Höegh LNG Partners LP Provides Operational Update

News provided by

Hoegh LNG Partners LP

Mar 24, 2020, 16:15 ET

HAMILTON, Bermuda, March 24, 2020 /PRNewswire/ -- In light of the ongoing Covid-19 virus situation, Höegh LNG Partners LP's (NYSE:HMLP) sponsor, Höegh LNG Holdings Ltd. ("Höegh LNG," or jointly, "Höegh LNG Group") provided the following update on how the Höegh LNG Group is dealing with the associated challenges:

People, operations and customers
The Höegh LNG Group has implemented a number of mitigating measures to secure the health and safety of its employees and ensuring safe and continued operations for its customers. The list of measures includes, but is not limited to:

  • The establishment of a Covid-19 task force monitoring the situation and performing relevant risk assessment on a continuous basis
  • The implementation of a work from home policy for all onshore employees on a worldwide basis
  • A "Lock down" on all vessels with no crew rotation and no visitors allowed onboard until further notice
  • The activation of the Höegh LNG Group's crisis management plan.

The current operational status for the Höegh LNG Group is as follows:

  • As of today, there are no known cases of coronavirus infection for any employees in the Höegh LNG Group's offices or on any of its assets
  • All units in the fleet are fully operational and manned according to relevant safety requirements
  • The technical availability for the fleet is close to 100% year to date
  • All charter parties remain in full force and effect and the revenues from the contracts are maintained as per their contractual terms

Sveinung J.S. Støhle, Chairman of Höegh LNG Partners and President & CEO of Höegh LNG comments: "Höegh LNG is managing this unprecedented crisis in an efficient manner first and foremost thanks to the tremendous efforts by all the people working in our organisation, but also because the company has a robust crisis management system in place supported by modern IT solutions. All our assets are operating according to contracts, and we are in close dialogue with all our customers to make sure any issues are addressed in a coordinated manner. Despite the Covid-19 crisis, the LNG markets are functioning more or less as normal and commercial activities are making progress. Even with major populations being quarantined, countries around the world need energy and electricity to function, where low priced LNG and flexible LNG is an attractive solution."

About Höegh LNG Partners LP
Höegh LNG Partners LP is a growth-oriented limited partnership formed by Höegh LNG Holdings Ltd. (Oslo Børs ticker: HLNG), a leading floating LNG service provider. HMLP's strategy is to own, operate and acquire floating storage and regasification units ("FSRUs") and associated LNG infrastructure assets under long-term charters. It has interests in five FSRUs that have an industry leading average remaining firm contract duration of 9.5 years plus options as of December 31, 2020.

Media contact:
Steffen Føreid
Chief Executive Officer and Chief Financial Officer
+47 97557406
www.hoeghlngpartners.com

SOURCE Hoegh LNG Partners LP

Related Links

http://www.hoeghlngpartners.com

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