Höegh LNG Partners LP (HMLP) has paid $172.5m for the remaining 49% of the Höegh Grace FSRU (Floating Storage and regasification Unit), that it didn’t own, from Höegh LNG Holdings Ltd. (Höegh LNG).
HMLP purchased the initial 51% ownership interest in Grace Holding in January 2017. The transaction has been approved by the Board of Directors of Höegh LNG, the Board of Directors of HMLP and HMLP’s Conflicts Committee. The transaction is expected to be completed by the beginning of January 2018, subject to customary closing conditions.
President and CEO of Höegh LNG, Sveinung J.S. Støhle said: “We are delighted to have reached an agreement with HMLP for the third drop-down to the MLP. Funded by a well-received offering of HMLP’s perpetual preferred equity earlier this autumn, the transaction demonstrates Höegh LNG’s diversified capital markets access. With a leading position in the FSRU market, Höegh LNG remains committed to provide HMLP with further growth opportunities through accretive drop-downs of FSRUs on long-term contracts.”
For more information visit www.hoeghlng.com
20th Nov 2017