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Höegh LNG Holdings has announced today the[ds_preview] closing of the transfer of the 51% interest in FSRU »Höegh Grace« to Höegh LNG Partners LP.

In early December, Höegh LNG agreed to sell a 51% ownership interest in Höegh LNG Colombia Holding Ltd. (Grace Holding), the sole owner of the entities that own and operate »Höegh Grace« to Höegh LNG Partners LP (HMLP) for a purchase price of USD 188.7 million, less USD 96.9 million, the pro rata amount of indebtedness related to »Höegh Grace« that is expected to be outstanding under the credit facility related to the vessel as of the closing date of the transaction.

In addition, HMLP has the option at any time on or prior to 28 February 2017 to purchase the remaining ownership interest in Grace Holding. To the extent the Partnership does not exercise the Option in full by 28 February 2017, the Partnership will retain a right of first offer with respect to the remaining interest in Grace Holding.

The transaction was subject to customary closing conditions and the acceptance of »Höegh Grace« by its charterer, Sociedad Portuaria El Cayao S.A. E.S.P. (SPEC).

Sveinung J.S. Støhle, President and CEO of Höegh LNG, stated in December: »We are delighted to have reached an agreement with HMLP for the second drop-down to the MLP. Höegh LNG has a leading position in the FSRU segment and a strong pipeline of drop-down candidates, making HMLP the main vehicle for funding our FSRU expansion as we continue to see very strong market growth in the coming years for our floating LNG import solutions.«

Höegh LNG provides floating energy solutions and operates worldwide as owner and operator of floating LNG import terminals, floating storage and regasification units (FSRUs), and operator of LNG Carriers (LNGCs).

»Höegh Grace« details:

  • Year of Built: 2015
  • Builder: Hyundai Heavy Industries Co., Ltd
  • Containment system: Mark III – Membrane
  • Cargo capacity: 170032 m3
  • Regas capacity: 500 mmscf/d
  • Classification: DNV-GL
  • Flag: Marshall Island
  • Engine: Wärtsila-Hyundai DFDE
  • Speed: 18 knots
  • LOA: 294 m
  • Breadth moulded: 46 m
  • Summer draught: 12,6 m
  • Gross Tonnage: 103 800
  • Summer deadweight: 92 008 mt