Hoegh LNG of Norway signed a 10-year time charter for a floating storage and regasification unit to be used as an LNG import terminal in the Baltic state of Lithuania.
The agreement is subject to the approval of the shareholders of AB Klaipedos Nafta, the Lithuanian petroleum products storage and terminal company.
The Lithuanian state owns just over 70 percent of Klaipedos Nafta's shares.
Hoegh said it intended to use the second of the three new regasification vessels being built at Hyundai Heavy Industries in South Korea for this agreement, which will commence in the second half of 2014.
The time charter is expected to give an earnings contribution of about $50 million per year, Hoegh said.
Company President and Chief Executive Sveinung Stohle said: "We are delighted to have established a long-term relationship with Klaipedos Nafta
and we look forward to operating the floating LNG regasification terminal in the Port of Klaipeda."
Hoegh operates a fleet of five LNG carriers and two FSRUs operating as import facilities. It also has three FSRUs on order at HHI.
