Höegh LNG: Operational update

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Hamilton, Bermuda 24 March 2020 – In light of the ongoing Covid-19 virus situation, Höegh LNG Holdings Ltd. (“Höegh LNG” or “the company”) would like to provide an update on how the company is dealing with the associated challenges:

People, operations and customers

The company has implemented a number of mitigating measures to secure the health and safety of its employees and ensuring safe and continued operations for its customers. The list of measures includes, but is not limited to:

  • The establishment of a Covid-19 task force monitoring  the situation and performing relevant risk assessment on a continuous basis. The task force is reporting directly to the CEO

  • The implementation of a work from home policy for all onshore employees on a worldwide basis

  • A “Lock down” on all vessels with no crew rotation and no visitors allowed onboard until further notice

  • The activation of the company’s crisis management plan.

The current operational status for the company is as follows:

  • As of today, there are no known cases of corona virus infection for any employees in HLNG’s offices or on any of its assets

  • All FSRUs and LNGCs in the fleet are fully operational and manned according to relevant safety requirements

  • The technical availability for the fleet is close to 100% year to date

  • All charter parties remain in full force and effect and the revenues from the contracts are maintained as per their contractual terms

The President & CEO of Höegh LNG Sveinung J.S. Støhle comments: “Höegh LNG is managing this unprecedented crisis in an efficient manner first and foremost thanks to the tremendous efforts by all the people working in our organisation, but also because the company has a robust crisis management system in place supported by modern IT solutions. All our assets are operating according to contracts and we are in close dialogue with all our customers to make sure any issues are addressed in a coordinated manner. Despite the Covid-19 crisis, the LNG markets are functioning more or less as normal and commercial activities are making progress. Even with major populations being quarantined countries around the world need energy and electricity to function, where low priced LNG and flexible LNG is an attractive solution.”

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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.