Norway: Hoegh LNG Enters Agreement to Buy LNG Libra

Höegh LNG Holdings Ltd. has entered into an agreement to acquire the “LNG Libra”, a 126,400 cbm Moss type LNG carrier built in 1979.

The seller is BGT Limited, a subsidiary of Höegh LNG’s long standing partner Mitsui OSK Lines (MOL). The vessel is to be delivered in the second quarter of 2012. The transaction will be financed with available cash and new debt.

The acquisition opens up new and attractive commercial opportunities for Höegh LNG. The vessel is currently operating on a short-term time-charter with an attractive re-delivery date, and is an ideal FSRU conversion candidate for upcoming floating re-gasification projects.

President and CEO, Sveinung Støhle, says: “We are very excited about acquiring the LNG Libra as it improves our competitive position by enabling us to take advantage of both the strong time- charter market and bid on a broader set of FSRU conversion projects. We are now in an improved position to offer interim FSRU solutions for projects that have an earlier start-up date than the delivery dates for our newbuildings as well as offer smaller floating re-gasification solutions where conversions are more suitable.”

Source: Höegh LNG, August 5, 2011;