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Hoegh LNG Awarded Long Term FSRU Contract in Ghana

Source: 12/1/2016, Location: Africa

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Hoegh LNG signed an FSRU contract with Quantum Power Ghana Gas Limited (Quantum Power) for the Tema LNG import terminal located close to Accra in Ghana (Tema LNG Project). The Tema LNG Project is supported by the Ghana National Petroleum Corporation (GNPC), Ghana's national oil and gas company.

The contract is for a period of 20 years with a five year extension option for charterer and is expected to generate an average annual EBITDA of around USD 36 million. The contract is subject to Quantum Power obtaining necessary governmental approvals, financial close and both parties' board approval. The infrastructure construction for the project is planned to start mid 2017 and expected delivery time for the FSRU is 6 - 12 months following commencement of the construction work. The FSRU will be provided from Hoegh LNG's portfolio of FSRUs, including units under construction, the planned conversion FSRU or planned newbuilding orders.

Hoegh LNG's President and Chief Executive Officer, Sveinung J. S. Stohle, said in a comment: "We are delighted to have been awarded the contract with Quantum Power for their new LNG import terminal in Ghana, and look forward to completing the project together with our client. Our modern FSRU solutions offer our client the quickest, most cost efficient and flexible way of importing LNG. With this contract we have full contract coverage for our FSRU fleet."

Quantum Power's CEO, Matty Vengerik, said in a statement "We are delighted to partner with Hoegh LNG to deploy this cost-efficient and clean fuel supply infrastructure solution to Ghana. This is the first such project to be implemented in sub-Saharan Africa. Hoegh LNG's FSRU solution is a key service component of the natural gas delivery chain that will enable the execution of the Tema LNG Project as well as supplying the growing demand of natural gas in the Tema region and beyond. We expect the LNG import terminal to transform the reliability and competitiveness of the power generation and natural gas markets in Ghana and are looking forward to a long term relationship with Hoegh LNG."

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