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Höegh LNG - Interim results for the quarter ended 30 September 2015

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Highlights

  • EBITDA  of USD 26.5 million, up from USD 22.6 million in the previous quarter
  • Profit after tax USD 2.5 million, down from USD 6.0 million in the previous quarter
  • Raised NOK 844 million (USD 103 million) in new equity
  • Paid dividend of USD 0.10 per share for the third quarter 2015
  • Entered into an agreement to sell the FSRU Höegh Gallant to Höegh LNG Partners LP
  • Entered into an agreement to sell LNG Libra for USD 20 million
  • Delivery of the FSRU Höegh Grace  postponed until April 2016
  • Restated financials for 2014 and opening balance as at 1 January 2014
  • Mr. Jørgen Kildahl appointed as a non-executive director at the Board of Höegh LNG Holdings Ltd.

 Subsequent events

  • Completed the sale of  the FSRU Höegh Gallant to Höegh LNG Partners LP
  • Declared dividend of USD 0.10 per share for the fourth quarter 2015

Höegh LNG's President and Chief Executive Officer, Sveinung J. S. Støhle, said in a comment: "The improved EBITDA reflects a full quarter of earnings from the FSRU Höegh Gallant, which started commercial operations in April 2015, and the rest of the fleet operating according to contract. The restatement relates to historical events and is not expected to materially affect the cash flow from the Indonesian project going forward. Finally, to enable the Company to take advantage of an increasing number of opportunities in the FSRU market, Höegh LNG raised USD 103 million of equity in an over-night private placement and in addition, the Company signed a new agreement for several firm priced FSRU options. The Company is well positioned to further strengthen its position as the leading FSRU provider in a growing and attractive market segment." 


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 industry leader 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, Klaipeda and Cairo. The company employs approximately 100 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, Communication 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

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