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Höegh in the red despite revenue surge

Höegh in the red despite revenue surge
Höegh LNG has posted a $4.5m loss for the first quarter, despite revenues rising 150% from the same period last year to $51.2m.

The loss continues a straight year of losses for the LNG outfit, but narrows on Q1 2013's $7.9m loss.

The company's various LNG projects are starting to come online, with PGN FSRU Lampung due to commence operation in June after being attached to the recently installed tower yoke mooring system on site. FSRU Independence is seeking interim employment in the run up to the Klaipedos Nafta project coming online, which is on schedule to begin before the end of the year.

Outside of the quarter, Höegh signed a letter of intent with Egyptian Gas Holding Company for its Höegh Gallant FSRU which is currenlty under construction at Hyundai Heavy Industries. It also submitted registration papers for a Master Limited Partnership, Höegh LNG Partners.

The company projects continued demand for its services as global LNG demand rises and, with three of its four FSRUs under contract, is considering further expansion with FSRUs as a priority.