Norway: Hoegh LNG Q3 Total Income at USD 45.7 Million

Höegh LNG of Norway reported USD 45.7 million in total income for the third quarter 2013, up from USD 38.0 million in the same quarter 2012.

Operating profit before depreciation was USD 10.9 million in the quarter, down from USD 13.2 million in the third quarter 2012. The reduction was mainly due to lower income generated by LNG Libra and costs associated with the potential US listing of a master limited partnership (MLP).

The reduction was partly offset by revenue recognition relating to the mooring construction contract with PGN. LNG Libra generated an operating result before depreciation of USD 2.0 million in the quarter compared to USD 4.9 million in the same quarter last year.

The loss before tax was USD 2.6 million in the quarter compared to a profit of USD 1.1 million in the same period last year. The reduction was mainly due to the reasons mentioned above in addition to higher depreciation cost for LNG Libra. The vessel generated a net loss before taxes of USD 2.0 million in the quarter compared to a net profit of USD 2.7 million in the same quarter last year.

“We are pleased to see that we execute according to schedule on our FSRU strategy, and are on track for taking delivery of 3 new regas units in 2014. In addition, we continue our exit from the short term LNG transportation market through the sale of the Norman Lady,” Sveinung J.S. Støhle, President and Chief Executive Officer of Höegh LNG said.

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LNG World News Staff, November 19, 2013; Image: Höegh LNG