Hoegh LNG exercises option for fourth FSRU

OCTOBER 1 — Höegh LNG has exercised an option for a fourth new floating storage and regasification unit (FSRU) to be built at Hyundai Heavy Industries Ltd. in South Korea. The vessel will be able to operate as a floating LNG import terminal, as well as an ordinary LNG carrier.

The FSRU will be delivered from the shipyard in the first quarter of 2015, and Hoegh LNG says that its specifications will be adapted to comply with relevant project requirements. The three FSRUs that the company has on order at the South Korean shipbuilder are all 290 m x 50 m vessels with a 170,000 cu.m storage capacity but all have different regas capacities.

Höegh LNG’s President and CEO, Sveinung J.S. Støhle, comments: “With our three FSRUs on order allocated to specific projects in Indonesia, Lithuania, and Chile, Höegh LNG continues its growth within the floating regasification market. We are involved in several new floating LNG import terminal projects being developed worldwide, and our purpose built FSRUs with larger storage and regasification capacity, higher energy efficiency and improved reliability have proven to be appreciated by our customers. We have therefore decided to continue our newbuilding program by exercising an option to build a fourth new FSRU at Hyundai. Our strategy to expand in the floating regasification market worldwide remains firm.”