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Impairment pulls Höegh LNG into the red in 2015

A bottom line deficit was hard to dodge for Höegh LNG in 2015 after the carrier booked a USD 37 million impairment on FLNG investments in the fourth quarter.

Höegh LNG finished the fourth quarter 2015 with a loss of USD 33 million in spite of only a marginal slide the operating profit, down to USD 24.6 million from USD 26.6 million in the third quarter 2015, according to the carrier's latest financial report.

The large deficit - though smaller than the USD 59.3 million deficit in the same quarter 2014 - is not least attributed to Höegh LNG's decision to shelve its investments in floating LNG export terminals, FLNG. The FLNG activities have therefore been fully impaired, which has a negative impact of USD 37 million on the quarterly result.

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