Hoegh LNG Partners is sending one of its FSRUs to the Caribbean for the next decade.
The New York-listed gas carrier has fixed the 170,000-cbm Hoegh Gallant (built 2014) to New Fortress Energy for work in Jamaica in a deal beginning in the fourth quarter.
"The new long-term FSRU contract entered into with New Fortress is an important development for the partnership as it extends the partnership's contract coverage and average charter length and broadens our customer base and global footprint," chief executive Sveinung Stohle said.
"The Hoegh Gallant will serve the Old Harbour facility in Jamaica, where its size and performance will enable New Fortress to further optimise its already highly successful operation."
As part of the deal, the Hoegh Gallant's previous fixture to a subsidiary of Hoegh LNG Holdings, which was taken private earlier this year in a deal with Morgan Stanley Infrastructure Partners, has been suspended.
Hoegh Partners said the ship's new rate was lower than its previous charter, but that Hoegh LNG Holdings would pay the difference, including "a modest increase" in 2025 when it was due to expire.
Hoegh Partners and Hoegh Holdings will also split the capital expenditures required to ready and relocate the Hoegh Gallant.
Hoegh Partners said its board and the board's conflicts committee approved the deal with the help of outside advisors.
In May, the company said it was focusing on finding employment for its five FSRUs, many of which were trading in the spot market as LNG carriers.
