Contracts and TendersEurope

Hoegh LNG inks $685 million refinance deal for two FSRUs

By LNG Prime Staff
Hoegh LNG inks $685 million refinance deal for two FSRUs
Hoegh Gannet at Brunsbuettel’s Elbehafen port (Image: RWE)

Hoegh LNG Holdings signed a new deal with a group of banks to refinance its two FSRUs, both employed on long-term contracts in Germany.

The new loan facility agreement is for a total amount of $685 million and has a tenor of 10 years, according to a statement by Hoegh LNG.

Moreover, Hoegh LNG said it would use the cash to repay the existing loan facilities and general corporate use.

The facility is split in two tranches, one per vessel, and Hoegh LNG expects to complete the refinancing of Hoegh Esperanza in February.

Also, the refinancing of Hoegh Gannet is expected to be completed March/April, depending on having successfully completed its commissioning for regas operations in Germany, it said.

“We are very pleased with securing an attractive, long-term financing for these two FSRUs with a strong group of international banks,” Hoegh LNG’s finance chief Havard Furu said in the statement.

Hoegh LNG signed binding 10-year charter deals with the German Federal Ministry for Economic Affairs and Climate Action for these two FSRUs.

The 170,000-cbm FSRU Hoegh Esperanza is already serving Germany’s first FSRU-based LNG import facility in Wilhelmshaven, led by Uniper.

As per the 170,000-cbm FSRU Hoegh Gannet, this unit arrived in Brunsbuettel in January to start serving the Elbehafen LNG terminal.

RWE moved the unit in the meantime and is expecting the FSRU to receive its first LNG cargo this month.

Most Popular

Contracts and Tenders

Venture Global seals new deals to support expansion of its power network

US LNG exporter Venture Global has entered into power and grid frame agreements with GE Vernova and Baker Hughes for up to 16 new, 720 MW power island units and associated power transformer equipment, supporting the continued expansion of its existing behind-the-meter, industrial power network that is not reliant on the grid.
LNG Terminals

Venture Global gets approval to place first Plaquemines LNG phase in service

Venture Global’s Plaquemines LNG has secured approval from the US FERC to place Phase 1 of its LNG export plant in Louisiana into service.
Vessels

UKMTO reports LNG carrier incident off Yemen

The United Kingdom Maritime Trade Operations (UKMTO) Center said it received a report of an incident off Yemen involving a liquefied natural gas (LNG) carrier and a small skiff.

More News Like This

LNG Terminals

Hoegh Evi to develop Malaysian LNG terminal

Norwegian FSRU player Hoegh Evi has signed a deal with Sarawak’s state-owned oil and gas company Petros to jointly develop an FSRU-based LNG import terminal in Malaysia's Sarawak state.
Vessels

Hoegh Evi wraps up $1.85 billion refinancing

Norwegian FSRU player Hoegh Evi has completed a $1.85 billion refinancing transaction to support the next phase of growth.
LNG Terminals

Indonesian FSRU wraps up 100th STS LNG transfer

Hoegh Evi’s Lampung FSRU, which serves Pertamina’s Perusahaan Gas Negara off the southeast coast of Sumatra in Indonesia, has completed its 100th ship-to-ship LNG transfer since it started operations in 2014.
LNG Terminals

VTTI, Hoegh Evi launch open season for Dutch LNG terminal

Rotterdam-based storage terminal owner VTTI, co-owned by Vitol, IFM, and Adnoc, and Norwegian FSRU player Hoegh Evi launched an open season for regasification capacity for their planned FSRU-based facility in the Netherlands.