Hoegh LNG Announces New Long-Term FSRU Contract

Source: www.gulfoilandgas.com 9/24/2021, Location: South America

Hoegh LNG Holdings Ltd. announces that Hoegh LNG Partners LP has issued a press release related to a new long-term FSRU contract for Hoegh Gallant for a period of ten years with a planned start-up in the fourth quarter of 2021 (the “New Charter”). Further, a subsidiary of Hoegh LNG Holdings Ltd. has entered into an agreement to suspend the existing internal charter for the Hoegh Gallant with effect from the commencement of the New Charter (the “Suspension Agreement”).

The charter rate under the New Charter, in line with the current market, will be lower than under the existing internal charter for the Hoegh Gallant. However, under the Suspension Agreement, Hoegh LNG Holdings Ltd.’s subsidiary shall compensate Hoegh LNG Partners LP monthly for the difference between the charter rate earned under the New Charter and the charter rate earned under the existing internal charter with a modest increase until 31 July 2025, the expiry date of the existing internal charter. In addition, pursuant to the Suspension Agreement, certain capital expenditures incurred to ready and relocate the Hoegh Gallant for performance under the New Charter will be shared 50/50 between Hoegh LNG and Hoegh LNG Partners LP, subject to a maximum obligation of Hoegh LNG Partners LP.


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