Höegh orders newbuilds from SHI, HHI

OE Staff
Wednesday, January 18, 2017

Höegh LNG has put in orders for several newbuild floating storage and regasification unit (FSRU) with two Asian shipyards, South Korea’s Samsung Heavy Industries (SHI), and Hyundai Heavy Industries (HHI).

The deal with SHI includes one firm FSRU (FSRU #10), plus three optional units. 

The SHI FSRUs will have a storage capacity of 170,000 cu m and Höegh LNG/Wärtsila regas plant design with a regasification capacity of 750 MMscf/d. The FSRUs will also have full trading capabilities. The firm FSRU will be delivered in May 2019 and the optional FSRUs will be delivered with approximately six months interval from the delivery of the firm vessel.

Höegh LNG’s contract with HHI is for a new FSRU to be delivered in Q4 2018 (FSRU #9), which will have a storage capacity of 170,000 cu m and a max regasification capacity of 1000 MMscf/d and with full trading capabilities.

Höegh says it has spent considerable efforts optimizing its FSRU portfolio, maximizing charter revenues from FSRUs under construction and reducing overall technical risks. 

“The company has therefore decided to allocate FSRU#7 (HHI HN 2552) to serve the QP charter in Ghana and to allocate FSRU #9 (HHI HN 2909) to the GEI charter in Pakistan. The initial period of the GEI charter from Q2 2018 will be covered by an interim FSRU from Höegh LNG's portfolio until the new FSRU is delivered,” Höegh says. 

"First of all I am very pleased that Höegh LNG through its newbuilding program and market position has been able to establish a contract coverage solution which is in line with our strategy of building new FSRUs,” says Höegh LNG President and CEO Sveinung J. S. Støhle. “Secondly, I am proud to see that through Höegh LNG's innovative approach and in-house design of our FSRUs coupled with our long-standing relationship with HHI, Höegh LNG has been able to secure a newbuilt FSRU in the shortest possible time. With this order, Höegh LNG now has 10 large size newbuilt FSRUs in operation or under construction, preserving our position as the market leader in the FSRU segment." 

“The agreement with SHI also marks a new era for Höegh LNG with FSRU newbuilding programs at two of the world's biggest shipyards, which solidify our position as the leading FSRU provider to the LNG industry,” says Støhle.

Categories: Vessels Asia HHI Construction FSRU

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