Höegh LNG to Sell LNG Carrier

Friday, February 16, 2007
Höegh LNG has agreed to sell its LNG carrier Höegh Galleon to Maverick LNG Holdings Ltd on private terms. The Vessel is scheduled to be delivered to its new owner between July and October 2007. In the meantime the vessel is available for employment. The buyer intends to use the vessel as temporary LNG storage associated with their LNG transshipment and storage projects, including prospective power generation development. Alternatively Maverick is considering specialized deployment as the company has completed extensive engineering associated with various Höegh Galleon conversion alternatives including FSRU (Floating Storage Regas Unit) and FLNG (Floating Liquefaction of Natural Gas) options. The 87,000 cubic meter capacity Höegh Galleon was built in 1974 and was acquired by Höegh LNG in 1998 and rebuilt to high standard. The vessel operated under a long term time charter to Suez LNG North America until 2006 when Suez LNG North America ordered the vessel in lay-up and later terminated the charter originally valid until 2017 against a cancellation fee. Höegh LNG will continue to manage the vessel technically for an unspecified period of time. Höegh LNG is a fully integrated LNG transportation entity operating a fleet of six LNG carriers of which five are wholly or partly owned. The company took delivery of two new LNG carriers in 2006 and placed orders for two innovative Shuttle and Regasification Vessels (SRVs), with an option for a third.
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