HÖEGH LNG: Höegh LNG Partners LP announces a new long-term FSRU contract

24 September 2021

Hamilton, Bermuda, 24 September 2021 - Höegh LNG Holdings Ltd. ("Höegh LNG") announces that Höegh LNG Partners LP has issued a press release related to a new long-term FSRU contract for Höegh Gallant for a period of ten years with a planned start-up in the fourth quarter of 2021 (the “New Charter”). Further, a subsidiary of Höegh LNG Holdings Ltd. has entered into an agreement to suspend the existing internal charter for the Höegh Gallant with effect from the commencement of the New Charter (the “Suspension Agreement”). The charter rate under the New Charter, in line with the current market, will be lower than under the existing internal charter for the Höegh Gallant. However, under the Suspension Agreement, Höegh LNG Holdings Ltd.’s subsidiary shall compensate Höegh LNG Partners LP monthly for the difference between the charter rate earned under the New Charter and the charter rate earned under the existing internal charter with a modest increase until 31 July 2025, the expiry date of the existing internal charter. In addition, pursuant to the Suspension Agreement, certain capital expenditures incurred to ready and relocate the Höegh Gallant for performance under the New Charter will be shared 50/50 between Höegh LNG and Höegh LNG Partners LP, subject to a maximum obligation of Höegh LNG Partners LP.

Höegh LNG Partners LP’s press release is available on www.hoeghlngpartners.com.

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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

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 “Enabling the transition to Clean Energy”. The company is owned by Larus Holding Limited, a 50/50 joint venture between Leif Höegh & Co. Ltd.  and Funds managed by Morgan Stanley Infrastructure Partners, 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, China, Indonesia, Lithuania, Egypt, Colombia and the Philippines. The group employs approximately 190 office staff and 670 seafarers. Please see: www.hoeghlng.com