Hoegh LNG Partners has flipped cash flow from a troubled floating storage and regasification unit for more time to secure refinancing.

The New York-listed shipowner said in a regulatory filing that the lenders behind a loan for the 170,000-cbm PGN FSRU Lampung (built 2014) agreed to push the maturity date back from Wednesday until 14 January, 2022.

As part of the deal, the Hoegh subsidiary on the loan, PT Hoegh LNG Lampung, will not be allowed to pay any dividends to the company. Additionally, the interest rate will rise gradually, adding a total of 235 basis points.

"The deferred maturity date gives the Partnership more time to refinance the Lampung facility," Hoegh said in a statement.

"The partnership is considering various options and expects that the terms of any refinancing, if the partnership is successful in finalizing such refinancing, are likely to be less favourable than the terms of the existing Lampung facility and the refinancing that was originally agreed and may potentially be dilutive to unitholders, depending on the refinancing structure that will be adopted."

Should Hoegh refinance the FSRU by 29 December, the maturity date will be pushed back further until 29 March, 2022.

In late July, Hoegh disclosed its attempts at refinancing the PGN FSRU Lampung had been stymied by Indonesian gas company PGN LNG attempting to terminate its charter over issues with the vessel's operation.

It said the dispute had prompted it to slash its dividend from $0.44 to a penny.

On its second quarter earnings call a month later, Hoegh chief executive Sveinung Stohle said PGN's claims were "baseless" and "without legal merit" and had brought counterclaims in the arbitration proceedings PGN started.

Despite the dispute, Hoegh said on Wednesday that both parties have been performing under the PGN FSRU Lampung's lease and maintenance agreement.

The company said the agreement with its lender does not prevent it from paying dividends to common shareholders, but it had previously said its capital allocation priorities moving forward would be to refinance the PGN FSRU Lampung and reduce debt levels.

After disclosing the dispute in July, Hoegh shares fell more than $11 from $17.87 to $6.30.

On Wednesday, shares rose $0.16 to $5.30.