Höegh LNG - FSRU conversion project

By Curious

Höegh LNG Holdings Ltd. (Höegh LNG) today announced that it has signed agreements with Wärtsila Oil and Gas (EPCIC regas) and Moss Maritime (engineering) for its first FSRU conversion project, including the ordering of critical equipment with long lead time.

Höegh LNG - FSRU conversion project

Höegh LNG carrier Independence at LNG import terminal (FSRU) in Klaipeda, Lithuania - Image for representation purpose only: Höegh LNG

By ordering said equipment in advance, Höegh LNG will reduce the conversion schedule by six months- from 18 to 12 months, giving a planned delivery date for the FSRU conversion project end 2017. The conversion design is in line with several of the Group's short-listed projects.

Sveinung J. S. Støhle, President and CEO of Höegh LNG, stated "by doing FSRU conversions Höegh LNG can capture additional business opportunities with start-up at the end of 2017 and in 2018, which our FSRU newbuilding programme cannot meet. Our strong in-house technical expertise and our ability to order critical equipment with limited risk due to our newbuilding programme, enables us to take advantage of the strong fundamentals in the FSRU segment."

About Höegh LNG:
Höegh LNG provides floating energy solutions and operates worldwide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG's vision is to be the industry leader of floating LNG solutions and the strategy is to continue to focus growth plans on the FSRU market, with the objective of securing long-term contracts with strong counterparts at attractive returns. Höegh LNG is a Bermuda based company with established presence in Norway, Singapore, the UK, USA, Indonesia, Lithuania, Egypt and Colombia. The company employs approximately 110 office staff and 500 seafarers

Source: Höegh LNG