Marine Link
Sunday, June 20, 2021

Höegh LNG Doubles Profit

Maritime Activity Reports, Inc.

February 27, 2019

Hoegh LNG, a provider of floating liquefied natural gas (LNG) services under long-term contracts, reported a profit after tax of $ 44.98 million for the quarter and year ended 31 December 2018, compared to $ 19.96 million in the same period in 2017.

The floating storage and regasification unit (FSRU) provider which owns and operates a global fleet of 10 floating LNG import terminals, said in a stock exchange annoucement that its total income reached $122 million for the quarter under review, which compares to $82.3 million in the previous quarter.

The president and CEO of Höegh LNG Sveinung J.S. Støhle said: "The fourth quarter concluded a very active year for Höegh LNG where we have delivered consistent financial results and made significant commercial progress, driven by increasing demand for LNG especially in Asia and a general increase in FSRU contract awards."

Hoegh LNG has signed the agreement with AGL Energy for their FSRU project in Crib Point, Australia, and we continue to make good progress on additional LNG import projects across the Asia-Pacific region.

"our strong financial position enables us to enter the highly complementary small-scale LNG market through our investment in Avenir LNG, which marks an extension of our well-proven FSRU platform,” Sveinung said.

Offshore Wind is the focus of this special April 2021 eMag edition from Maritime Reporter & Engineering News (MR), combining the resources of MR + sister-publications Marine News and Offshore Engineer
Read the Magazine

US Jobs from US Offshore Energy, a Goal 44 Years in the Making

Crowley, Esvagt Team to Tackle Offshore Wind Opportunities

Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week

Subscribe for Maritime Reporter E-News