Höegh LNG announced that it has entered into agreements with major contractors and formally started the engineering and design for its first LNG FPSO Unit (Floating Production Storage and Offloading), with the objective to design and construct the worlds’ first LNG FPSO. “Our strategy is to develop Höegh LNG’s business model from pure LNG transportation into offering also solutions for LNG production and floating regasification terminals”, says Sveinung Støhle, President and CEO of Höegh LNG AS. The proposed project will consist of a ship shaped offshore classed structure with the capacity to treat and liquefy a well stream of approx 2.5 billion cubic meters pr. year, which will give an annual production of approx 1.6 million tons of LNG and approx 0.5 million tons of LPG.