Höegh LNG signed a Memorandum of Understanding (MoU) with Nakilat, exploring collaboration for Floating Storage and Regasification Unit (FSRU) business.

FSRU is the leading-edge technology for the liquefied natural gas (LNG) market. It is essentially a floating LNG import terminal, this technology has become a strategic solution for countries without LNG receiving terminal infrastructure, enabling better accessibility of clean energy. Among the significant benefits of FSRU are the ability to serve attractive markets which would otherwise not be able to utilize natural gas, pose lesser transportation risks and have the flexibility to be relocated or used as an LNG carrier.

Nakilat's Managing Director Eng. Abdullah Al-Sulaiti said, "Nakilat views this strategic alliance with Höegh LNG, a leading owner and operator of FSRUs, as a huge stepping stone for further growth. This agreement paves the way for greater business opportunities to create substantial platforms for local players to get involved in the project, exposing them to innovative technologies and expertise that would be beneficial to their growth and the development of Qatar's energy and maritime industry. Nakilat is always looking at opportunities of diversifying solutions to deliver clean energy worldwide, supporting the rising global demand of LNG."

Mr Sveinung J.S. Støhle, President and CEO of Höegh LNG said, "We are pleased and very proud to be partnering with Nakilat, the largest LNG carrier company and look forward to jointly contribute to expanding the global market for LNG. The alliance with Nakilat is a confirmation of Höegh LNG's leading position in the FSRU market and offers the opportunity to further accelerate our market presence beyond the projects we undertake on a sole basis."

About Höegh LNG

Höegh LNG provides floating energy solutions and 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 and the strategy is to continue to focus its growth plans in the FSRU market, with the objective of securing long-term contracts with strong counterparties at attractive returns. Höegh LNG is a Bermuda based company with established presence in Norway, Singapore, the UK, USA, South Korea, Indonesia, Lithuania, Egypt, Colombia and Turkey. The company employs approximately 115 office staff and 500 seafarers.

About Nakilat

Nakilat is a Qatari LNG transport company providing an essential transportation link in the State of Qatar's LNG supply chain. Its LNG shipping fleet is the largest in the world, comprising of 63 LNG vessels. Nakilat also owns and manages four large LPG carriers. Nakilat operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City via two strategic joint ventures: N-KOM and NDSQ. Nakilat also offers a full range of marine support services to vessels operating in Qatari waters.