Höegh LNG wins Lithuanian FSRU tender

Höegh LNG reports that has been informed by AB Klaipedos Nafta that Höegh LNG made the winning tender offer for a new LNG floating storage and regasification unit in Lithuania.

A mandatory standstill period required by the Law on Public Procurement of the Republic of Lithuania is now in force and will end at midnight on February 7, 2012.

Höegh LNG intends to use the second of the two new 70,000 cu.m regasification vessels currently being built in Korea by shipbuilder Hyundai Heavy Industries for the 10 year lease agreement which will commence in the second half of 2014. The lease is expected to give an EBITDA contribution of about $50 million per year.

Höegh LNG’s President and Chief Executive Officer, Sveinung Støhle, said in a comment

“We are pleased to have been selected by Klaipedos Nafta as having the winning tender offer for a new floating LNG import terminal in Lithuania and look forward to working together with the company to develop the project. This award confirms the Höegh LNG’s strong position in the FSRU market and this segment will remain our main focus for continued growth in the future.”

January 23, 2012