Hamilton, Bermuda, 28 February 2018 - Höegh LNG Holdings Ltd. ("Höegh LNG") today reports its financial results for the quarter and year ended 31 December 2017
Highlights:
- EBITDA of USD 43.0 million
- Profit after tax of USD 20.0 million
- Dividend of USD 0.125 per share paid in the fourth quarter
- Closing of the sale of the remaining 49% interest in Höegh Grace to Höegh LNG Partners
Subsequent events
- Dividend of USD 0.025 per share declared in the first quarter of 2018
- Höegh LNG Partners starts "at-the-market" (ATM) equity raising programme
- Höegh Giant commences three-year time charter with Gas Natural Fenosa
The President and CEO of Höegh LNG Sveinung J.S. Støhle comments:
"We are pleased to report record EBITDA and net profit for the fourth quarter of 2017, confirming the outstanding operational performance of our assets. So far in 2018 we have delivered Höegh Giant on a hybrid LNGC/FSRU contract with Gas Natural Fenosa, which should have a positive effect on our financial performance from the next quarter. Meanwhile, our business development activity remains focused on securing long term contracts for our FSRUs under construction, and here we are in advanced stages in several tenders with near term decision points.
However, while we continue to make progress towards additional FSRU contracts, due to the project delays seen in 2017, the board of directors has decided it prudent to reduce the dividend payments in order to optimise our equity capital towards sustainable long-term value creation. We continue to see value in the provision of dividends to our shareholders, and the dividend amount is subject to re-evaluation as we firm up new contracts through the number of tender processes currently underway"
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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 125 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, VP IR and Strategy, 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.
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