Hoegh LNG Profit Climbs 25 Percent, Norway

Höegh LNG of Norway said its total income was USD 37.6 million, up 25 % from 30.0 million in the fourth quarter 2011.

Highlights:

– Operating profit before depreciation USD 18.2 million, up from USD 3.5 million in the fourth quarter 2011

– Profit before tax USD 11.3 million, up from a loss of 8.5 million in the fourth quarter 2011

– Sold UK-subsidiary Port Meridian Energy Ltd. for USD 20 million

– Proceeds from the NOK 750 million (USD 130.3 million) bond issue received

– Signed USD 250 million senior secured corporate credit facility for the financing of the Lithuania FSRU.

“We are pleased to report an improved financial result in the fourth quarter of 2012. Our FSRU projects are proceeding in accordance with our plans and are on budget. Planned increases in liquefaction capacity, notably in Australia and North America, will lead to increased demand for our services and the outlook is good.” Sveinung J.S. Støhle, President and Chief Executive Officer of Höegh LNG said.

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LNG World News Staff, February 15, 2013; Image: Höegh LNG