Höegh LNG signs FSRU contract with EGAS
Höegh LNG signed a Letter of Intent with EGAS of Egypt for an FSRU Time Charter Party contract (TCP), the company's press service said referring to Höegh LNG Holdings Ltd.'s Stock Exchange Notice dated 12 May 2014.
The contract is for a period of five years and expected to generate an average annual EBITDA of around USD 40 million. The FSRU Höegh Gallant, which is expected to be delivered from the yard later this week, will service the contract, which is set to start by the end of the first quarter 2015. The company will evaluate interim employment for the FSRU before start of operations in Egypt.
President and Chief Executive Officer Sveinung J.S. Støhle says: "We are delighted to have signed a firm contract with EGAS and been entrusted through this contract to provide strategic important infrastructure that will give EGAS added capacity to serve the Egyptian gas market. This project clearly demonstrates the advantage of FSRUs as the fast-track solution for LNG imports to any market and we look forward to a long term relationship with Egas. The Höegh Gallant will be offered to Höegh LNG Partners L.P. in due time".
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 500 seafarers.
