Höegh LNG wins tender for LNG floating storage
and regasification unit in Lithuania

23.01.2012

Höegh LNG has been informed by AB Klaipedos Nafta that Höegh LNG has the winning tender offer for a new LNG floating storage and regasification unit in Lithuania.

A mandatory standstill period according to the Law on Public Procurement of the Republic of Lithuania is now in force and will end at midnight on 7 February 2012. Höegh LNG intends to use the second of the two new regasification vessels currently being built in Korea for the 10 year lease agreement which will commence in the second half of 2014.

The lease is expected to give an EBITDA contribution of about USD 50 million per year. Höegh LNG's President and Chief Executive Officer, Sveinung Støhle, said in a comment "We are pleased to have been selected by Klaipedos Nafta as having the winning tender offer for a new floating LNG import terminal in Lithuania and look forward to working together with the company to develop the project.

This award confirms the Höegh LNG's strong position in the FSRU market and this segment will remain our main focus for continued growth in the future."

About Höegh LNG
Höegh LNG is a fully integrated floating LNG services company with almost 40 years experience, offering long-term floating production, transportation, regasification and terminal solutions for the liquefied natural gas (LNG) market. The Company operates a fleet of five LNG marine transportation vessels and two shuttle and regasification vessels (SRVs). In addition to transporting LNG, the SRVs act as floating regasification terminals delivering natural gas to the market. The Company holds a significant project development portfolio for both floating regasification as well as floating LNG production (FLNG). Headquartered in Oslo, Norway, Höegh LNG has established presence in Singapore, London and Florida. In total the Company employs about 70 office staff and about 350 sea farers.

Höegh LNG press release