy, Telephone +47 414 21 769

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.

Tags: