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Arctic Princess

December 1, 2005

Arctic Princess named in Nagasaki

Named in Nagasaki, Japan, today, the Arctic Princess is the first LNG carrier that will be employed for carrying liquefied natural gas (LNG) from the world's northernmost LNG development--Snohvit.

Owned 34% by Norway's Leif Hoegh, 34% by Mitsui OSK and 32% by Statoil, the ship will operate between Norway and the Cove Point, Md., LNG terminal.

"We are excited that this latest generation of advanced LNG carriers will be the first to trade in arctic conditions and Norwegian waters," said Hoegh LNG CEO Sveinung Stohle. He noted that ARCTIC PRINCESS is "also the largest LNG carrier ever built--although this record will soon be challenged."

The Arctic Princess will be delivered in January 2006 and will be chartered to the Snohvit Sellers for a period of 20 years.

The building contract for Arctic Princess was entered into with Mitsubishi Heavy Industries Ltd (MHI) in Japan in December 2001 and the vessel will be delivered on schedule and at the agreed cost. A sister vessel, to be named Arctic Lady, will be delivered in April 2006 and will be employed by Total also for transportation of LNG from Sn┐hvit.

Arctic Princess is 288 meters long with a molded breadth of 49 m and has a fully-laden capacity of 147,000 cubic meters of LNG. The LNG is carried at a temperature of minus 163 degrees centigrade in four Moss containment system spherical tanks, each with a diameter of 42 meters. A full cargo load of LNG is sufficient to cover the yearly energy consumption of all households in a city with a population of 45,000 people.

The vessel will fly NIS flag.