Hamilton, Bermuda - June 28, 2019
Reference is made to the stock exchange notice published 21 December 2018 regarding the time charter party entered into with AGL Shipping Pty Ltd (“AGL” or the “charterer”), and statement filed by AGL with the Australian Stock Exchange this morning.
AGL has selected Höegh Esperanza as the FSRU for the Crib Point project in Victoria Australia, as opposed to Höegh Giant communicated by the charterer in December 2018.
Höegh Esperanza has both a closed loop and an open loop system and is because of this considered by AGL to be a better fit for the operational requirements arising from the Environment Effects Statement (EES) currently been undertaken by the Victorian Government. The EES is expected to be concluded no earlier than late H1 2020. Final investment decision (FID) will be taken subject to and following the EES.
As Höegh Esperanza is currently on contract with CNOOC until June 2021. Taking into account the time needed for relocation, commissioning and start-up at Crip Point, this fits well with AGL’s planned commercial start-up in H1 2022.
The charter with AGL is for a period of 10 years and remains conditional on the board of directors of AGL Energy Ltd taking a FID for the project. Höegh Esperanza is expected to generate an annual EBITDA of USD 31m.
Höegh LNG press release
Image by Höegh LNG