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Höegh LNG - Interim results for the quarter ended 30 June 2015

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Highlights

  • EBITDA of USD 22.6 million, up from USD 16.5 million in the first quarter 2015
  • Profit after tax USD 6.0 million, up from a loss of USD 2.4 million in the previous quarter
  • Höegh Gallant commenced commercial operations in Egypt, within five months of signing the contract
  • Höegh LNG signed its third long term FSRU contract in six months with a 20 year contract in Chile
  • In line with its business model, Höegh LNG ordered FSRU#8 including a firm option for FSRU#9
  • Successfully issued an unsecured USD denominated 130 million bond in the Nordic market
  • Paid quarterly dividend of USD 0.10 per share

Subsequent Events

  • Sold the LNG carrier LNG Libra
  • Agreed terms for transfer of the FSRU Höegh Gallant to Höegh LNG Partners
  • Agreed postponed delivery with Hyundai Heavy Industries for the FSRU Höegh Grace to April 2016
     

Höegh LNG's President and Chief Executive Officer, Sveinung J. S. Støhle, said in a comment: "The improved operating and net results are driven by Höegh Gallant starting commercial operations according to schedule in Egypt, where she currently is operating at full capacity and regasifying four to five cargos per month. During the quarter, we continued to deliver according to our strategy; we secured a long term FSRU contract in Chile upon which we ordered another FSRU plus a firm priced option. The increased number of opportunities in the FSRU market, combined with our success in securing new contracts, places us ahead of schedule in expanding our fleet to 12 FSRUs on the water or under construction by 2019."

About Höegh LNG:

Höegh LNG provides floating energy solutions and operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs). The Company has developed low-cost solutions for floating liquefaction terminals (FLNG) 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 and the strategy is to continue to focus its growth plans on the FSRU and the FLNG market, with the objective of securing long-term contracts with strong counterparts at attractive returns. Höegh LNG is a Bermuda based company with established presence in Oslo, Singapore, London, Miami, Jakarta, Klaipeda and Cairo. The company employs approximately 95 office staff and 500 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
Birgitte Hjertum, VP Strategy and Investor Relations, Telephone +47 975 57 432

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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