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Q4 net lowered at LNG service provider

Bermudian-based energy outfit Höegh LNG Partners LP has reported net income of $16.2 million in the fourth quarter of 2021.

That compares with net income of $18.5 million in the fourth quarter of 2020.

The floating liquefied natural gas service provider, reporting preliminary financial results, said operating income was $22.5 million (2020: $25.5 million) and limited partners’ interest in net income was $12.3 million (2020: $14.8 million) in the quarter.

Hoegh reported total time charter revenues of $36.2 million in the fourth quarter, compared with $36.1 million in the prior year fourth quarter.

The partnership said: “For the three months ended December 31, 2021, each of the partnership's FSRUs [floating storage regasification units] have had 99.9 per cent availability due to the diligent efforts of the crew and staff to ensure all aspects of operations continued to function smoothly in spite of challenges as a result of the Covid–19 pandemic.

“The partnership has mitigated the risk of an outbreak of Covid–19 on board its vessels by extending time between crew rotations on the vessels and developing mitigating actions for crew rotations.

“Management and administrative staffs have largely transitioned to working remotely from home to address the specific Covid–19 situation in the applicable geographic location.

“The partnership has fulfilled its obligations under the time charter contracts and, with the exception of some minor technical down-time on one vessel, did not experience any off-hire for its FSRUs for the three months ended December 31, 2021.”

It added that on October 27, 2021 a federal securities class-action lawsuit was filed against the partnership and certain of its current and former officers in the United States District Court for the District of New Jersey. The name of the case is Guillermo Sanchez v Höegh LNG Partners LP, et al, Case No. 2:21-cv-19374.

The complaint alleges that the partnership made materially false and misleading statements about its business and operations and seeks unspecified damages, attorneys' fees and any other relief the court deems proper.

It added that a substantially identical lawsuit named Arthur F. Roizman v Höegh LNG Partners LP, et al., Case No. 1:21-cv-19613, was filed in the same court on November 3, 2021.

The partnership said it believed the allegations in these suits were without merit and intended to vigorously defend against them.

Höegh LNG Partners LP: reported net income of $16.2 million in the fourth quarter of 2021

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Published February 24, 2022 at 7:53 am (Updated February 24, 2022 at 7:53 am)

Q4 net lowered at LNG service provider

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