Höegh LNG Holdings Reports Second Quarter Net Profit of $2.9 Million


Hamilton, Bermuda, 20 August 2020 – Höegh LNG Holdings Ltd. (“Höegh LNG”) today reports its financial results for the quarter and half year ended 30 June 2020.

Highlights for the second quarter of 2020:

• EBITDA of USD 57.7 million
• Net profit USD 2.9 million
• Stable operations despite challenging circumstances caused by Covid-19
• Cost-savings progressing in accordance with plan
• Completed the amendment, extension and USD-45-million upsizing of Independence’s debt facility
• HLNG 02 bond loan repaid in June
• Cash position improved to USD 151.9 million as a result of increased cash from operating activities, the net effect of new financing and a partial reversal of cash collateral posted for certain hedging instruments in Q1

The President and CEO of Höegh LNG Sveinung J.S. Støhle comments: “I am pleased to report that Höegh LNG delivers a quarter with stable operations and improved results despite the challenging circumstances created by the Covid-19 pandemic. Thanks to the continued solid efforts of our seafarers and people on shore all FSRUs and LNGCs are fully operational and on charter to the satisfaction of our customers. In stark contrast to the oil markets, demand for LNG has proven to be surprisingly resilient with the market up 6.5% in H1 2020 and with spot LNG now priced below coal the FSRU market is very active.”
Source: Höegh LNG



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