Hoegh LNG Orders Third FSRU from HHI, South Korea

Höegh LNG has, pursuant to a successful private placement, today exercised an option for a new FSRU to be built at Hyundai Heavy Industries Ltd. in Korea. 

The FSRU will be delivered in the second quarter of 2014, and its specifications will be adapted to comply with relevant project requirements.

Höegh LNG’s President and CEO, Sveinung Støhle, says in a comment: “With our two FSRUs on order allocated to specific projects in Indonesia and Lithuania, the Company continues focusing its growth plans at the floating regasification market, and is currently participating in several tender processes for additional FSRU projects. We have therefore decided to place an order for a third FSRU to be built at Hyundai. Our strategy to expand in the floating regasification market worldwide remains firm and we believe in strong continued growth in this segment.”

LNG FSRUs receive liquefied natural gas from offloading LNG carriers. The installed regasification system provides gas send-out through flexible risers and pipelines to shore.

Raised USD 200 Million

The company today also announced that it has raised NOK 1,200 million (ca USD 200 million equivalent) in gross proceeds through a private placement of 22,641,509 new shares, each with a par value of USD 0.01 at a price of NOK 53 per share (the “Private Placement”).

The net proceeds to the Company raised in the Private Placement will provide financial resources to finance existing and additional FSRU newbuildings and further growth in line with the Company’s strategy for Höegh LNG to become one of the world’s leading providers of floating LNG services.

Sveinung Støhle said, “We are very pleased to have concluded this fundraising supporting Höegh LNG’s growth strategy. The support from existing shareholders and the interest from new institutional investors have provided us with a broader shareholder base, increased free float and a stronger financial position. This further strengthens our capital base and improves our position in the very favourable and growing LNG industry, and confirms our unique position as one of the three leading companies within the Floating LNG regasification segment.”

Offshore Energy Today Staff, February 3, 2012; image: Hoegh LNG

 

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