Höegh LNG – The floating LNG services provider

Fourth Quarter 2012

Presentation of financial results 15 February 2013

Forward looking statements

2

This presentation contains forward-looking statements which reflects management’s current expectations, estimates and projections about

its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may

occur in the future are forward-looking statements. Words such as “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,” “intend,”

“forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue” or the negative of these terms and similar expressions are

intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to

certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes

and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue

reliance on these forward-looking statements, which speak only as of the date of this presentation. Unless legally required, Höegh LNG

undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or

otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changes

in LNG transportation and regasification market trends; changes in the supply and demand for LNG; changes in trading patterns; changes

in applicable maintenance and regulatory standards; political events affecting production and consumption of LNG and Höegh LNG’s

ability to operate and control its vessels; change in the financial stability of clients of the Company; Höegh LNG’s ability to win upcoming

tenders and securing employment for the FSRUs on order; changes in Höegh LNG’s ability to convert LNG carriers to FSRUs including

the cost and time of completing such conversions; changes in Höegh LNG’s ability to complete and deliver projects awarded; increases in

the Company’s cost base; changes in the availability of vessels to purchase; failure by yards to comply with delivery schedules; changes

to vessels’ useful lives; changes in the ability of Höegh LNG to obtain additional financing, in particular, currently, in connection with the

turmoil in financial markets; the success in achieving commercial success for the projects being developed by the Company; changes in

applicable regulations and laws; and unpredictable or unknown factors herein also could have material adverse effects on forward-looking

statements.

Agenda

3

Highlights

Financials

Operational review

Market outlook

Summary

Highlights

4

Total income USD 37.6 m, up 25 % from 4Q 2011

EBITDA USD 18.2 m (USD 3.5 m)

Profit before tax USD 11.3 m (loss of USD 8.5 m)

Port Meridian Energy Ltd. sold for USD 20 m

NOK 750 m (USD 130.3 m) bond issue closed

USD 250 m debt financing for Lithuania FSRU signed with

first draw-down made in January 2013

Agenda

5

Highlights

Financials

Operational review

Market outlook

Summary

Income statement

6

USD million 4Q2012 4Q2011 2012 2011

TOTAL INCOME 37,6 30,0 135,6 109,8

Charterhire expenses (5,2) (5,1) (20,7) (20,1)

Operating expenses (10,1) (10,6) (33,1) (32,4)

Administrative expenses 1,8 (6,5) (8,3) (17,0)

Business dvelopment expenses (5,8) (4,2) (26,5) (14,2)

EBITDA 18,2 3,5 47,0 26,1

Gain /(loss) on sale of assets 10,4 - 10,4 (0,1)

Depreciation and impairment (8,4) (5,8) (22,7) (19,6)

EBIT 20,2 (2,4) 34,7 6,4

Interest expenses (8,5) (6,3) (26,8) (25,2)

Interest income 0,0 0,0 0,1 0,7

Other financial items (0,4) 0,1 1,1 0,2

PROFIT OR (LOSS) BEFORE TAX 11,3 (8,5) 9,1 (18,0)

Taxes 0,0 (0,1) (0,2) 0,2

NET PROFIT OR (LOSS) 11,3 (8,6) 8,9 (17,8)

Financial position

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USD million 31.12.2012 30.09.2012 31.12.2011

Licences, design and other intangibles 74 74 83

Vessels, newbuildings and mooring 713 685 502

Other assets 38 41 33

Current cash, s/t deposits, marketable securities 247 133 127

TOTAL ASSETS 1 072 932 745

Total equity 344 328 133

Interest bearing debt 559 430 439

Hedging reserves 133 137 132

Other l iabilities 36 37 41

TOTAL EQUITY AND LIABILITIES 1 072 932 745

Total equity adjusted for MtM of interest rate swaps 477 465 265

Equity ratio adjusted for MtM of interest rate swaps 44% 50% 36%

Net interest bearing debt less cash, mark.securities and restricted cash 290 274 300

Cash flow statement

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USD million 4Q2012 4Q2011 2012 2011

Net profit or (loss) before tax 11 (9) 9 (18)

Adjustments of non-cash P&L items (1) 12 31 44

Net changes in working capital, other (0) 5 (8) (2)

Net cash flow from operating activities 10 9 32 25

Proceeds from sale of marketable

securities/receivables- - 183 52

Investments in marketable securities (50) - (205) (90)

Investments in vessels and newbuildings (32) (1) (221) (57)

Investments in intangibles and equipment (1) (3) (3) (7)

Proceeds from sale of projects and equimpent 20 20 -

Net cash flow from/(used in) investing activities (63) (4) (225) (102)

Proceeds from borrowings 130 - 130 -

Repayment of borrowings (3) (3) (13) (12)

Interest paid (6) (6) (24) (25)

Issue of share capital net of transaction cost - - 202 126

Other financing activities (6) (4) (6) (4)

Net cash flow from/(used in) financing activities 115 (13) 289 85

TOTAL CASH FLOW 63 (8) 96 8

Agenda

9

Highlights

Financials

Operational review

Market outlook

Summary

10

No need for further equity in funding current investment plan

USD 0.8 billion of cash and undrawn bank financing available

USD 0.8 billion of additional bank financing to be raised

Assuming 75% leverage for FSRUs and 65% for STX Frontier

Uses Sources

FSRU#1-4 (remaining) 1,0 Cash at hand 31/12/12 0,2

STX Frontier 0,1 Undrawn bank financing (USD250m KN and USD288m bridge) 0,5

Mooring 0,1 Incremental bank financing (FSRU2,3,4 / STXF / Mooring) 0,8

Remaining capital expenditures 1,2 Cancellation USD288m bridge facility (0,3)

Proceeds from sale of Mooring 0,1

Cash buffer 0,2 Settlement of Mooring debt (0,1)

Total 1,3 Total 1,3

The figures shown in the table above have been rounded.

