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Höegh LNG - Interim results for the quarter ended 31 March 2014

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Highlights

  • Total income of  USD 51.3 million, up from USD 20.1 million in the first quarter 2013
     
  • Loss before tax of USD 4.5 million, an improvement from a loss of USD 7.9 million in the first quarter 2013
     
  • Mandatory change in the accounting standard for recognition of joint venture investments from proportionate consolidation to the equity method

Subsequent Events

  • The Senior Secured Credit Facility for the financing of Höegh Gallant and FSRU #4 increased to USD 412 million and signed
     
  • The PGN FSRU Lampung delivered from the yard and hooked up to the mooring system in Indonesia
     
  • The Independence delivered from the yard and entering the short term market before starting its long -term contract with Klaipedos Nafta
     
  • Signed a Letter of Intent with Egyptian Natural Gas Holding Company for a 5 year FSRU contract
     
  • Höegh LNG Partners ("MLP") made confidential submission to the United States Securities and Exchange Commission of initial draft registration statement for initial public offering of common units of the MLP

"So far this year we have taken delivery of two FSRUs and installed a Tower Yoke Mooring System offshore Lampung, Indonesia. The first FSRU, PGN FSRU Lampung, is already hooked up to the Tower Yoke Mooring System and on schedule to commence operation in less than one month. We have also signed a Letter of Intent with Egas of Egypt for our third FSRU, Höegh Gallant, and executed a debt facility that completes the financing of our newbuilding programme. Overall I am very pleased with the Company's performance so far this year".


Sveinung J.S. Støhle

President and Chief Executive Officer

  

Reference is made to Höegh LNG's interim report and presentation published on the Oslo Stock Exchange's www.newsweb.no and on www.hoeghlng.com.



About Höegh LNG

Höegh LNG is a provider of floating LNG infrastructure services, offering regasification, transportation and production services under long-term contracts.  The company operates a fleet of four floating storage and regasification units (FSRUs) that act as floating LNG import terminals, and four LNG transportation vessels. In addition, Höegh LNG has two new FSRUs on order and has developed a solution for floating LNG production (FLNG).  Höegh LNG is a Bermuda based company with established presence in Oslo, Singapore, London, Tampa and Jakarta.  The company employs approximately 95 office staff and 350 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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