Norway’s Hoegh LNG is ready to switch round the allocation of its floating storage and regasification units (FSRUs) if alternative employment opportunities arise for vessels that are allocated to projects which become delayed.

Announcing second quarter results the Oslo-listed company said net profit was $8.5m, more than double the $3.5m logged in the same period a year earlier while revenue climbed to $70.59m up from $57.14m.

Hoegh said it expects environmental approval for the delayed Penco LNG project in Chile towards the end of this year. The company has earmarked its eighth and next-to-deliver unit for this business but says it could swap this with its tenth delivering FSRU if alternative employment opportunities arise for number eight.

In Ghana Hoegh said the timeline on its project with Quantum Power could be delayed as governmental approval that had been expected mid-year has not yet been received.

The Norwegian regasification specialist, which has three FSRUs on order, took delivery of its seventh FSRU, the 170,000-cbm newbuilding Hoegh Giant, during the quarter.

This FSRU, which is currently on short-term charter with an LNG trader, remains allocated to the Ghana project, the company said.

Hoegh said its consortium partners Qatar Petroleum, ExxonMobil, Total, Mitsubishi, which operate as Global Energy Infrastructure, are “well positioned” to take the final investment decision on the infrasture for their FSRU project for Pakistan, which is due for start-up in second half 2018. The company has allocated its ninth FSRU for this business.

Company president and chief executive Sveinung Stohle flagged up the Hoegh’s new strategic alliance with Qatari LNG shipowning giant Nakilat saying it “opens a new channel for Hoegh to pursue projects jointly with the world's largest LNG carrier company.”

Hoegh LNG now has a total of 10 FSRUs in operation and on order and said it remains confident it will reach its goal of a fleet of 12 units in operation or under construction by 2019.

The company said it is pursuing several other projects and has submitted an offer for a long-term FSRU contract in June.

“Business development activity remains high, driven by the competitive pricing of LNG and the increasing volumes of the commodity available globally,” the company said.