Following the successful installation of the FSRU Independence off Lithuania and the signing of two new long-term contracts offshore Colombia and Egypt on Monday, Höegh LNG has exercised its option to build a fifth Floating Storage and Regasification Unit (FSRU) at Hyundai Heavy Industries.
The company notes this latest vessel will be delivered during the first half 2017 and will have full trading capability and increased regasification capacity compared to the previous four FSRUs ordered at the yard.
Höegh’s President and Chief Executive Officer Sveinung J.S. Støhle notes his company’s main focus going forward will be to build his company’s market share in the FSRU segment and continue their strategy of ordering new vessels when new contracts are secured.
“The order at HHI is the initial part of the Company’s next expansion program, and we continue to see strong growth in the FSRU market over the next three to four years,” says Støhle.