Höegh LNG Partners LP Reports Financial Results for the Period Ended September 30, 2014

HAMILTON, Bermuda, Nov. 25, 2014 /PRNewswire/ -- Höegh LNG Partners LP (NYSE: HMLP) ("HMLP") today reported its financial results for the period ended September 30, 2014.

Highlights

• $221 million initial public offering ("IPO") closed August 12, 2014, raising net proceeds of $203.5 million
• Generated total revenues of $16.52 million for the third quarter of 2014 compared to $11.64 million for the third quarter of 2013
• Generated operating income of $6.94 million for the third quarter of 2014 compared to $3.92 million for the third quarter of 2013
• 100% utilization on joint venture vessels, the GDF Suez Neptune and the GDF Suez Cape Ann
• Acceptance achieved on the PGN FSRU Lampung effective October 30, 2014 after commissioning delays
  • Associated indemnity claims made on Höegh LNG Holdings Ltd. ("HLNG") to make HMLP whole pursuant to the Omnibus Agreement entered into between HMLP and HLNG in connection with the IPO
• On September 24, 2014, HMLP held its first annual meeting of unitholders at which four members of its board of directors were elected
• Paid a pro rata $0.1834/unit distribution for the period from August 12, 2014 to September 30, 2014, equivalent to $0.3375 per unit per quarter and $1.35 per unit on an annual basis

CEO Statement

Mr. Richard Tyrrell, Chief Executive Officer and Chief Financial Officer, stated: "The IPO of HMLP was well received and I am pleased to see such quality investors in the unitholder base. Over the quarter, our joint venture vessels, the GDF Suez Neptune and the GDF Suez Cape Ann, performed well and the PGN FSRU Lampung has subsequently received its Certificate of Acceptance from PGN. The recent announcements by HLNG of new charters for its FSRU newbuildings bolster the growth potential of the MLP."

Financial Results on Form 6-K

HMLP has filed a Form 6-K with detailed information on HMLP's results of operations for the three and nine months ended September 30, 2014 with the Securities and Exchange Commission ("SEC") that contains "Management's Discussion and Analysis of Financial Condition and Results of Operations" and unaudited condensed interim consolidated and combined financial statements. The Form 6-K can be viewed on the SEC's website: http://www.sec.gov and at HMLP's website: http://www.hoeghlngpartners.com

Presentation of Results

HMLP will host a presentation to discuss the results at 10:30 ET on Wednesday, November 26, 2014. Richard Tyrrell, Chief Executive Officer and Chief Financial Officer, will review HMLP's operational and financial performance for the period. Management's presentation will be followed by a Q&A session. Participants will be able to join this presentation using the following details:

a. Webcast 

http://www.videonewswire.com/event.asp?id=101091

b. Teleconference 

International call:         +1 412 317 0790
US Toll Free call:           1 877 870 4263
Canada Toll Free call:    1 855 669 9657

Participants should ask to be joined into the Höegh LNG Partners call.

Information on how to ask questions will be given at the beginning of the Q&A session. 

About Höegh LNG Partners LP

Höegh LNG Partners LP (NYSE symbol: HMLP) is a growth-oriented limited partnership formed by Höegh LNG Holdings Ltd. (Oslo Børs symbol: HLNG), a leading floating LNG service provider. HMLP's strategy is to own, operate and acquire floating storage and regasification units ("FSRUs"), LNG carriers and other LNG infrastructure assets under long-term charters. Its current fleet consists of interests in three modern FSRUs.

Contact

Richard Tyrrell
Chief Executive Officer and Chief Financial Officer
+44 7919 058830   
www.hoeghlngpartners.com

Forward-Looking Statements

This press release contains certain forward-looking statements concerning future events and HMLP's operations, performance and financial condition. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe," "anticipate," "expect," "estimate," "project," "will be," "will continue," "will likely result," "plan," "intend" or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond HMLP's control. Actual results may differ materially from those expressed or implied by such forward-looking statements.  Important factors that could cause actual results to differ materially include, but are not limited to:

• FSRU and LNG carrier market trends, including hire rates and factors affecting supply and demand;
• HMLP's anticipated growth strategies;
• HMLP's anticipated receipt of dividends and repayment of indebtedness from joint ventures;
• the effect of the worldwide economic environment;
• turmoil in the global financial markets;
• fluctuations in currencies and interest rates;
• general market conditions, including fluctuations in hire rates and vessel values;
• changes in HMLP's operating expenses, including drydocking and insurance costs;
• HMLP's ability to make cash distributions on the units and the amount of any borrowings that may be necessary to make such distributions;
• HMLP's ability to comply with financing agreements and the expected effect of restrictions and covenants in such agreements;
• the future financial condition of HMLP's existing or future customers;
• HMLP's ability to make additional borrowings and to access public equity and debt capital markets;
• planned capital expenditures and availability of capital resources to fund capital expenditures;
• the exercise of purchase options by HMLP's customers;
• HMLP's ability to maintain long-term relationships with its customers;
• HMLP's ability to leverage HLNG's relationships and reputation in the shipping industry;
• HMLP's ability to purchase vessels from HLNG in the future, including the FSRU Independence and HLNG's two FSRU newbuildings;
• HMLP's continued ability to enter into long-term, fixed-rate charters;
• HMLP's ability to maximize the use of its vessels, including the redeployment or disposition of vessels no longer under long-term charters;
• expected pursuit of strategic opportunities, including the acquisition of vessels;
• HMLP's ability to compete successfully for future chartering and newbuilding opportunities;
• timely acceptance of HMLP's vessels by their charterers;
• termination dates and extensions of charters;
• the expected cost of, and HMLP's ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by its charterers applicable to its business;
• expected demand in the LNG shipping sector in general and the demand for vessels in particular;
• availability of skilled labor, vessel crews and management;
• HMLP's incremental general and administrative expenses as a publicly traded limited partnership and its fees and expenses payable under its ship management agreements, the technical information and services agreement and the administrative services agreements;
• the anticipated taxation of HMLP and distributions to its unitholders;
• estimated future maintenance and replacement capital expenditures;
• HMLP's ability to retain key employees;
• customers' increasing emphasis on environmental and safety concerns;
• potential liability from any pending or future litigation;
• potential disruption of shipping routes due to accidents, political events, piracy or acts by terrorists;
• future sales of HMLP's common units in the public market;
• HMLP's business strategy and other plans and objectives for future operations; and
• other factors listed from time to time in the reports and other documents that HMLP files with the SEC, including its Registration Statement on Form F-1 for the IPO, which was declared effective on August 7, 2014.

All forward-looking statements included in this press release are made only as of the date of this release. New factors emerge from time to time, and it is not possible for HMLP to predict all of these factors. Further, HMLP cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. HMLP does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in HMLP expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

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SOURCE Hoegh LNG Partners LP

Related Links

http://www.hoeghlngpartners.com