Höegh LNG to Take Redelivery of ‘Norman Lady’ (Norway)

With reference to the stock exchange notice dated 25 May 2012 in relation to the extension of the Norman Lady charter, Höegh LNG will through its 50/50 joint venture company Methane Carriers Ltd. take redelivery of the Norman Lady on 15 September 2013. The redelivery follows a successful 14 year charter with Gas Natural Aprovisionamientos SDG (Gas Natural) of the vessel built in 1973.

The Owners have decided to sell the vessel for green recycling to an undisclosed, but renowned buyer. As part of the agreement, the buyer has undertaken to comply with Höegh LNG’s Green Recycling Specification. The specification ensures the vessel being recycled in an environmentally sound manner at a yard approved by Höegh LNG and which operates and complies with all relevant international rules and guidelines for the recycling of vessels.

The vessel is scheduled for delivery by the end of October and the sale will contribute with a net positive effect on Höegh LNG’s result for 2013.

Höegh LNG’s President and Chief Executive Officer, Sveinung J.S. Støhle, said in a comment: “We are very happy with this recycling transaction since it concludes appropriately the end of Norman Lady’s long and successful trading life for both Höegh LNG and MOL.

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Hoegh LNG, September 13, 2013