Höegh LNG: Interim results for the quarter ended 31 March 2020

Hamilton, Bermuda, 28 May 2020 - Höegh LNG Holdings Ltd. ("Höegh LNG") today reports its financial results for the quarter ended 31 March 2020.

Highlights for the first quarter of 2020:

• EBITDA of USD 59.6 million
• Net loss of USD 1 million
• Dividend of USD 0.025 per share paid in the first quarter of 2020
• Contract coverage increased to close to 100% for 2020
• Completed revolving credit facility for up to USD 80 million
• Completed new senior unsecured bond issue of NOK 650 million

Subsequent events:

• Selected preferred bidder for two new FSRU projects in Latin America
• AIE received approval for increasing the import capacity through the Port Kembla Gas Terminal
• Completed the amendment, extension and USD 45 million upsizing of Independence’s debt facility
• Höegh LNG and Total reached a final binding agreement to settle the boil-off dispute regarding Neptune and Cape Ann
• Suspension of dividends and cost savings plan implemented targeting USD 9-11 million in savings for 2020

The President and CEO of Höegh LNG Sveinung J.S. Støhle comments: “I am proud to report that Höegh LNG’s employees continue to deliver under these unprecedented circumstances caused by Covid-19, as shown by our financial and operational results, meaning Höegh LNG is experiencing limited operational impact of the Covid-19 pandemic. While the Covid-19 crisis has caused major disruptions and uncertainties to the energy markets, the demand for FSRUs does not appear to have been significantly affected, as can be seen by the selection of Höegh LNG as preferred bidder for two new FSRU projects in the quarter.”

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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, China, Indonesia, Lithuania, Egypt, Colombia and the Philippines. The group employs approximately 175 office staff and 600 seafarers.