Höegh LNG : *CORRECTION* Interim results for the quarter and half year ended 30 June 2020

*Correction: This message was first sent without the quarterly report attached*

Hamilton, Bermuda, 20 August 2020 - Höegh LNG Holdings Ltd. ("Höegh LNG") today reports its financial results for the quarter and half year ended 30 June 2020.

Highlights for the second quarter of 2020:

  • EBITDA of USD 57.7 million
  • Net profit USD 2.9 million
  • Stable operations despite challenging circumstances caused by Covid-19
  • Cost-savings progressing in accordance with plan
  • Completed the amendment, extension and USD-45-million upsizing of Independence’s debt facility
  • HLNG 02 bond loan repaid in June
  • Cash position improved to USD 151.9 million as a result of increased cash from operating activities, the net effect of new financing and a partial reversal of cash collateral posted for certain hedging instruments in Q1

The President and CEO of Höegh LNG Sveinung J.S. Støhle comments: “I am pleased to report that Höegh LNG delivers a quarter with stable operations and improved results despite the challenging circumstances created by the Covid-19 pandemic. Thanks to the continued solid efforts of our seafarers and people on shore all FSRUs and LNGCs are fully operational and on charter to the satisfaction of our customers. In stark contrast to the oil markets, demand for LNG has proven to be surprisingly resilient with the market up 6.5% in H1 2020 and with spot LNG now priced below coal the FSRU market is very active.”

 

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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.