The best example of the success of this strategy for standard LNG shipping is the two new vessels constructed for the Snøhvit LNG project. The vessels in the Snøhvit fleet are the only LNG vessels specifically designed for trading in North Atlantic and Arctic conditions currently in operation.

As for success with our Floating Regas Solutions, we made a major breakthrough in this segment when Höegh LNG and its longtime partner MOL in April 2006 placed orders for 2 Shuttle and Regasification Vessels (SRV) at Samsung Heavy Industries in Korea, for servicing the Neptune LNG terminal project offshore Boston in the US.

Based on the experience gained from the Neptune project HLNG is now developing our own DWP terminals , PD Offshore Tampa on Florida’s west coast and PM Offshore Morecambe Bay in the Irish Sea.

Demand currently outstrips supply of LNG and this shortage is expected to increase the coming years. The market situation, economics and availability of stranded gas are the main reasons why HLNG chose to enter into the production segment. HLNG are currently performing a pre-feed for an LNG FPSO . Höegh LNG's strategic focus going foreward will therefore be to continue to build on recent success and explore new segments where we can offer added value to our customers by offering a complete package of Floating LNG Services by pursuing activities that are based on:

a) Production: Floating Production Storage and Offloading (FPSO)
b) Maritime Transport: Shuttle and Regas Vessel/standard LNG carrier
c) Regasification: SRV/Floating Storage Regas Unit (FSRU)
d) Market Access: Deep Water Port (DWP)/FSRU (offshore/key moored)