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Höegh LNG - Interim results for the period ended 30 September 2012

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Highlights

  • Operating profit before depreciation USD 13.2 million, up 53% from USD 8.6 million in the third quarter 2011
     
  • Profit before tax USD 1.1 million, up from a loss of USD 2.0 million in the third quarter 2011
     
  • Total income USD 38.0 million, up from USD 27.3 million in the third quarter 2011
     
  • Selected as preferred bidder by Colbún S.A. and AES Gener S.A. for a new FSRU project in Chile
     
  • Issued a USD 130 million five year senior unsecured corporate bond
     
  • Took delivery of LNG Libra, which commenced a six month charter for the North West Shelf project
     
  • Exercised the option to purchase 50 % of the LNG carrier STX Frontier
     
  • Ordered a new floating storage and regasification unit ("FSRU")

Subsequent events

  • Sold the Port Meridian deepwater port project in the UK for USD 20 million. Höegh LNG will own and operate the FSRU for the planned LNG import terminal
     
  • Signed a revised agreement with Perusahaan Gas Negara ("PGN") for the Medan FSRU to be re-located to Lampung, Indonesia
     
  • Signed the loan agreement for the USD 250 million senior secured credit facility for the FSRU under contract to Klaipedos Nafta in Lithuania

"In the third quarter we were pleased to be selected preferred bidder for a new FSRU project in Chile.  Based on this, we decided to order a fourth new FSRU and in addition we exercised the option to purchase 50% of the LNG carrier STX Frontier.

We are also pleased to have raised USD 130 million in the Norwegian bond market, and USD 250 million in bank debt backed by export credit agencies for our FSRU project in Lithuania."

Sveinung J.S. Støhle
President and Chief Executive Officer

Reference is made to Höegh LNG's interim report and presentation published on the Oslo Stock Exchange's www.newsweb.no and on www.hoeghlng.com.



About Höegh LNG

Höegh LNG is a provider of floating LNG infrastructure services, offering regasification, transportation and production services under long-term contracts.  The company operates a fleet of six LNG transportation vessels and two floating storage and regasification units (FSRUs). In addition, Höegh LNG has four new FSRUs on order and has developed a solution for floating LNG production (FLNG).  Höegh LNG is a Bermuda based company with established presence in Oslo, Singapore, London and Tampa.  The Company employs about 80 office staff and about 350 sea farers.

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
Arild Jæger, Investor Relations, Telephone +47 975 57 408

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.

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