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Höegh LNG : Exercise of stock options granted in round 2 of the management stock option plan with expiry date 31 December 2018

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Hamilton, Bermuda, 2 January 2019 - Reference is made to the stock exchange notices by Höegh LNG Holdings Ltd. ("Höegh LNG" or the "company") where the company announced the management stock option plan for senior management and key employees dated 2 February 2012 (round 1), 4 February 2014 (round 2), 1 February 2016 (round 3) and 23 March 2018 (round 4).

1. Exercise of stock options

On 31 December 2018, outstanding options awarded in round 2 expired and were exercised. The 1,165,002 options had a strike price of NOK 35.36 after adjusting the initial strike price for dividend distributions made since the award of the options. After the exercise of the options, 2,008,749 options remain outstanding under the management stock option plan.

Höegh LNG has resolved to settle the exercise of the options by way of delivering treasury shares with payment-in-kind settlement of the strike price whereby the company is withholding shares with an equivalent market value as settlement of the strike price. Non-Norwegian employees will receive settlement in cash instead of shares. The company will deliver 131,143 shares in settling the options taking the number of treasury shares to 1,080,595.

2. Shares to be issued to primary insiders and new holding

The following primary insiders of Höegh LNG exercised options granted in Round 2 and will receive shares or cash settlement as set out below:

  • Sveinung J. S. Støhle, President & CEO, exercised 300,000 options and will receive 36,654 shares. After the transactions, he holds 174,392 shares and 335,250 options in Höegh LNG and 15,915 common units and 22,558 phantom units in Höegh LNG Partners LP (HMLP).
  • Steffen Føreid, Chief Financial Officer, exercised 130,000 options and will receive 15,884 shares. After the transactions, he holds 37,689 shares and 134,100 options in Höegh LNG and 11,073 common units and 10,090 phantom units in HMLP.
  • Richard Tyrrell, Chief Development Officer, exercised 66,667 options and will receive cash settlement. After the transactions, he holds 9,215 shares and 24,400 options in Höegh LNG and 8,941 common units and 21,751 phantom units in HMLP. In addition, Rachel Brask-Tyrrell, related party of Richard Tyrrell, owns 4,126 common units in HMLP.
  • Vegard Hellekleiv, Chief Operations Officer, exercised 100,000 options and will receive 12,218 shares. After the transactions, he holds 35,582 shares and 178,800 options in Höegh LNG and 5,334 phantom units in HMLP.
  • Øivin Iversen, Chief Technical Officer, exercised 100,000 options and will receive 12,218 shares. After the transactions, he holds 12,564 shares and 178,800 options in Höegh LNG and 4,000 phantom units in HMLP.
  • Camilla Nyhus-Møller, Chief Legal & Compliance Officer, exercised 30,000 options and will receive 3,665 shares. After the transactions, she holds 3,665 shares and 36,600 options in Höegh LNG and 2,630 phantom units in HMLP.
  • Ragnar Wisløff, Head of Change and Transformation, exercised 100,000 options and will receive 12,218 shares. After the transactions, he holds 12,218 shares and 178,800 options in Höegh LNG and 1,514 common units and 5,334 phantom units in HMLP. In addition, he owns 23,934 shares in Höegh LNG and 5,178 common units in HMLP through his wholly owned company Fri Agenda AS.

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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, the Philippines, Singapore, the UK, USA, South Korea, Indonesia, Lithuania, Egypt, Colombia and Turkey. The company employs approximately 155 office staff and 525 seafarers.

Contacts: 

Sveinung J. S. Støhle, President and Chief Executive Officer, Telephone +47 975 57 402 
Steffen Føreid, Chief Financial Officer, Telephone +47 975 57 406 
Erik Folkeson, VP IR and Strategy, Telephone +47 414 21 769 

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act or the Continuing Obligations of Oslo Børs.

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