Höegh LNG : HMLP phantom unit vesting - mandatory notification of trade

Hamilton, Bermuda, 2 December 2019 - Reference is made to the stock exchange notice by Höegh LNG Holdings Ltd. ("Höegh LNG") dated 6 June 2016 regarding the award of 53,568 phantom units in Höegh LNG Partners LP ("HMLP") by Höegh LNG to senior management and key employees of Höegh LNG AS. On 30 November 2019, 17,861 of the phantom units vested, all of which will be settled in cash.

Reference is further made to the stock exchange notice by Höegh LNG dated 23 March 2018 and the stock exchange notice dated 21 March 2019 regarding the award of in total 47,806 phantom units in HMLP by Höegh LNG to senior management and key employees of Höegh LNG AS. On 30 November 2019, 15,806 of the phantom units vested, all of which will be settled in cash.

Reference is further made to the stock exchange notice by Höegh LNG dated 6 June 2016 regarding the award of 21,500 phantom units by the board of directors of HMLP to Richard Tyrrell. On 30 November 2019, 7,168 of the phantom units vested, making 9,967 common units in HMLP eligible for delivery after adjusting for dividend distributions from HMLP since the time of award. The vesting will be settled through the delivery of newly issued common units.

Reference is further made to the stock exchange notice by Höegh LNG dated 23 March 2018 and the stock exchange notice dated 21 March 2019 regarding the award of in total 25,501 phantom units by the board of directors of HMLP to Richard Tyrrell and Steffen Føreid. On 30 November 2019, 8,500 of the phantom units vested making 9,778 common units in HMLP eligible for delivery after adjusting for dividend distributions from HMLP since the time of awards. The vesting will be settled through the delivery of newly issued common units.

Following the issue, the total number of common units in HMLP will be 33,286,284.

The following primary insiders of Höegh LNG will receive cash settlement or common units in HMLP as further detailed below in connection with the vesting of the phantom units:

  • Sveinung J. S. Støhle, President & CEO, will receive cash settlement upon vesting of 12,186 phantom units. After the transactions, he holds 189,392 shares and 335,250 options in Höegh LNG and 15,915 common units and 10,374 phantom units in HMLP.
  • Steffen Føreid, CEO&CFO of Höegh LNG Partners LP, will receive 3,949 common units in HMLP after adjusting for dividend distributions from HMLP and a cash settlement upon vesting of 9,046 phantom units. After the transaction, he holds 30,189 shares and 134,100 options in Höegh LNG and 15,022 common units and 11,961 phantom units in HMLP.
  • Ragnar Wisløff, Head of Change and Transformation, will receive cash settlement upon vesting of 2,667 phantom units. After the transaction, he holds 178,800 options in Höegh LNG and 1,514 common units and 2,667 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.
  • Vegard Hellekleiv, COO, will receive cash settlement after vesting of 2,667 phantom units. After the transaction, he holds 35,582 shares and 178,800 options in Höegh LNG and 2,667 phantom units in HMLP.
  • Håvard Furu, CFO, will receive cash settlement after vesting of 1,318 phantom units. After the transaction, he holds 50,940 options in Höegh LNG and 2,636 phantom units in HMLP.
  • Tom Solberg, COS, will receive cash settlement after vesting of 2,667 phantom units. After the transaction, he holds 178,800 options in Höegh LNG and 2,667 phantom units in HMLP.
  • Camilla Nyhus-Møller, Chief Legal & Compliance Officer, will receive cash settlement after vesting of 1,794 phantom units. After the transaction, she holds 3,665 shares and 36,600 options in Höegh LNG and 838 phantom units in HMLP.
  • Richard Tyrrell, Chief Development Officer, will receive 15,796 common units in HMLP after adjusting for dividend distributions from HMLP upon vesting of 12,029 phantom units. After the transaction, he holds 9,215 shares and 24,400 options in Höegh LNG and 15,796 common units and 9,722 phantom units in HMLP. In addition, Rachel Brask-Tyrrell, related party of Richard Tyrrell, owns 3,067 common units in HMLP.
  • Øivin Iversen, CTO, will receive cash settlement after vesting of 1,333 phantom units. After the transaction, he holds 6,464 shares and 178,000 options in Höegh LNG and 2,667 phantom units in HMLP.

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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, South Korea, Indonesia, Lithuania, Egypt, Colombia and Turkey. The group employs approximately 155 office staff and 545 seafarers.

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