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Höegh LNG - Interim results for the quarter ended 30 June 2014

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Highlights

  • Total income USD 32.3 million, down from USD 42.7 million in the second quarter 2013
  • Operating profit before depreciation negative USD 0.3 million, an improvement from negative USD 2.4 million in the second quarter 2013
  • Loss before tax USD 8.3 million, compared to a loss of USD 6.0 million in the second quarter 2013
  • PGN FSRU Lampung delivered from the yard and connected to the offshore mooring system in Indonesia
  • FSRU Independence delivered from the yard and offered for short term employment prior to commencing the long term FSRU time charter with Klaipedos Nafta in Lithuania during the fourth quarter 2014
  • Letter of Intent signed with Egyptian Natural Gas Holding Company for a 5 year contract for FSRU Höegh Gallant
  • The Senior Secured Credit Facility for the financing of Höegh Gallant and FSRU #4 increased to USD 412 million and signed

Subsequent Events

  • PGN FSRU Lampung commenced commercial operation, received its first cargo of LNG through a ship-to-ship transfer and entered the final commissioning phase
  • FSRU Independence commenced operations under a short term time charter
  • On 23 July 2014, Höegh FLNG entered into a revised and exclusive co-operation agreement with the owner of a North American barge based FLNG project, setting out a phased approach in developing the project
  • On 12 August 2014, Höegh LNG Partners LP, a limited partnership formed by Höegh LNG Holdings Ltd., closed the initial public offering of 11,040,000 common units in the partnership raising USD 220.8 million in gross proceeds. The units began trading at the New York Stock Exchange (NYSE) on 7 August 2014 under the ticker "HMLP"

"We reached an important milestone when the complex FSRU and Mooring project in Lampung reached mechanical completion and the FSRU commenced commercial operation in August 2014. Another important milestone was met in August 2014 with the successful IPO and NYSE listing of Höegh LNG Partners. The IPO was six times oversubscribed and priced at a yield of 6.75%, the best pricing ever achieved for a maritime MLP IPO. I am proud of what the Company has accomplished on the technical and financial side so far this year and excited about the growth prospects for the Company now that the MLP is in place."

Sveinung J.S. Støhle

President and Chief Executive Officer

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