LNG

Dec 31 (LNGJ) - Hoegh LNG Holdings Ltd, the Bermuda-based unit of Norwegian-listed LNG fleet operator and floating terminal developer Hough LNG, has wound up an investment vehicle in operation since 2006 and called Methane Ventures Limited. The MVL subsidiary was an investment company jointly owned by Hoegh senior executives with the purpose of investing in the parent company’s own shares. “In connection with the termination of the co-investment scheme, Hoegh LNG has acquired 529,000 shares in MVL from key employees,” the company said. Hoegh President and Chief Executive Sveinung J. S. Stohle, and four other executives transferred the shares. CEO Stohle alone disposed of 249,000 shares in MVL. “Following the transaction, Mr Stohle owns 134,738 common shares and 423,000 options in HLNG, and 7,968 common units and 20,996 units in Hoegh LNG Partners,” it added. The Hoegh shares were last priced at 65 Norwegian crowns (US$7.92) each.

Hoegh LNG of Norway said it had signed an accord for one firm and three optional LNG Floating Storage and Regasification Units from the Samsung Heavy Industries shipyard in South Korea as it prepared for a market upturn with new customers lined up in South America, Africa and Europe.

Hoegh LNG, the Norwegian fleet owner and developer of import facilities using floating storage and regasification units, saw quarterly net profits drop, though business prospects were bright in South America with the start of an LNG project soon in Colombia and another on the horizon in Chile.

Hoegh LNG, the Norwegian carrier owner and floating project specialist, said it had signed an agreement that would speed up the expansion of its floating storage and regasification unit (FSRU) fleet by entering the carrier conversion market.