Höegh LNG Holdings Ltd. (Höegh LNG) announces that AB Klaipėdos Nafta (KN) has notified Höegh LNG that KN exercises its option to acquire the floating storage regasification unit (FSRU) Independence. The transfer of ownership is expected to occur in December 2024. Until then, the existing FSRU contract between a subsidiary of Höegh LNG and KN continues unchanged.

About Höegh LNG

Höegh LNG operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG's vision is to be the industry leader of floating LNG solutions. Its strategy is to develop the business through an extended service offering, with large-scale FSRUs as the main product, and focus on establishing long-term contracts with attractive risk-adjusted returns involving credible counterparts. The company is publicly listed on the Oslo stock exchange under the ticker HLNG, and owns approximately 46% of Höegh LNG Partners LP (NYSE:HMLP). Höegh LNG is a Bermuda based company with established presence in Norway, the Philippines, Singapore, the UK, USA, South Korea, Indonesia, Lithuania, Egypt, Colombia and Turkey. The company employs approximately 155 office staff and 525 seafarers.

About the Klaipedos Nafta LNG Terminal

The LNG Terminal will allow emerging of natural gas market in Lithuania, as at present, this country imports the entire quantity of natural gas from only one supplier (natural gas from the Russian Federation is supplied via only one main pipeline, laid across the Republic of Belarus).
The Supplier of Russian natural gas exploits its domineering position, due to which gas prices in Lithuania are one of the highest in Europe and exceeds prices in international markets.
The LNG Terminal will allow Lithuania to provide itself with natural gas, not depending on only one supplier. Thus, Lithuania will implement the EU directive coming into effect since December 2014, by which implementation of new alternative solutions to gas supply activity are promoted.