Höegh Evi, a global leader in marine energy infrastructure, has signed a 10-year time charter agreement with Egyptian Natural Gas Holding Company (EGAS) for the deployment of Hoegh Gandria as a floating storage and regasification unit (FSRU) in Egypt. The FSRU Hoegh Gandria will be deployed in Q4 2026 to the Port of Sumed and will supply up to 1,000 mmscf/day of peak LNG regasification capacity, making it a critical part of Egypt’s diversified and flexible energy infrastructure.

“Höegh Evi is proud of our longstanding role as a trusted energy infrastructure partner to Egypt and we are excited to begin the conversion of Hoegh Gandria to a floating import terminal, highlighting the unique flexibility of marine infrastructure. We look forward to building on the successful long relationship we have with EGAS and supporting the growth of Egypt’s diversified energy system,” said Erik Nyheim, President and CEO of Höegh Evi.

Hoegh Gandria to be converted from LNG carrier to FSRU 

To accelerate the FSRU employment, Höegh Evi will convert the LNG carrier Hoegh Gandria to a floating regasification and import terminal (FSRU). The conversion project will begin immediately, to ensure the timely delivery of the FSRU. 

Hoegh Gandria was purchased in February 2023 with the intention of conversion from an LNG carrier to a high-capacity FSRU for long-term deployment. Executing the conversion reinforces the company’s strategy to leverage the flexibility and high-performance capabilities of marine infrastructure. 

FSRU Hoegh Galleon to be deployed to Port Kembla as planned

The FSRU Hoegh Gandria will replace the Hoegh Galleon, which was deployed to Egypt in July 2024, on an interim charter from AIE and Höegh Evi. The Galleon will remain in Egypt for up to an additional year before deployment to the LNG terminal in Port Kembla, Australia in 2027. 

Image from Höegh Evi

Hamilton, Bermuda, 13 December 2024 – Höegh Evi Ltd. (“Höegh Evi” or the “Company”) today announced that funds managed by Igneo Infrastructure Partners (“Igneo”) have entered into agreements to acquire a 50% ownership stake in Larus Holding Limited, the 100% owner of Höegh Evi, from funds managed by Morgan Stanley Infrastructure Partners (“MSIP”). Aequitas Limited (“Aequitas”) will retain its 50% shareholding and long-term commitment as owner in the Company.  

“Höegh Evi and Aequitas deeply value the close collaboration we have had with MSIP through an extraordinary period where we strengthened our role as a market leader in LNG infrastructure and key provider of energy security in Europe. As we expand our focus to include clean energy solutions, Igneo offers deep expertise and resources to support innovation and further growth, aligning with Höegh Evi’s position as global leader in floating infrastructure for energy security and the transition,” said Morten W. Høegh, Chairman of Höegh Evi.  

“Höegh Evi is a global leader in delivering floating energy infrastructure to countries advancing energy security and a pioneer in the energy transition. As long-term, responsible investors, we are fully aligned with Höegh Evi’s strategy to continue as a trusted provider of FSRUs and LNG infrastructure, while expanding its focus to include infrastructure for ammonia, hydrogen and carbon molecules,” said Niall Mills, Managing Partner and Global Head of Igneo Infrastructure Partners.

“MSIP identified Höegh Evi early as a trusted owner and operator of floating storage and regasification import terminals with strong growth potential. During our ownership, the company significantly strengthened its commercial and strategic standing.  We are grateful for having had the opportunity to support Höegh Evi during this period,” said Alberto Donzelli, Managing Director and Co-Head of Europe at Morgan Stanley Infrastructure Partners.

Höegh Evi is the issuer of senior unsecured bonds listed on Oslo stock exchange, with ISIN NOK0010873755 (the “Bonds”). The Company intends to repay the Bonds at maturity and before the closing of the Transaction.

The transaction is expected to close in the first half of 2025, subject to regulatory approvals and customary closing conditions.

Morgan Stanley & Co. International plc and DNB Markets, a part of DNB Bank ASA are acting as financial advisors to the Company. White & Case LLP, Kirkland & Ellis International LLP and Watson Farley & Williams LLP as legal advisors to the Seller, Aequitas and Company, respectively.

Citigroup Global Markets Limited is acting as financial advisor and Weil, Gotshal & Manges (London) LLP and Advokatfirmaet Schjødt AS are legal advisors to Igneo.

For more information:

Höegh Evi
Christine Corkery Steinsholt, Head of Communications and Marketing

Igneo Infrastructure Partners
[email protected]

About Höegh Evi

Höegh Evi is the vital link to secure transition-delivering fast, adaptable, and secure solutions that respond to countries’ evolving energy needs. For 50 years, Höegh Evi has been a pioneer and global leader in floating energy infrastructure, with one of the world’s largest fleets of FSRUs (floating storage and regasification units) for importing natural gas.

Today, Höegh Evi is building the infrastructure needed to make the energy transition possible, with floating terminals for ammonia and hydrogen import, the world’s first floating ammonia-to-hydrogen cracker, and services for carbon transport and permanent storage.

Höegh Evi is a global company with a highly skilled global team of 900 employees at sea and onshore. Learn more at hoeghevi.com

About Igneo Infrastructure Partners

Igneo is an autonomous investment team in the First Sentier Investors Group. It invests in high-quality, mature, mid-market infrastructure companies in utilities, energy infrastructure, waste management and transportation/ logistics sectors. Operating since 1994, the team works closely with portfolio companies to create long-term sustainable value through innovation, a focus on responsible investment and proactive asset management.

Igneo manages US $20.0bn worth of assets (as of 30 September 2024) on behalf of more than 200 investors around the world.

