Gas Natural of Spain Extends Time Charter for LNG Tanker Norman Lady

http://www.hoeghlng.com/Investor/Pages/News.aspx

Höegh LNG has through its 50/50 joint venture company Methane Carriers Ltd. signed an agreement with Gas Natural Aprovisionamientos SDG (Gas Natural) for an extension of the time charter for the 87,000 m(3) LNG carrier Norman Lady at improved commercial terms.

The agreement is for further trading for a period of 1 + 2 years at the Charterer’s option. The 12 month firm period will commence in September 2012 as a direct continuation of the present charter.

HLNG’s share of the EBITDA contribution is expected to be about USD 6.5 million for the 12 month firm period and USD 8.7 million for the optional period, excluding dry docking expenses.

The optional period will have to be exercised 6 months prior to the end of the firm period.

Höegh LNG’s President and Chief Executive Officer, Sveinung Støhle, said in a comment: “We are delighted to have extended the charter period for Norman Lady with Gas Natural, building further on a relationship with one of our valued customers. At the same time we are able to capitalize on the present strong shipping market to continue servicing Gas Natural.”

LNG World News Staff, May 25, 2012; Image: Höegh LNG

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