November 29, 2018 - 1:23 AM EST
Print Email Article Font Down Font Up Charts




Höegh LNG : Interim Results for the Quarter Ended 30 September 2018

HAMILTON, Bermuda, Nov. 29, 2018 /PRNewswire/ -- Höegh LNG Holdings Ltd. ("Höegh LNG") today reports its financial results for the quarter ended 30 September 2018

Highlights for the third quarter of 2018: 

  • EBITDA of USD 47.9 million
  • Profit after tax of USD 6.0 million
  • Dividend of USD 0.025 per share paid in the third quarter of 2018       
  • Secured commitments for debt financing of FSRU #9 and FSRU #10

Subsequent events 

  • Dividend of USD 0.025 per share declared in the fourth quarter of 2018
  • Investment in Avenir LNG to pursue small-scale LNG opportunities
  • Höegh Esperanza commencing FSRU operations in Tianjin, China
  • Höegh LNG Partners LP secured commitments for refinancing of Höegh Gallant and Höegh Grace

The President and CEO of Höegh LNG Sveinung J.S. Støhle comments: "We are pleased to deliver Höegh LNG's best underlying quarterly results on record, with EBITDA up 19% compared to Q2, reflecting continued operational excellence and a full quarter of income from Höegh Esperanza under its contract with CNOOC in China. Our financial position is solid, and with debt commitments received for the financing of our two newbuildings, as well as for our first refinancing completed well ahead of maturity, we are fully financed across the fleet at attractive terms. Meanwhile, we continue to see an improving FSRU market and are currently exclusive and in the final selection round for four different long-term FSRU projects. Additional FSRU opportunities arise on a frequent basis, particularly in Asia, where China in a period of 12 months has emerged the world's second largest LNG importer and a high-potential market for FSRUs. With our proven operational platform that now includes the highly complementary small-scale LNG offering represented by our shareholding in Avenir LNG, Höegh LNG remains in a strong competitive position for the most attractive FSRU contracts in the market."

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, South Korea, Indonesia, Lithuania, Egypt, Colombia and Turkey. The company employs approximately 155 office staff and 525 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, VP IR and Strategy, 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.

2018 Q3 Report

2018 Q3 Presentation

*

This information was brought to you by Cision http://news.cision.com

http://news.cision.com/hoegh-lng/r/hoegh-lng---interim-results-for-the-quarter-ended-30-september-2018,c2685128

The following files are available for download:

Cision View original content:http://www.prnewswire.com/news-releases/hoegh-lng--interim-results-for-the-quarter-ended-30-september-2018-300757459.html

SOURCE Höegh LNG


Source: PR Newswire (November 29, 2018 - 1:23 AM EST)

News by QuoteMedia
www.quotemedia.com

Legal Notice