Höegh LNG Holdings Ltd. has signed a new Shipbuilding Contract (SBC) with Hyundai Heavy Industries Co., Ltd. (HHI) for a new Floating Storage and Regasification Unit (FSRU) for delivery in Q4 2018 (FSRU #9). The FSRU will have a storage capacity of 170,000 m3 and a max regasification capacity of 1,000 MMscf/day and with full trading capabilities, the company said in its press release.
Reference is further made to the stock exchange notices in December 2016 where Höegh LNG reported it had signed two 20 years FSRU charters with each of Quantum Power ("QP") for the Tema LNG Project in Ghana and Global Energy Infrastructure Limited ("GEIL") for the LNG import project in Port Qasim near Karachi, Pakistan. Both projects have start-up in Q2 2018.
Höegh LNG has spent considerable efforts optimizing its FSRU portfolio, maximizing charter revenues from FSRUs under construction and reducing overall technical risks. Höegh LNG has therefore decided to allocate FSRU#7 (HHI HN 2552) to serve the QP charter in Ghana and to allocate FSRU #9 (HHI HN 2909) to the GEI charter in Pakistan. The initial period of the GEI charter from Q2 2018 will be covered by an interim FSRU from Höegh LNG's portfolio until the new FSRU is delivered.
The FSRU newbuilding program that Höegh LNG entered into with Samsung Heavy Industries Co., Ltd. (SHI) on 17 January 2017 for one firm (FSRU #10) plus three options is unaffected by the above allocation as the first delivery from SHI is scheduled for May 2019.
About Höegh LNG:
Höegh LNG provides floating energy solutions and operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG's vision is to be the industry leader of floating LNG solutions and the strategy is to continue to focus its growth plans in the FSRU market, with the objective of securing long-term contracts with strong counterparties at attractive returns. Höegh LNG is a Bermuda based company with established presence or operations in Norway, Singapore, the UK, USA, South Korea, Indonesia, China, Lithuania, Egypt, Colombia and Turkey. The company employs approximately 110 office staff and 500 seafarers.