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Höegh LNG weighed down by non-recurring items

Norway's Höegh LNG suffered a setback in the third quarter of the year, which resulted in a USD 1.1 million profit. Disregarding non-recurring items, the quarter was satisfactory, says CEO.

Photo: Höegh LNG

Norwegian gas carrier Höegh LNG delivered a USD 1.1 million profit for the third quarter, down from USD 3.3 million in the same period last year.

But developments were positive if disregarding non-recurring cost items which were the main reason for the decline, stresses CEO Sveinung J.S. Støhle in a comment on the results.

"(...) Disregarding non-recurring items, we are pleased that the underlying results for the quarter are record high with EBITDA of around USD 41 million and a net profit of around USD 11 million. While Höegh LNG so far in 2017 has experienced delays regarding FSRU contracts with future start-up dates, the activity in the FSRU and LNGC markets is high," he says.

Höegh LNG was among the first to invest big-time in floating storage and regasification units (FSRU), which can operate offshore as gas station facilities. The company is looking to have a total 12 FSRUs operational or under construction by 2019. Höegh LNG currently has a fleet of seven FSRUs and two LNG vessels.

English Edit: Daniel Logan Berg-Munch

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