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Released August 25, 2017 | SUGAR LAND
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Researched in Industrial Info Resources (Sugar Land, Texas)--Hoegh LNG (Oslo, Norway), which owns and/or operates liquefied natural gas (LNG) facilities around the world, made progress on its key growth plans in second-quarter 2017. The company operates seven floating storage and regasification units (FSRU) and two liquefied natural gas (LNG) carriers, and is confident it will reach its goal of 12 units in operation or under construction by 2019. Industrial Info is tracking nearly $7 billion in active projects involving Hoegh LNG.
Hoegh LNG reported net income of $12.2 million for the period, compared with $4.1 million in second-quarter 2016, while revenues stood at $70.6 million, up from $57.1 million. Executives attributed some of the gains to reimbursement for costs related to a major project in Pakistan and lower administrative expenses. The company's backlog stands at $6.1 billion.
Hoegh's largest U.S.-based project, Delfin LNG LCC's (Dallas, Texas) $2.25 billion first-phase floating LNG vessel in the Gulf of Mexico, has been approved by the U.S. Department of Energy, but needs the U.S. Federal Energy Regulatory Commission (FERC) to approve onshore segments before it can begin construction. Earlier this year, Delfin signed a joint development agreement with Golar LNG Limited (NASDAQ:GLNG) (Hamilton, Bermuda). For more information, see Industrial Info's project report and June 23, 2017, article - Delfin FLNG Project Brings Golar LNG Onboard After U.S. Grants Key Export License.
The first of a four-phase project, it would have a liquefaction capacity of 2 million tons per year. The $1.25 billion second phase, $1.25 billion third phase and $1.25 billion fourth phase each would have the same capacity, and currently are proposed to begin construction in the summers of 2019, 2020 and 2021, respectively. For more information, see Industrial Info's project reports on Phase II, Phase III and Phase IV.
However, Hoegh LNG is facing delays at one of its largest projects under construction: Biobiogenera S.A.'s (Santiago, Chile) $180 million Penco-Lirquen LNG Floating & Regasification Unit (FSRU) in Penco, Chile. Earlier this year, Hoegh LNG told investors that it likely will face delays of six months to a year at Penco-Lirquen LNG, Chile's third LNG-import project, which was due to receive its first cargoes next spring, according to LNG World Shipping. Although Hoegh LNG had signed a 20-year charter deal in 2015 to supply the 170,000-cubic-meter floating storage and regasification unit (FSRU) to Penco-Lirquen LNG, it now might re-allocate the project. For more information, see Industrial Info's project report.
Hoegh LNG also is likely facing delays on its contract to supply Quantum Power Services Limited's (Accra, Ghana) $500 million FSRU terminal offshore Tema, Ghana. Hoegh LNG signed a 20-year contract in December with Quantum Power, which has yet to secure the final government approval it needs to reach a final investment decision, according to LNG World Shipping. The facility would have a storage capacity 170,000 cubic meters and would be capable of re-gasifying 500 million standard cubic feet per day of LNG. For more information, see Industrial Info's project report.
On the other hand, GEI Pakistan Private Limited's (Islamabad, Pakistan) $350 million Gas Pak LNG FSRU terminal near Karachi, Pakistan, is on track to be completed in mid-2018. Hoegh LNG is the technology supplier for the facility, which is expected to re-gasify 4.3 million tonnes per annum of LNG. Construction kicked off in March. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
Hoegh LNG reported net income of $12.2 million for the period, compared with $4.1 million in second-quarter 2016, while revenues stood at $70.6 million, up from $57.1 million. Executives attributed some of the gains to reimbursement for costs related to a major project in Pakistan and lower administrative expenses. The company's backlog stands at $6.1 billion.
Hoegh's largest U.S.-based project, Delfin LNG LCC's (Dallas, Texas) $2.25 billion first-phase floating LNG vessel in the Gulf of Mexico, has been approved by the U.S. Department of Energy, but needs the U.S. Federal Energy Regulatory Commission (FERC) to approve onshore segments before it can begin construction. Earlier this year, Delfin signed a joint development agreement with Golar LNG Limited (NASDAQ:GLNG) (Hamilton, Bermuda). For more information, see Industrial Info's project report and June 23, 2017, article - Delfin FLNG Project Brings Golar LNG Onboard After U.S. Grants Key Export License.
The first of a four-phase project, it would have a liquefaction capacity of 2 million tons per year. The $1.25 billion second phase, $1.25 billion third phase and $1.25 billion fourth phase each would have the same capacity, and currently are proposed to begin construction in the summers of 2019, 2020 and 2021, respectively. For more information, see Industrial Info's project reports on Phase II, Phase III and Phase IV.
However, Hoegh LNG is facing delays at one of its largest projects under construction: Biobiogenera S.A.'s (Santiago, Chile) $180 million Penco-Lirquen LNG Floating & Regasification Unit (FSRU) in Penco, Chile. Earlier this year, Hoegh LNG told investors that it likely will face delays of six months to a year at Penco-Lirquen LNG, Chile's third LNG-import project, which was due to receive its first cargoes next spring, according to LNG World Shipping. Although Hoegh LNG had signed a 20-year charter deal in 2015 to supply the 170,000-cubic-meter floating storage and regasification unit (FSRU) to Penco-Lirquen LNG, it now might re-allocate the project. For more information, see Industrial Info's project report.
Hoegh LNG also is likely facing delays on its contract to supply Quantum Power Services Limited's (Accra, Ghana) $500 million FSRU terminal offshore Tema, Ghana. Hoegh LNG signed a 20-year contract in December with Quantum Power, which has yet to secure the final government approval it needs to reach a final investment decision, according to LNG World Shipping. The facility would have a storage capacity 170,000 cubic meters and would be capable of re-gasifying 500 million standard cubic feet per day of LNG. For more information, see Industrial Info's project report.
On the other hand, GEI Pakistan Private Limited's (Islamabad, Pakistan) $350 million Gas Pak LNG FSRU terminal near Karachi, Pakistan, is on track to be completed in mid-2018. Hoegh LNG is the technology supplier for the facility, which is expected to re-gasify 4.3 million tonnes per annum of LNG. Construction kicked off in March. For more information, see Industrial Info's project report.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
