Repsol Taps Hoegh LNG's STX Frontier LNG Carrier

On September 28, Höegh LNG signed a time charter agreement for the LNG-carrier "STX Frontier" to Repsol for a period of 33 months plus options. Höegh LNG takes the vessel on charter from its owner STX Pan Ocean.

The STX Frontier is under construction at Hanjin Heavy Industries & Construction Co. Ltd., Korea. The vessel will enter the time charter to Repsol in July/August 2010. Höegh LNG will manage the vessel from the time of delivery.

STX Frontier is a 153 600 m3 Mark III membrane vessel with Dual Fuel Diesel Electric propulsion.

"We see this as an interesting opportunity to expand our relationship with the Spanish energy industry," says Sveinung Stohle, CEO of Höegh LNG. "We are also happy to cooperate with STX Pan Ocean in employing the STX Frontier in a challenging market."

Höegh LNG is in the process of renewing its asset base and has sold two of its older LNG carriers the last two years, and will take delivery of two newbuilding Shuttle and Re-gasification Vessels (SRV) on November 2009 and 2nd quarter 2010.

The Company already has the LNG-carrier Norman Lady on long term charter to Gas Natural of Spain.

Höegh LNG is a fully integrated ship-owning company offering long-term floating production, transportation, re-gasification and terminal solutions for Liquefied Natural Gas (LNG). The company operates a fleet of four LNG carriers and has two innovative Shuttle and Re-gasification Vessels (SRV) on order. In addition to transporting the LNG, these vessels will act as floating terminals while delivering the natural gas to the market. Höegh LNG's strategy is to add value to its customers by broadening its service scope to include solutions for floating production, re-gasification terminals and delivery of natural gas. The company is developing two deepwater terminals based on SRV technology in Florida and UK. In addition to the head office centrally located in Oslo, Höegh LNG has established presence in London (UK) and Tampa (Florida).