Höegh LNG: Interim results for the quarter and year ended 31 December 2019

Hamilton, Bermuda, 27 February 2020 - Höegh LNG Holdings Ltd. ("Höegh LNG") today reports its financial results for the quarter and year ended 31 December 2019

Highlights for the fourth quarter of 2019:

• EBITDA of USD 59.8 million 
• Net profit of USD 4.0 million 
• Dividend of USD 0.025 per share paid in the fourth quarter of 2019 
   

Subsequent events:

• Dividend of USD 0.025 per share declared for the first quarter of 2020 
• Secured a revolving credit facility of USD 80 million and a new bond loan of NOK 650 million to refinance the HLNG 02 bond maturing in June 2020 and for general corporate purposes
• Commercial agreement reached with Total for settling the boil-off claim in line with provisions made in previous periods  
• HMLP issued new Series A preferred units in January and February under its ATM programme equal to USD 2.1 million in net proceeds
• On 26 February, HMLP declared the option to lease back Höegh Gallant to Höegh LNG Holdings for about five years, effective from expiry of Höegh Gallant’s existing LNGC contract in April 2020

The President and CEO of Höegh LNG Sveinung J.S. Støhle comments: “I am pleased to report that Höegh LNG’s results for Q4 2019 improved compared to the previous quarter due to solid operating performance across the fleet, seasonal variations in the rate for Höegh Esperanza and Höegh Galleon contributing for a full quarter. The outlook for our industry is optimistic since global LNG trade continues to grow. The competitive LNG price clearly has a positive effect on LNG demand, supporting the demand for additional import facilities, where FSRUs have an advantage due to the short time to market. Looking forward we are obviously concerned with the potential effects of the Corona virus outbreak, but this has not had any direct effect on HLNG’s personnel, operations or revenues.”

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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, China, Indonesia, Lithuania, Egypt, Colombia and the Philippines. The group employs approximately 175 office staff and 600 seafarers.