Höegh LNG’s second quarter profit climbs

Höegh LNG's second quarter profit climbs

Norway-based floating LNG giant Höegh LNG posted a profit of $8.5 million for the second quarter compared to the $3.6 million profit in the corresponding quarter of 2016.

The company reported a total income of $70.6 million for the quarter, compared to $57.1 million during the second quarter last year.

During the first half of the year, the company posted a net profit of $20 million compared with $9.9 million for the first half of 2016.

The improvement primarily reflects the commencement of operations by Höegh Grace in Colombia during December 2016.

All seven FSRUs and two LNG carriers in Höegh LNG’s fleet operated in accordance with contracts during the quarter, and the group’s technical availability remained stable at close to 100 percent.

In accordance with nominations from the charterers, the FSRUs in operation delivered 21 percent less gas in the second quarter as compared to the first quarter of 2017, which is explained by seasonal variations in demand.

Höegh LNG has a total of three FSRUs under construction at Hyundai Heavy Industries and Samsung Heavy Industries. These newbuildings have scheduled delivery dates in the first quarter of 2018, the fourth quarter of 2018 and the second quarter of 2019 respectively.

Höegh LNG now has a total of 10 FSRUs in operation and on order. The company is continuing to pursue additional business opportunities and remains confident it will reach its goal of a fleet of 12 units in operation or under construction by 2019.

Attention also continues to be focused on preparing for the three long-term FSRU contracts awarded in Ghana, Pakistan and Chile,

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Posted on August 24, 2017 with tags .

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