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Thursday, 16 November 2017

Höegh LNG : Interim results for the quarter ended 30 September 2017

Höegh LNG    

Published: 07:00 CET 16-11-2017 /GlobeNewswire /Source: Höegh LNG / : HLNG /ISIN: BMG454221059

Höegh LNG : Interim results for the quarter ended 30 September 2017

Hamilton, Bermuda, 16 November 2017 - Höegh LNG Holdings Ltd. ("Höegh LNG") today reports its financial results for the quarter ended 30 September 2017.

Highlights:

  • EBITDA of USD 31.6 million, or USD 40.6 million adjusted for non-recurring items
  • Profit after tax of USD 1.1 million, or USD 10.8 million adjusted for non-recurring items
  • Dividend of USD 0.125 per share paid in the third quarter of 2017

Subsequent events

  • Dividend of USD 0.125 per share declared in the fourth quarter of 2017
  • Höegh LNG Partners raised USD 115 million in perpetual preferred equity
  • Financial close for up to USD 230 million in debt financing for FSRU #8
  • Agreement to sell remaining 49% interest in Höegh Grace to Höegh LNG Partners
  • Repayment of the 2012/2017 HLNG01 bond

The President and CEO of Höegh LNG Sveinung J.S. Støhle comments:

"Disregarding non-recurring items, we are pleased that the underlying results for the quarter are record high with EBITDA of around USD 41 million and a net profit of around USD 11 million.  While Höegh LNG so far in 2017 has experienced delays regarding FSRU contracts with future start-up dates, the activity in the FSRU and LNGC markets is high, as confirmed from our novel FSRU/LNGC contract with Gas Natural Fenosa. We remain confident that we will secure additional long term contracts to supplement our current backlog and fleet employment. We are further pleased to see that the strong financial platform of Höegh LNG is facilitating further diversification of debt and equity funding sources supporting the growth of the company."

* * *

About Höegh LNG:


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, China and Turkey. The company employs approximately 115 office staff and 500 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, Head of IR, 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



2017 Q3 Report
2017 3Q Presentation



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Höegh LNG, Drammensveien 134 PO BOX 4 Skøyen, Oslo N-0212, Norway
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