Hoegh Sells LNG Carrier to Bluewater

Hoegh LNG announced today that it has sold the LNG carrier Hoegh Gandria (built 1977), co-owned with Mitsui O.S.K. Lines, Ltd., on private terms to Bluewater.

"Our strategy is to become the world’s leading provider of floating LNG services," said Sveinung J. Stohle, President & CEO of Hoegh LNG. "The transaction is therefore perfectly in line with this objective since it is part of HLNG’s strategy to renew its asset base in order to provide the LNG industry with more competitive and attractive solutions. This process is also reflected in the ordering of the 2 Neptune SRV’s in 2006 and the subsequent sale of the 1974 built Hoegh Galleon. The Company will continue to pursue FSRU business opportunities as we have before, but from now on focusing on newbuildings and the conversion of modern LNG vessels, since we firmly believe that the window for using old tonnage has clearly been narrowed, given the large number of new more competitive vessels available in the current market."

Hoegh Gandria has a long history in transportation of LNG from Indonesia to South Korea under a long term charter to Pertamina which came to an end in March 2008.

Delivery of the Vessel to the new Owner is planned to take place during August this year. An arrangement whereby Hoegh LNG may continue to be the Manager of the LNG-carrier is being considered.