The fledgling LNG operator lost $4.5m in the three months ending 31 March 2014 versus the loss of $7.9m seen the year before.
The Oslo-listed company said revenue for the quarter came in at $51m against the $20.7m seen in the first three months of 2013.
The improvement was attributed to revenue recognition from its mooring construction contract in Indonesia worth $4.3m and higher a contribution of $1.7m from the 126,400-cbm LNG Libra (built 1979).
This was offset by costs of $2m associated with Hoegh LNG’s potential US listing of its Master Limted Partnership (MLP).
There were also costs associated with the preparation for delivery of the newbuild FSRUs and lower share of net profit in joint venture companies.
“The share of net profit in joint venture companies is lower in the quarter due to the green recycling sale of Norman Lady in the fourth quarter 2013,” said Hoegh LNG.
Earlier this month Hoegh LNG entered into a Letter of Intent (LOI) with Egyptian Natural Gas Holding Co (Egas) for one of its FSRU newbuildings.
The LOI is for a five year contract at Ain Sokhna port located on the Red Sea’s Gulf of Suez and is expected to worth ebitda of around $40m per year.
Hoegh LNG will use Hoegh Gallant for the project with FSRU operations expected to start during the third quarter of 2014.
