Hoegh LNG inks $685 million refinance deal for two FSRUs

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.

- Advertisements -

Most Popular

Venture Global takes FID on second Plaquemines LNG phase

US firm Venture Global LNG has taken a final investment decision for the second phase of its Plaquemines LNG...

China’s COOEC wraps up LNG Canada module job

China Offshore Oil Engineering (COOEC), a unit of CNOOC, has delivered the last two modules it built for the...

India’s Swan Energy waiting on bank approval to finalize Turkish FSRU charter deal

India's Swan Energy is waiting for approval from a consortium of banks to finalize its FSRU charter deal with...

More News Like This

Hoegh LNG to send FSRU to Brazil in second quarter

Hoegh LNG is planning to send its 170,000-cbm FSRU Hoegh Giant in the second quarter of this year to...

Wartsila wins new maintenance deal from Hoegh LNG

Finland’s Wartsila has secured a five-year extension of its maintenance deal with FSRU player Hoegh LNG. The renewed agreement includes...

Hoegh buys LNG carrier from CoolCo

FSRU player Hoegh LNG has agreed to purchase the 2013-built LNG carrier Golar Seal from CoolCo for about 184.3...

Hoegh LNG makes senior management changes

FSRU player Hoegh LNG has revealed changes to its senior management team, including the creation of a new position...