Höegh LNG : Executes 18 month interim LNGC timecharter with Cheniere for Höegh Galleon
Hamilton, Bermuda, 12 July 2019 - Höegh LNG Holdings Ltd. ("Höegh LNG") advises that an interim LNGC time charter has been entered into with Cheniere Marketing International LLP. ("Cheniere") for its recently named Höegh Galleon. The time charter commences in September 2019 after the delivery of the unit, Höegh LNG’s tenth, from Samsung Heavy Industries Co., Ltd. The terms of the time charter ensure the Höegh Galleon’s availability to serve the AIE project in Port Kembla, Australia, where Höegh LNG is the FSRU provider on a back-to-back basis. AIE recently announced a contract to supply gas to its foundation customer from 1 January 2021.
Under the contract with Cheniere, Höegh Galleon will earn a fixed daily charter rate.
Sveinung J.S. Støhle, President & CEO of Höegh LNG comments: "We are very pleased to further develop our relationship with Cheniere, the US’ largest LNG exporter. This charter party will cover the period from delivery of Höegh Galleon until its planned start-up in Port Kembla. Combined with a finalized AIE contract and the project’s FID, Höegh Galleon will have long-term contract coverage in line with HLNG’s stated strategy. Finally, from commencement of the Cheniere contract in September, Höegh LNG's fleet will be fully employed."
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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.