APL Enters Framework Agreement with Hoegh LNG

APL has entered into a frame agreement with Hoegh LNG for delivery of the submerged turret loading (STL) technology for offshore LNG terminals. Such offshore terminals will be designed to import regasified LNG from dedicated, STL-moored, LNG carriers to a pipeline grid onshore.

Hoegh LNG has a long term strategy to develop floating LNG regas solutions worldwide, utilizing shipboard STL connectors for gas equipment for quick connect and disconnect operations suitable for Hoeghs's LNG shuttle and regasification vessels (SRVs). Earlier this year Hoegh ordered two SRVs with an option for one further vessel.

This frame agreement confirms the leading position APL has taken in the growing market for offshore LNG regasification terminals. The world's first offshore LNG terminal, the Gulf Gateway, has been in operation since the first load in March 2005. During the hurricane season in 2005, when the hurricanes Katrina and Rita stopped most offshore activities in the US Gulf, the Gulf Gateway was the only installation with a 100% uptime. Demand for LNG is growing globally and stable and reliable gas deliveries are a prerequisite for further positive market development.

Hoegh LNG is entering into this agreement to secure the right to have delivered APL's STL technology, for the purposes of future deepwater port projects to be developed by Hoegh LNG.

APL is entering into this agreement to ensure that APL's STL solution is the preferred technology for a number of future deepwater port projects to be developed by Hoegh LNG.