Höegh LNG Doubles Profit

Hoegh LNG, a provider of floating liquefied natural gas (LNG) services under long-term contracts, reported a profit after tax of $ 44.98 million for the quarter and year ended 31 December 2018, compared to $ 19.96 million in the same period in 2017.

The floating storage and regasification unit (FSRU) provider which owns and operates a global fleet of 10 floating LNG import terminals, said in a stock exchange annoucement that its total income reached $122 million for the quarter under review, which compares to $82.3 million in the previous quarter.

The president and CEO of Höegh LNG Sveinung J.S. Støhle said: "The fourth quarter concluded a very active year for Höegh LNG where we have delivered consistent financial results and made significant commercial progress, driven by increasing demand for LNG especially in Asia and a general increase in FSRU contract awards."

Hoegh LNG has signed the agreement with AGL Energy for their FSRU project in Crib Point, Australia, and we continue to make good progress on additional LNG import projects across the Asia-Pacific region.

"our strong financial position enables us to enter the highly complementary small-scale LNG market through our investment in Avenir LNG, which marks an extension of our well-proven FSRU platform,” Sveinung said.