Norway's Hoegh LNG Holdings is edging closer to clinching a deal to supply a floating storage and regasification (FSRU) vessel for an interim offshore LNG terminal in the Philippines.
The Oslo-listed company said it has been invited to take part in the final bidding round for FGEN LNG's project in Batangas City.
Hoegh LNG was shortlisted as a bidder in July.
First Gen Corp, FGEN LNG’s parent company, has announced it has won a permit from the country's department of energy, authorising construction. Tokyo Gas has a 20% interest in the project.
Hoegh also said it has clinched a 25-year deal to supply an FSRU to Australian Industrial Energy (AIE) for the Port Kembla terminal.
New lease signed
AIE signed a lease this month with NSW Ports, guaranteeing business for the Norwegian company, which already had an exclusivity deal in place.
Later on Thursday, Hoegh LNG said it had entered into a binding commitment to supply H-Energy with an FSRU in Jaigarh from as early as first quarter 2021.
The final agreement will be for 10 years with annual termination options after year five.
Hoegh LNG will allocate one of its FSRUs currently trading in the LNG carrier market for the project.
In Cyprus, where Hoegh LNG has applied for a licence to install an LNG import terminal, the group is assessing levels of interest among both national authorities and independent power producers, the company said.
The shipowner's net loss in the third quarter was $2.6m, against a profit of $3.1m last year, due to higher operating and administrative expenses.
"I am pleased to report that Hoegh LNG delivers a quarter with stable operations, as shown by a technical availability of close to 100% and zero lost time incidents despite the challenging circumstances created by the Covid-19 pandemic," said chief executive Sveinung Stohle.
"The business development activity level was high in the quarter, and important progress was made both on projects in the existing pipeline, but also on new potential projects."
Revenue dipped to $81.7m from $82.1m.
Norwegian investment bank said Fearnley Securities said Ebitda of $53m was broadly on a par with expectations.
Hoegh LNG also revealed that it has received a grant from Innovation Norway to partially fund the company's ongoing work on developing floating solutions in the supply chain for carbon-free fuels, such as hydrogen and ammonia.
