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Friday, 24 November 2017

Höegh LNG : Termination of FSRU charter agreement with Global Energy Infrastructure

Höegh LNG    

Published: 13:32 CET 24-11-2017 /GlobeNewswire /Source: Höegh LNG / : HLNG /ISIN: BMG454221059

Höegh LNG : Termination of FSRU charter agreement with Global Energy Infrastructure

Hamilton, Bermuda, 24 November 2017 - Reference is made to the stock exchange notice on 15 December 2016, in which Höegh LNG Holdings Ltd. ("Höegh LNG" or "the company") announced that it had signed an FSRU contract with Global Energy Infrastructure Limited ("GEI") for GEI's LNG import project in Pakistan.

As explained in its third quarter 2017 financial report issued 16 November 2017, Höegh LNG has considered its options under the contract with GEI, and has today informed GEI that it has concluded to terminate the FSRU charter agreement signed 15 December 2016.

However, Höegh LNG is involved in several ongoing processes for alternative employment for FSRU #9, which was originally intended for the GEI project, and the company remains optimistic that firm FSRU employment will be in place before delivery end 2018.

* * *

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.





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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