Höegh LNG orders new floating storage and regasification unit

10/16/2012

Höegh LNG orders new floating storage and regasification unit

STAVANGER -- Höegh LNG has exercised an option for a fourth new floating storage and regasification unit (FSRU) to be built at Hyundai Heavy Industries Ltd. in South Korea.  The vessel will be able to operate as a floating LNG import terminal, as well as an ordinary LNG carrier.  The FSRU will be delivered in the first quarter of 2015, and its specifications will be adapted to comply with relevant project requirements.
 
Höegh LNG's President and CEO, Sveinung J.S. Støhle, says in a comment:  "With our three FSRUs on order allocated to specific projects in Indonesia, Lithuania, and Chile, Höegh LNG continues its growth within the floating regasification market.  We are involved in several new floating LNG import terminal projects being developed worldwide, and our purpose built FSRUs with larger storage and regasification capacity, higher energy efficiency and improved reliability have proven to be appreciated by our customers.  We have therefore decided to continue our newbuilding programme by exercising an option to build a fourth new FSRU at Hyundai.  Our strategy to expand in the floating regasification market worldwide remains firm."
 
About Höegh LNG Höegh LNG is a fully integrated floating LNG services company with almost 40 years experience, offering long-term floating production, transportation, regasification and terminal solutions for the liquefied natural gas (LNG) market. The company operates a fleet of six LNG carriers and two floating storage and regasification units (FSRUs). In addition Höegh LNG has three FSRUs under construction at Hyundai Heavy Industries. The company holds a significant project development portfolio for floating regasification as well as floating LNG production (FLNG). Höegh LNG is a Bermuda company, which has also established presence in Oslo, Singapore, London and Tampa. In total the Company employs about 80 office staff and about 350 sea farers.

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