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Marine Log

March 29, 2007

Hoegh and MOL confirm charters for Neptune LNG ships

Hoegh LNG and Mitsui OSK Lines, Ltd. (MOL) have confirmed the signing of long term time charter parties with SUEZ LNG Trading SA for two Shuttle and Regasification Vessels ("SRV") .

These vessels are specifically designed to service the Neptune offshore natural gas import terminal in Massachusetts Bay. The SUEZ owned Neptune LNG LLC received the final license issued by MARAD for the construction of the terminal on March 23.

The vessels are scheduled to be delivered in 2009 and 2010.

"When we ordered the two LNG re-gasification vessels one year ago we said it represented a step into the future for ourselves, our customers and the yard. Now the future is here," says Sveinung St┐hle, CEO of Hoegh LNG. "With this commitment to SUEZ our strategy to expand into floating LNG terminal services is confirmed. This is an important milestone for the continued development of Hoegh LNG into a world class leader in providing innovative floating LNG services to our customers, and we have several similar projects underway that will come to market in the near future."

Mr.T.Hojo, Deputy Chairman at MOL and a long-timer in LNG said, "The execution of time-charters of two SRVs for the Neptune Project has just opened a new page for MOL's LNG transportation business. My appreciation goes to SUEZ and all other parties who have worked hard to make this happen."