About Morgan Stanley Infrastructure Partners

Morgan Stanley Infrastructure Partners (MSIP) is a leading global private infrastructure investment platform with over $17 billion in assets under management since inception. Founded in 2006, MSIP has invested in a diverse portfolio of over 40 investments across transport, digital infrastructure, energy transition and utilities. MSIP targets assets that provide essential public goods and services with the potential for value creation through active asset management. For further information, please visit www.morganstanley.com/im/infrastructurepartners. 

About Aequitas Limited

Aequitas Limited (‘Aequitas’) is the principal investment holding company of the Høegh family, indirectly owned and controlled by Leif O. Høegh and family trusts under which Morten W. Høegh and his immediate family are the primary beneficiaries.  Aequitas owns various industrial businesses such as Höegh Evi, Höegh Autoliners (OSE: HAUTO), Höegh Eiendom and HCP Africa, alongside a diversified multi-asset class portfolio of financial investments managed by Höegh Capital Partners.

December 6, 2024 – Hamilton, Bermuda and Klaipéda, Lithuania. Höegh Evi, a global leader in marine energy infrastructure solutions, has officially transferred ownership of the floating storage and regasification unit (FSRU) Independence to KN Energies and the country of Lithuania, marking a significant milestone in the nation’s energy development.

The Independence was commissioned by the Republic of Lithuania in 2014 and was engineered with regasification capacity to fully meet the country’s gas needs. The agreement between Höegh Evi and the Republic of Lithuania provided for the option to acquire and own the FSRU by the end of 2024. The transfer of ownership to the state underscores Lithuania’s long-term commitment to maintaining this critical asset. 

“Klaipėda’s LNG terminal stands as a powerful symbol of Lithuania’s political resolve, determination, and commitment to achieving energy independence. It has played a pivotal role in reshaping the country’s energy landscape and enhancing regional energy security, opening up new opportunities for diversification. The terminal represents Lithuania’s frontline in the ongoing pursuit of energy independence, and we take immense pride in the fact that the Lithuanian flag will now proudly fly over it, “ said the President of the Republic of Lithuania, Gitanas Nausėda.

Independence: a symbol of success in energy security     

Under Höegh Evi’s management, the Independence has supplied nearly 16 billion cubic meters of natural gas to Lithuania and surrounding countries. It has maintained a strong operational record, with close to 500 ship-to-ship operations and no safety incidents.

“The acquisition of the FSRU Independence by Lithuania is a proud moment for Höegh Evi. A decade ago, Lithuania’s vision to leverage marine infrastructure for energy security set a powerful example. The Independence is now a cornerstone of the region’s critical energy infrastructure. Höegh Evi is honoured to continue working with KN Energiés to provide Lithuania and its neighbours with a reliable supply of natural gas,” said Erik Nyheim, President & CEO of Höegh Evi. 

Höegh Evi to continue as technical operator of FSRU Independence

After the transfer of ownership, Höegh Evi will continue to provide KN Energiés with technical and operational management of the vessel.     

“While the ownership of Independence is changing, our decade-long partnership with Höegh Evi remains strong. Hoegh LNG Klaipėda, part of the Höegh Evi group, will continue to provide technical operation and maintenance of the FSRU for the next five years, with an option to extend this cooperation for an additional five years. Over the years, the company has proven to be a reliable and trusted partner, and we are pleased to see this mutually beneficial and growth-oriented partnership continue,” said Darius Šilenskis, CEO of KN Energies.

Media contact, Höegh Evi: 

Christine Corkery Steinsholt  

Head of External Communications and Marketing 

[email protected] | +47 95 09 5481 

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About Höegh Evi:   

Höegh Evi is the vital link to secure transition—delivering fast, adaptable, and secure solutions that respond to countries’ evolving energy needs. For 50 years, Höegh Evi has been a pioneer and global leader in floating energy infrastructure, with one of the world’s largest fleets of FSRUs (floating storage and regasification units) for importing natural gas.  

Today, Höegh Evi is building the infrastructure needed to make the energy transition possible, with floating terminals for ammonia and hydrogen import and services for carbon transport and permanent storage.   Höegh Evi is a global company with a highly skilled global team of 900 employees at sea and onshore. Learn more at hoeghevi.com

Hamilton, Bermuda, 14 November 2024 – Höegh Evi Ltd. (“Höegh Evi”) today reports its interim financial results for the quarter ended 30 September 2024. The group reported an EBITDA of USD 83 million for the third quarter of 2024, compared to USD 75 million for the preceding quarter.

Subsequent to the quarter end, Höegh Evi closed a new 7-year loan facility of USD 625 million consisting of a USD 375 million term loan and a USD 250 million revolving credit line. The proceeds from the term loan tranche have been applied to repay the outstanding amounts under the existing debt facilities for Hoegh Giant, Höegh Grace and Höegh Gallant.

Höegh Evi continues to develop its clean energy business. In November, Höegh Evi and Port La Nouvelle announced the signing of an MoU to develop a floating terminal for hydrogen imports in France. The terminal will facilitate the import of up to 210 000 tonnes of hydrogen per year as early as 2030, according to the project timeline and dependent on the readiness of France’s hydrogen pipeline.

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About Höegh Evi:   

Höegh Evi is the vital link to secure transition—delivering fast, adaptable, and secure solutions that respond to countries’ evolving energy needs. For 50 years, Höegh Evi has been a pioneer and global leader in floating energy infrastructure, with one of the world’s largest fleets of FSRUs (floating storage and regasification units) for importing natural gas.  

Today, Höegh Evi is building the infrastructure needed to make the energy transition possible, with floating terminals for ammonia and hydrogen import and services for carbon transport and permanent storage.  

Höegh Evi is a global company with a highly skilled global team of 900 employees at sea and onshore. Learn more at hoeghevi.com