Höegh LNG Holdings Ltd. it taking its option to order a fifth floating storage and regasification unit (FSRU) at Hyundai Heavy Industries (HHI) in South Korea.
The FSRU, which will be delivered during the 1H 2017, has full trading capability and increased regasification capacity compared to the previous four FSRUs ordered at the yard.
With this order, the Bermuda-based company says it has seven modern, large size and fuel efficient FSRUs in operation or under construction, the most modern FSRU fleet in the market.
"We secured long term contracts for the last two of the four FSRUs in our current expansion program, and we therefore continue to follow our successful strategy by ordering additional FSRUs when new contracts have been secured,” says Sveinung J.S. Støhle, Höegh LNG president and CEO. “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, and contrary to some of our competitors the company's main focus will remain the FSRU segment where we intend to continue building our position as the leading owner and operator."
The company operates a fleet of five FSRUs that act as floating LNG import terminals, and four LNG transportation vessels.
Image from Höegh LNG.