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Hoegh LNG Announces Interim Results for Quarter Ended 31 March 2020

Source: www.gulfoilandgas.com 5/28/2020, Location: Europe

Hoegh LNG Holdings Ltd. reports its financial results for the quarter ended 31 March 2020.

Highlights for the first quarter of 2020:
- EBITDA of USD 59.6 million
- Net loss of USD 1 million
- Dividend of USD 0.025 per share paid in the first quarter of 2020
- Contract coverage increased to close to 100% for 2020
- Completed revolving credit facility for up to USD 80 million
- Completed new senior unsecured bond issue of NOK 650 million

Subsequent events:
- Selected preferred bidder for two new FSRU projects in Latin America
- AIE received approval for increasing the import capacity through the Port Kembla Gas Terminal
- Completed the amendment, extension and USD 45 million upsizing of Independence’s debt facility
- Hoegh LNG and Total reached a final binding agreement to settle the boil-off dispute regarding Neptune and Cape Ann
- Suspension of dividends and cost savings plan implemented targeting USD 9-11 million in savings for 2020

The President and CEO of Hoegh LNG Sveinung J.S. Stohle comments: “I am proud to report that Hoegh LNG’s employees continue to deliver under these unprecedented circumstances caused by Covid-19, as shown by our financial and operational results, meaning Hoegh LNG is experiencing limited operational impact of the Covid-19 pandemic. While the Covid-19 crisis has caused major disruptions and uncertainties to the energy markets, the demand for FSRUs does not appear to have been significantly affected, as can be seen by the selection of Hoegh LNG as preferred bidder for two new FSRU projects in the quarter.”

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