Lithuania’s KN wraps up acquisition of Hoegh’s FSRU

Norwegian FSRU player Hoegh Evi, previously known as Hoegh LNG, said on Friday it had officially transferred ownership of the FSRU to KN Energies.

Last year, KN exercised its option to buy the FSRU Independence for $153.5 million, excluding VAT, from Hoegh Evi at the end of its current lease deal in 2024.

The FSRU has a regas capacity of 3.75 bcm.

Under Hoegh Evi’s management, the FSRU has supplied nearly 16 billion cubic meters of natural gas to Lithuania and surrounding countries.

According to Hoegh Evi, the unit has maintained a strong operational record, with close to 500 ship-to-ship operations and no safety incidents.

“The acquisition of the FSRU Independence by Lithuania is a proud moment for Hoegh Evi,” Erik Nyheim, president and CEO of Höegh Evi said.

“A decade ago, Lithuania’s vision to leverage marine infrastructure for energy security set a powerful example. The Independence is now a cornerstone of the region’s critical energy infrastructure,” he said.

After the transfer of ownership, Hoegh Evi will continue to provide KN with technical and operational management of the vessel.

In September last year, KN selected a unit of Hoegh Evi to operate and maintain the FSRU Independence.

“While the ownership of Independence is changing, our decade-long partnership with Höegh Evi remains strong,” Darius Silenskis, CEO of KN Energies said.

“Hoegh LNG Klaipėda, part of the Hoegh Evi group, will continue to provide technical operation and maintenance of the FSRU for the next five years, with an option to extend this cooperation for an additional five years,” he said.