Höegh LNG Partners suspends FSRUs share purchase

Höegh LNG Partners decided to suspend the acquisition of 23,5% in floating storage regasification units (FSRUs), Neptune and GDF Suez Cape Ann, from Mitsui O.S.K. Lines (MOL).

Under the initial agreement signed at the end of last month, Höegh LNG would acquire from MOL 23.5% of the shares of each of SRV Joint Gas Ltd. and SRV Joint Gas Two Ltd., the owners of the two FSRUs, as well as 23.5% of the outstanding shareholder loans from MOL aggregating $1.5 million.

The acquisition was expected to complete by 30 September through subsidiary Höegh LNG Partners Operating LLC, but the charterer of the FSRUs has raised certain performance claims with respect to the vessel, the company informed.

    “…The Partnership has informed MOL of its intention to suspend the Acquisition pending further resolution of this matter…The closing of the acquisition continues to remain subject to the execution of a definitive purchase agreement, as well as certain other documentation and final board approvals,” Höegh LNG said.