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Höegh LNG : Interim results for the quarter ended 31 December 2016

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Highlights 

  • EBITDA  of USD 31.2 million
  • Profit after tax of USD 0.8 million
  • Dividend of USD 0.10 per share paid for the fourth quarter 2016
  • Signed a 20-year FSRU charter agreement with Quantum Power for Ghana
  • Signed a 20-year FSRU charter agreement with Global Energy Infrastructure for Pakistan
  • Höegh Grace successfully commenced commercial operation under long-term contract in Colombia
  • Agreement to transfer a 51% interest in Höegh Grace to Höegh LNG Partners
  • Successful public offering of common units in Höegh LNG Partners raising USD 112 million
  • Entered into a LOI and signed a shipbuilding contract with Samsung Heavy Industries for an FSRU for delivery in the second quarter of 2019 and three optional FSRUs

Subsequent events

  • Announced the signing of a shipbuilding contract with Hyundai Heavy Industries for an FSRU for delivery in the fourth quarter 2018
  • Successful placement of NOK 1,500 million in unsecured bonds maturing on 1 February 2022 and the subsequent re-purchase of 13% of the existing HLNG01 bond loan
  • Signed HOA with Qatar Petroleum, Total, ExxonMobil, and Mitsubishi for FSRU terminal infrastructure for the GEI project in Pakistan
  • Declared dividend of USD 0.125 per share for the first quarter of 2017

The President and CEO of Höegh LNG Holdings Ltd. ("Höegh LNG"), Sveinung J. S. Støhle, said in a comment: "By concluding bilateral negotiations for two long-term FSRU contracts, one in Ghana and one in Pakistan, we added USD 1.8 billion to our revenue backlog in the fourth quarter. Following these commercial milestones, and combined with a positive development in our underlying results in the fourth quarter and into 2017, the Board of Directors has resolved to increase our dividend by 25% to USDc 12.5 per share for the first quarter of 2017. We continue to operate in a positive market environment where demand for FSRU capacity increases on the back of growing LNG production. Backed by our solid operational and financial platform we intend to further expand our revenue backlog, creating the basis for accretive drop-downs to Höegh LNG Partners LP and to the benefit of new and existing customers and shareholders."

The dial-in numbers for the conference call is as follows:

Norway +47 21 00 26 13

United Kingdom +44 (0)330 336 9104

United States +1 719 325 2238

Participant passcode: 279751
  

Link to the live webcast for the fourth quarter of 2016:

http://webtv.hegnar.no/presentation.php?webcastId=44475894

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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), 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 in the FSRU market, with the objective of securing long-term contracts with strong counterparties at attractive returns. 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 company employs approximately 110 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
Erik Folkeson, Head of IR, 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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