Höegh LNG Inks 20-Year FSRU Contract in Ghana

Höegh LNG has signed a contract with Quantum Power Ghana Gas Limited to provide a floating storage and regasification unit (FSRU) for the Tema LNG import terminal located close to Accra in Ghana.

The contract is for a period of 20 years with a five year extension option for charterer and is expected to generate an average annual EBITDA of around USD 36 million, the company said.

The contract is subject to Quantum Power obtaining necessary governmental approvals, financial close and both parties’ board approval.

The infrastructure construction for the project is planned to start mid 2017 and expected delivery time for the FSRU is 6 – 12 months following commencement of the construction work.

The FSRU will be provided from Höegh LNG’s portfolio of FSRUs, including units under construction, the planned conversion FSRU or planned newbuilding orders.

With this contract Höegh LNG has full contract coverage for its FSRU fleet, Höegh LNG’s President and Chief Executive Officer, Sveinung J. S. Støhle, said.

The Tema LNG Project is supported by the Ghana National Petroleum Corporation (GNPC), Ghana’s national oil and gas company.