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Höegh LNG - Interim results for the quarter ended 31 March 2015

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Highlights

  • Total income USD 46.9 million and EBITDA of USD 16.5 million, compared to USD 51.3 million and negative USD 1.0 million, respectively, in the first quarter 2014
  • Loss before tax USD 1.9 million, compared to a loss of USD 4.5 million in the first quarter 2014
  • First quarterly dividend payment of USD 0.10 per share

Subsequent Events

  • Höegh Gallant completed all performance and commissioning tests and subsequently commenced commercial operations in Egypt
  • Significant progress on Port Meridian FSRU project where the Company has an exclusive right to supply one FSRU and two LNG carriers ("LNGCs")
  • The Board of Directors of Höegh LNG approved the Company's second quarter dividend payment of USD 0.10 per share to be paid on or around 19 June 2015. The HLNG share will be trading ex-dividend from 28 May 2015
  • Former CEO of BG-Group, Mr. Chris Finlayson, joined the Höegh LNG Holdings Ltd. ("HLNG" or the "Company") Board as non-executive director, replacing Mr. Jon-Erik Reinhardsen
     

Höegh LNG's President and Chief Executive Officer, Sveinung J. S. Støhle, said in a comment: "The improved EBITDA in the quarter is a result of PGN FSRU Lampung and Independence both generating income for a full quarter after start up of the long-term FSRU contract in Indonesia and Lithuania, respectively. In a subsequent event, Höegh Gallant also commenced operations under its long term FSRU contract in Egypt and will contribute positively to EBITDA from the second quarter 2015. With the increase in opportunities we see in the FSRU market, growth prospects are good and the Company is considering accelerating its newbuilding investment plan."

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, Klaipeda and Cairo.  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

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