Hoegh LNG income drops

Höegh LNG of Norway reported USD 32.3 million in total income in the second quarter 2014, down from USD 42.7 million in the second quarter 2013.

The decrease is mainly due to USD 16.2 million lower construction contract revenues, the company said in a statement.

Höegh LNG ’s consolidated operating loss before depreciation was USD 0.3 million in the quarter compared to a loss of USD 2.4 million in the same period last year. The improvement is explained by higher contribution from LNG Libra as she was off-hire in April and May 2013 (USD 6.4 million) and contribution from FLNG studies (USD 0.8 million).

The improvement is offset by expenses relating to the  pre-operation of PGN FSRU Lampung and Independence (USD 2.1 million), lower results from
investments in joint ventures (USD 1.1 million) as Norman Lady was sold for green recycling in the fourth quarter 2013 and higher administrative cost (USD 1.2 million).

The loss after tax was USD 8.5 million in the quarter compared to a loss of USD 6.1 million in the same period last year.

Total cash flow in the quarter was USD 61.3 million compared to USD 25.7 million in the second quarter 2013. The cash flow in the quarter includes proceeds from the sale of the mooring system to PT PGN LNG(USD 96.5 million), proceeds from borrowings (USD 348.7 million), investments in newbuildings and vessels (USD 368.8 million) and payment of debt issuance cost (USD 4.8 million).

Sveinung J.S. Støhle, President and Chief Executive Officer of Höegh LNG saidWe reached an important milestone when the complex FSRU and Mooring project in Lampung reached mechanical completion and the FSRU commenced commercial operation in August 2014. Another important milestone was met in August 2014 with the successful IPO and NYSE listing of Höegh LNG Partners. The IPO was six times oversubscribed and priced at a yield of 6.75%, the best pricing ever achieved for a maritime MLP IPO.”

 

Press Release, August 22, 2014; Image: Höegh LNG

 

 

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