Hoegh LNG swings to profit in Q4

Image courtesy of Höegh LNG

Norway-based floating LNG giant Höegh LNG posted a profit of $0.8 million in the fourth quarter of last year after recording a loss of $33 million in the same quarter a year before.

Compared to the quarter before, Höegh LNG’s net profit was lower for $2.5 million.

In its report issued on Tuesday, Höegh LNG said that the total income for the quarter reached $62.3 million, an increase over $58.7 million from the same quarter in 2015.

Speaking of the results, Höegh LNG’s president and CEO Sveinung Støhle said that by concluding bilateral negotiations for two long-term FSRU contracts, one in Ghana and one in Pakistan the company added $1.8 billion to its revenue backlog in the fourth quarter.

According to Støhle, the company continues to operate in a positive market environment where demand for FSRU capacity increases on the back of growing LNG production.

“Backed by our solid operational and financial platform we intend to further expand our revenue backlog,” Støhle said.

Höegh LNG has currently six floating and regasification units (FSRUs) in operation and four under construction.

 

LNG World News Staff

Share this article

Follow LNG World News

Posted on February 28, 2017 with tags .

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

The 6th CWC China LNG & Gas International Exhibition & Summit

Following on from LNG 2019 and five successful editions in Beijing, the established China LNG & Gas International Exhibition & Summit…

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – Singapore / Jan 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

American LNG Forum 2020

The American LNG Forum is your gateway to learning about the US LNG export industry,

read more >

2nd Global LNG Forum

Global LNG Forum is an exclusive networking and knowledge-sharing platform for top experts and business leaders in the industry.

read more >