Höegh LNG: Interim results for the quarter and half year ended 30 June 2017
Höegh LNG Holdings Ltd. ("Höegh LNG") today reports its financial results for the quarter and half year ended 30 June 2017.
Highlights:
· EBITDA of USD 37.7 million
· Profit after tax of USD 8.5 million
· Dividend of USD 0.125 per share paid in the second quarter of 2017
· Höegh Giant delivered from Hyundai Heavy Industries
Subsequent events
· Dividend of USD 0.125 per share declared in the third quarter of 2017
· Signed MoU with Nakilat for the development of new FSRU projects
· Secured commitments for a USD 230 million debt financing for FSRU #8
· Höegh LNG Partners increasing its ownership stake in GDF Suez Cape Ann and Neptune
The President and CEO of Höegh LNG Sveinung J.S. Støhle comments:
"We are pleased to report stable financial results for the second quarter, backed by our solid operational performance, enabling another USD 0.125 per share dividend. So far in the third quarter, we have executed on our financial strategy by securing flexible and attractive financing for FSRU #8, and have further expanded our revenue backlog through Höegh LNG Partners' acquisition of an additional 23.5% interest in the Neptune FSRUs. As we look forward to an expanding FSRU market with many promising growth opportunities, we believe that our recently announced strategic alliance with Nakilat not only confirms our leadership position, but also opens a new channel for Höegh LNG to pursue projects jointly with the world's largest LNG carrier company. As the ready availability of LNG at competitive prices continues to be an appealing proposition, Höegh LNG is ideally positioned to achieve substantial growth as the premier global provider of FSRUs."
Höegh LNG provides floating energy solutions and 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 and the strategy is to continue to focus its growth plans in the FSRU market, with the objective of securing long-term contracts with strong counterparties at attractive returns. 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 115 office staff and 500 seafarers.
