Höegh LNG go for LNG FPSO; teaming up with Aker Yards and ABB Lummus Global

9/19/2007, 3:57 PM (Source: GlobeNewswire)



Höegh LNG today announced that it has entered into agreements with
major contractors and formally started the engineering and design for
its first LNG FPSO Unit (Floating Production Storage and Offloading),
with the objective to design and construct the worlds' first LNG
FPSO.

"Our strategy is to develop Höegh LNG's business model from pure LNG
transportation into offering also solutions for LNG production and
floating regasification terminals", says Sveinung Støhle, President
and CEO of Höegh LNG AS. "With the LNG FPSO in place, Höegh LNG can
offer a complete offshore LNG supply chain,"

The proposed project will consist of a ship shaped offshore classed
structure with the capacity to treat and liquefy a well stream of
approx 2.5 billion cubic meters pr. year, which will give an annual
production of approx 1.6 million tons of LNG and approx 0.5 million
tons of LPG.
The LNG FPSO will have storage capacity of 180 000 cubic meters of
LNG and 30 000 cubic meters of LPG, and the first delivery is
stipulated for mid 2011.

The project (Pre-FEED) is managed and owned by Höegh LNG, with Aker
Yards performing the work for the FPSO hull, containment and utility
systems, and ABB Lummus Global doing the design work for the gas
treatment and processing plant as well as the liquefaction and LPG
plant. Agreements with contractors for the LNG offloading, and
mooring arrangements as well as the classification society will be
completed shortly. The design for the containment system is Aker
Yards and Aker Kværner's proprietary new Aker Double Barrier Tank LNG
containment system., and the liquefaction technology is based on ABB
Lummus Global's proprietary "NicheLNGsm Turbo Expander" system. The
Pre-FEED will take 4-6 months to complete.

"We are already in discussion with several natural gas resource
owners. With solid partners as Aker Yards and ABB Lummus Global in on
the design of this project, we are convinced that we have a good
position to introduce the first real LNG FPSO to the market,"
"I also notice with satisfaction that the same potential customers
very much appraise our "package of services" approach, where they can
purchase the service from us to produce, transport, regasify and
deliver their gas to the end user market in one seamless LNG chain",
says Støhle.

Höegh LNG is a pioneer in the LNG shipping industry and currently
owns and operates a fleet of six traditional LNG tankers. Höegh LNG
provides services and solutions to transport, regasify and access the
downstream gas markets. The company has developed Shuttle- and
regasification vessels (SRV) and Floating Terminals, so-called Deep
Water Ports (DWP), and is currently building two SRV's jointly with
MOL at Samsung for the Neptune project offshore Boston owned by Suez
NA. Höegh LNG further has under development two deepwater port
terminals, one in the US offshore Florida, "Port Dolphin", and one
offshore western UK, "Port Meridian" and is actively pursuing other
floating LNG projects around the world.

Contacts:

Sveinung Støhle, President and CEO, Höegh LNG. +47 4003 9969
Olav Sollie, Senior Vice President Communications, +47 4003 9821


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