Hamilton, Bermuda, 19 February 2018
Phantom Unit Award to management of Höegh LNG
Reference is made to the stock exchange notice by Höegh LNG Holdings Ltd. ("Höegh LNG") dated 6 June 2016 regarding the award of 53,568 phantom units in Höegh LNG Partners LP ("HMLP") by Höegh LNG to senior management and key employees of Höegh LNG AS. On 31 December 2017, 17,856 of the phantom units vested, making 20,276 common units in HMLP eligible for delivery after adjusting for dividend distributions from HMLP since the time of award, of which 5,654 will be settled in cash and 14,622 have been settled through the delivery of common units. The units delivered were sourced from Höegh LNG's holding of common units in HMLP, which has been reduced to 2,101,438 following the transactions.
Phantom Unit Award to other primary insider of Höegh LNG
Reference is further made to the stock exchange notice by Höegh LNG dated 6 June 2016 regarding the award of 21,500 Phantom Units by the board of directors of HMLP to Richard Tyrrell, CEO & CFO of HMLP. On 31 December 2017, 7,167 of the phantom units vested, making 8,138 common units in HMLP eligible for delivery after adjusting for dividend distributions from HMLP since the time of award, all of which have been settled through the delivery of common units. The units were issued as new common units in HMLP. Following the delivery, the total number of common units in HMLP was 19,763,237.
New holding
The following primary insiders of Höegh LNG received either common units in HMLP or will receive cash settlement as further detailed below in connection with the vesting of the phantom units:
- Sveinung J. S. Støhle, President & CEO, received 7,947 common units after adjusting for dividend distributions from HMLP upon vesting of 6,999 phantom units. After the transactions, he holds 134,738 shares and 423,000 options in Höegh LNG and 15,915 common units and 13,997 Phantom Units in HMLP.
- Steffen Føreid, CFO, received 3,482 common units after adjusting for dividend distributions from HMLP upon vesting of 3,066 phantom units. After the transaction, he holds 21,805 shares and 179,200 options in Höegh LNG and 11,073 common units and 6,132 Phantom Units in HMLP.
- Ragnar Wisløff, CDO, received 1,514 common units after adjusting for dividend distributions from HMLP upon vesting of 1,333 phantom units. After the transaction, he holds 23,934 shares and 165,600 options in Höegh LNG and 6,692 common units and 2,667 Phantom Units in HMLP.
- Vegard Hellekleiv, COO, will receive cash settlement after vesting of 1,333 phantom units. After the transaction, he holds 23,364 shares and 165,600 options in Höegh LNG and 2,667 Phantom Units in HMLP.
- Tom Solberg, COS, will receive cash settlement after vesting of 1,333 phantom units. After the transaction, he holds 65,600 options in Höegh LNG and 2,667 Phantom Units in HMLP.
- Richard Tyrrell, CEO & CFO of HMLP, received 8,138 common units after adjusting for dividend distributions from HMLP upon vesting of 7,167 phantom units. After the transaction, he holds 9,215 shares and 76,917 options in Höegh LNG and 8,138 common units and 14,333 Phantom Units in HMLP. In addition, Rachel Brask-Tyrrell, related party of Richard Tyrrell, owns 5,000 common units in HMLP.
- Camilla Nyhus-Møller, Senior Vice President Legal & Compliance, will receive cash settlement after vesting of 1,375 phantom units. After the transaction, she holds 45,375 options in Höegh LNG and 2,749 Phantom Units in HMLP.
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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 in Norway, Singapore, the UK, USA, South Korea, Indonesia, Lithuania, Egypt, Colombia, China and Turkey. The company employs approximately 115 office staff and 500 seafarers.
Contacts:
Sveinung J. S. Støhle, President and Chief Executive Officer, Telephone +47 975 57 402
Steffen Føreid, Chief Financial Officer, Telephone +47 975 57 406
Erik Folkeson, Head of IR, Telephone +47 414 21 769
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act or the Continuing Obligations of Oslo Børs.