Höegh LNG To Acquire 2013-Built 160,000 cu m Golar Seal

Credit: guillaume-bolduc-unsplash

Norway’s Höegh LNG has entered into an agreement with Eastern Pacific Shipping-led LNG shipowner CoolCo to acquire the 2013-built 160,000 cu m Golar Seal for $184.3m, says an article published on Splash.

Expects to employ

Delivery should take place in late March or April 2023. Höegh LNG said the purchase price is in line with the market level for similar vessels and expects to employ the unit on a time charter.

Conversion opportunities

“We are very pleased to make this investment which underpins our growth ambitions. The vessel will be an excellent addition to our fleet and provide flexibility to pursue FSRU conversion opportunities,” said Erik Nyheim, president and CEO of Höegh LNG.

Forthcoming dry dock

The Samsung Heavy Industries-built vessel is the oldest in CoolCo’s 12-strong fleet.

The company said Höegh LNG would assume all costs associated with the vessel’s forthcoming dry dock, increasing the effective economic value to CoolCo to around $190m.

Second half

Richard Tyrrell, chief executive of CoolCo noted the transaction would release around $94m in cash that will be available in the event the company decides to exercise its option on two Hyundai Samho vessels, now scheduled for delivery ahead of contract in the second half of 2024.

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Source: splash


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