Höegh LNG - Extension of Norman Lady time charter at improved terms
Höegh LNG has through its 50/50 joint venture company Methane Carriers Ltd. signed an agreement with Gas Natural Aprovisionamientos SDG (Gas Natural) for an extension of the time charter for the 87,000 m3 LNG carrier Norman Lady at improved commercial terms. The agreement is for further trading for a period of 1 + 2 years at the Charterer's option. The 12 month firm period will commence in September 2012 as a direct continuation of the present charter. HLNG's share of the EBITDA contribution is expected to be about USD 6.5 million for the 12 month firm period and USD 8.7 million for the optional period, excluding dry docking expenses. The optional period will have to be exercised 6 months prior to the end of the firm period.
Höegh LNG's President and Chief Executive Officer, Sveinung Støhle, said in a comment: "We are delighted to have extended the charter period for Norman Lady with Gas Natural, building further on a relationship with one of our valued customers. At the same time we are able to capitalize on the present strong shipping market to continue servicing Gas Natural."
About Höegh LNG
Höegh LNG is a fully integrated floating LNG services company with almost 40 years experience, offering long-term floating production, transportation, regasification and terminal solutions for the liquefied natural gas (LNG) market.
The company operates a fleet of five LNG carriers and two floating storage and regasification units (FSRUs). In addition to transporting LNG, the FSRUs act as floating LNG import terminals delivering natural gas to the market. Höegh LNG has three FSRUs on order at Hyundai Heavy Industries. The company holds a significant project development portfolio for floating regasification as well as floating LNG production (FLNG).
Headquartered in Oslo, Norway, Höegh LNG has established presence in Singapore, London and Florida. In total the Company employs about 70 office staff and about 350 sea farers.
Contacts:
Sveinung Støhle, President and Chief Executive Officer, Telephone +47 975 57 402
Steffen Føreid, Chief Financial Officer, Telephone + 47 975 57 406
Arild Jæger, Head of Investor Relations, Telephone +47 975 57 408
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.