Höegh LNG orders new FSRUs at South Korean shipyards

Höegh LNG orders new FSRUs at South Korean shipyards

Höegh LNG on Wednesday signed shipbuilding contracts with Samsung Heavy Industries and Hyundai Heavy Industries for two FSRUs.

The contract with SHI follows the letter of intent signed December 7, 2016, for one FSRU and three optional units. The FSRUs will have a storage capacity of 170,000 cubic meters and a regasification capacity of 750 MMscf/day, with full trading capabilities.

According to Höegh LNG’s statement, the firm FSRU is scheduled for delivery in May 2109, while the optional units would be delivered with six months intervals from the delivery of the firm vessel.

In addition to firming up the deal with SHI, Höegh LNG signed a shipbuilding contract with Hyundai Heavy Industries for an FSRU for delivery in the fourth quarter of 2018.

The unit will have a storage capacity of 170,000 cubic meters and a max regasification capacity of 1,000 MMscf/day and with full trading capabilities.

Höegh LNG reminded that it has signed two 20-year FSRU charter deals in December, one with Quantum Power for the Tema LNG project in Ghana and the other with Global Energy Infrastructure Limited (GEIL) for the LNG import project in Port Qasim near Karachi, Pakistan. Both projects are planned to begin operations in the second quarter of 2018.

Further to the orders, the company decided to allocate its FSRU #7 (hull number 2909) currently under construction at HHI to serve the QP charter in Ghana. The FSRU #9 (hull number 2909) also under construction at HHI is set to serve the GEIL charter in Pakistan.

The initial period for the GEIL charter commencing in the second quarter of 2018 would be covered by an interim FSRU from Höegh LNG’s portfolio until the new FSRU is delivered, the company said.

Commenting on the events, Höegh LNG’s president and CEO, Sveinung Støhle said, “with this order, Höegh LNG now has 10 large size newbuilt FSRUs in operation or under construction.” 

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