Struggles continue for Hoegh LNG
Norway’s Hoegh LNG said August 26 it was facing ongoing challenges brought on by the COVID-19 pandemic and arbitration over a floating storage and regasification unit (FSRU).
The company reported total time-charter revenues of $34.7mn for Q2 2021, compared to $34.4mn during the same period last year. General operating income of $24.1mn during the quarter was about 13% below Q2 2020 levels.
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Hoegh in its forward-looking statement said the pandemic has negatively impacted its operations and those of its customers and suppliers.
“Hoegh LNG Partners' fleet of modern, full-size FSRUs once again achieved 100% operational availability during the second quarter of 2021, generating a stable operating income in spite of the continuing challenges related to the COVID-19 pandemic,” CEO Sveinung Stohle said. “While maintaining this level of operational excellence across our fleet, we are highly focused on our pending arbitration and securing a near-term solution for the refinancing of the PGN FSRU Lampung.”
The company said the lease and maintenance agreement for the FSRU was declared “null and void” by an unnamed charterer. Hoegh filed a counterclaim, saying the charterer had in fact committed “multiple breaches” of its agreement.
Revenues during the first quarter declined 5% year-on-year for Hoegh.