Höegh LNG : Interim Results for the Quarter and Year Ended 31 December 2018

HAMILTON, Bermuda, Feb. 27, 2019 /PRNewswire/ -- Höegh LNG Holdings Ltd. ("Höegh LNG") today reports its financial results for the quarter and year ended 31 December 2018

Highlights for the fourth quarter of 2018: 

• EBITDA of USD 81.4 million, including USD 34.7 million in recognition of remaining payments from Egas under the amended contract structure for Höegh Gallant
• Net profit of USD 45.0 million
• Dividend of USD 0.025 per share paid in the fourth quarter of 2018
• Investment in Avenir LNG to pursue small-scale LNG market
• Höegh Gannet delivered on interim time charter to Naturgy
• Signed 10-year conditional FSRU contract with AGL Energy Ltd. for its project in Crib Point, Australia

Subsequent events 

• Dividend of USD 0.025 per share declared for the first quarter of 2019 
• Refinancing of Höegh Gallant and Höegh Grace completed (owned by Höegh LNG Partners LP)

The President and CEO of Höegh LNG Sveinung J.S. Støhle comments: "The fourth quarter concluded a very active year for Höegh LNG where we have delivered consistent financial results and made significant commercial progress, driven by increasing demand for LNG especially in Asia and a general increase in FSRU contract awards. We are pleased to have signed the agreement with AGL Energy for their FSRU project in Crib Point, Australia, and we continue to make good progress on additional LNG import projects across the Asia-Pacific region. Meanwhile, our strong financial position enables us to enter the highly complementary small-scale LNG market through our investment in Avenir LNG, which marks an extension of our well-proven FSRU platform."

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, the Philippines, Singapore, the UK, USA, South Korea, Indonesia, Lithuania, Egypt, Colombia and Turkey. The company employs approximately 155 office staff and 550 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.

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http://news.cision.com/hoegh-lng/r/hoegh-lng---interim-results-for-the-quarter-and-year-ended-31-december-2018,c2751146

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SOURCE Höegh LNG

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