LNG

Höegh LNG Holdings Ltd reported a net loss for 2021 because of increased expenses and a tax audit even as annual revenues increased to over $350 million for the year and the company sealed several key floating storage and regasification unit (FSRU) charter deals from Jamaica to Australia.

Dec 7 (LNGJ) - Höegh LNG Holdings is planning to buy all the publicly held common units of New York-listed Höegh LNG Partners to combine both entities. “The Board received an unsolicited non-binding proposal from Höegh LNG Holdings pursuant to which Höegh LNG would acquire through a wholly owned subsidiary all publicly held common units of the Partnership in exchange for $4.25 in cash per common unit,” said Höegh LNG Partners.

   Höegh LNG has proposed that a transaction would be in the form of a merger between the Partnership and a subsidiary of Höegh LNG. “The Conflicts Committee of the HMLP Board, comprised of only non-Höegh LNG affiliated directors, will retain advisors and will evaluate the offer,” added the partnership.

May 5 (LNGJ) - Trading in shares of Höegh LNG Holdings Ltd, the LNG fleet and projects company, has been suspended by the Oslo Børs in Norway to avoid incorrect registration of orders and trades in a situation where the company will no longer have any shares outstanding for trading. This follows the announcement that the family-controlled firm Leif Höegh and Co. and funds managed by Morgan Stanley Infrastructure Partners have completed the acquisition of Höegh LNG to take it private. However, the common and preferred units of US affiliate, Höegh LNG Partners LP, will remain outstanding and continue to trade on the New York Stock Exchange.

   “With the completion of the amalgamation, the joint venture intends to undertake a comprehensive review of the company’s operational and financial strategy and that of its affiliates to strengthen the financial profile of the group and will carefully review its integrated business plan including future financial needs,” added the Leif Höegh and Co. statement.

Hoegh LNG, one of the main LNG project companies with a growing fleet of floating storage and regasification units, has overhauled the management of its group and its US-listed affiliate as part of long-term strategy development.