Höegh LNG: AGL selects Höegh Esperanza as FSRU for Crip Point LNG project
Hamilton, Bermuda, 28 June 2019 – Reference is made to the stock exchange notice published 21 December 2018 regarding the time charter party entered into with AGL Shipping Pty Ltd (“AGL” or the “charterer”), and statement filed by AGL with the Australian Stock Exchange this morning.
AGL has selected Höegh Esperanza as the FSRU for the Crib Point project in Victoria Australia, as opposed to Höegh Giant communicated by the charterer in December 2018.
Höegh Esperanza has both a closed loop and an open loop system and is because of this considered by AGL to be a better fit for the operational requirements arising from the Environment Effects Statement (EES) currently been undertaken by the Victorian Government. The EES is expected to be concluded no earlier than late H1 2020. Final investment decision (FID) will be taken subject to and following the EES.
As Höegh Esperanza is currently on contract with CNOOC until June 2021. Taking into account the time needed for relocation, commissioning and start-up at Crip Point, this fits well with AGL’s planned commercial start-up in H1 2022.
The charter with AGL is for a period of 10 years and remains conditional on the board of directors of AGL Energy Ltd taking a FID for the project. Höegh Esperanza is expected to generate an annual EBITDA of USD 31m.
Contacts:
Sveinung J. S. Støhle, President and Chief Executive Officer, Telephone +47 975 57 402
Håvard Furu, Chief Financial Officer, Telephone +47 991 23 443
Knut Johan Arnholdt, VP IR and Strategy, Telephone +47 922 59 131
About Höegh LNG:
Höegh LNG 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. Its strategy is to develop the business through an extended service offering, with large-scale FSRUs as the main product, and focus on establishing long-term contracts with attractive risk-adjusted returns involving credible counterparts. The company is publicly listed on the Oslo stock exchange under the ticker HLNG, and owns approximately 46% of Höegh LNG Partners LP (NYSE:HMLP). 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 group employs approximately 155 office staff and 545 seafarers.