Planning for a Master Limited Partnership

US listed equity capital market entity

Provides access to equity capital at a

relatively low cost and funding for further

growth

Höegh LNG will hold all voting rigts in MLP

Process of engaging financial and legal

advisors has started

Planning for a potential MLP IPO in 2014

11

Höegh LNG

Master Limited Partnership («MLP»)

Operating

asset #1

General

Partner

Public

Operating

asset #3

etc

Operating

asset #2

100%

Limited partner

interests

(common and

subordinated units)

2% General Partner

interests + IDR

Limited partner

interests

(common units)

FSRU

Newbuilding programme

12

H2549

H2550

2011

Q1 Q2 Q3

2014

H2551

H2548

2012 2013 2015

Q2 Q2 Q2 Q1 Q1 Q1 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Q1

Steel Cutting

Keel Laying

Launch

H2549: Klaipédos Nafta

H2550: Colbun / AES

H2551: Uncommitted

H2548: Perusahaan Gas Negara

Today

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Structure for cargo tanks number 3 and 4 in hull 2549

FSRU

Construction well advanced at Hyundai Heavy Industries

Double bottom of hull 2549

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FSRU

Klaipedos Nafta - Lithuania

Project on schedule for a 3Q 2014 start-up

FSRU construction on schedule

Client’s process of awarding contracts for

the construction of a jetty and a pipeline

connection well underway

Client has received offers for LNG supply

USD 250 million debt financing closed

First drawing made in January 2013

75 % guaranteed by K-sure and GIEK

Tenor of seven years and overall profile of

16 years

Construction in progress at Hyundai Heavy Industries

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FSRU and mooring arrangement construction on schedule

FSRU will connect to Indonesia's existing main grid and supply gas to Sumatra and Jakarta

Financing progressing well with offers received from several Asian and Australian banks

Financial close expected in the first half of 2013

PGN allocated LNG supply by authorities

Planned start-up in June 2014

FSRU

Perusahaan Gas Negara - Indonesia

Tower yoke mooring system Regasification Module

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FSRU

Colbún / AES Gener - Chile

Final agreement under negotiation

FSRU to be located in Quintero Bay close

to Santiago

Connect to the existing grid and provide

existing power plants in Chile with gas

Colbún S.A and AES Gener S.A among the

largest power producers in Chile

Contract length 10 + 5 years

Steel cutting started 31 December 2012

Financing process has started and is

expected to be completed during second

half 2013

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Near-term FSRU contract award opportunities

Project Pre-

qualified Bid Selection Contract Start-up

Indonesia Yes Submitted 2013 2013 2014/15

Uruguay Yes Q1 2013 Q2 2013 Q3 2013 2015

India Yes Q2 2013 Q3 2013 2013 2014/15

Lebanon Yes Q2 2013 Q3 2013 2013 2015

Port

Meridian Exclusive N/A N/A Q4 2013 2016

Fleet and operation

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Existing fleet operated safely and without incidents in the reported quarter

LNG Libra re-delivered on 10 January and commenced a voyage charter with NYK. Redelivered on 27

January 2013. The vessel is being marketed for chartering and/or sale

STX Frontier will be delivered either on 1 July or 1 October 2013 following Repsol’s declaration of the first

of two extension options, vessel being marketed in the medium term market

The time charter for Norman Lady ends in September 2013. The agreement may be extended with two

years at charterer’s option

LNG Libra STX Frontier Norman Lady

Höegh FLNG Ltd.

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Höegh FLNG Ltd. established as a stand-alone organisation and all FLNG assets and resources

transferred to the new entity

The Company is in advanced negotiations for a pre-FEED agreement with a large oil & gas

company for using a FLNG solution for LNG production

Working on the application of its FEED results on smaller scale barge based projects

The process of securing new investor(s) in Höegh FLNG Ltd. is expected to be completed during

the first half of 2013, in negotiations with 2-3 shortlisted companies

Agenda

20

Highlights

Financials

Operational review

Market outlook

Summary

Shale gas boom now visible from space

Source: Financial Times 27 January 2013

Oil companies at the heart of the US shale oil boom are burning off enough gas to power all the

homes in Chicago and Washington combined

The volume of gas flared in the US has tripled in just five years, according to World Bank estimates

and is now fifth highest in the world, behind Russia, Nigeria, Iran and Iraq

The lights of the flares burning in

the Bakken and Texas’ Eagle Ford

shale fields can clearly be seen

in night-time satellite photography

The main problem is no existing

pipeline infrastructure for associated

gas

Texas' Eagle Ford

Liquefaction Capacity Forecasts by Region (1) Liquefaction Drivers (2)

0

50

100

150

200

250

300

350

400

450

500

2007 2010 2013 2016 2019 2022 2025

(Mtpa)

Asia Pacific Europe Middle East North Africa

North America South America West Africa South & East Africa

• Australia to overtake Qatar as largest

exporter by 2017

• 3 liquefaction plants producing and online

• 7 liquefaction plants under construction

• ~50% of global incremental LNG capacity

over next 5 years

• +$10 / MMbtu gap between Henry Hub and

Asian gas prices plus vast shale gas

reserves driving North American LNG

capacity additions

• 22 LNG projects announced

• 16 export licenses from US DoE for FTA

countries, capable of ~202 Mtpa

• Several non-FTA exports licenses in

process (one approved for Sabine Pass)

• Cheniere’s Sabine Pass to be the first US

LNG liquefaction facility to come online,

expecting exports in 2016

___________________________

1. Barclays / LNG Service, Wood Mackenzie

2. Barclays / Wall Street Equity Research

Liquefaction capacity build-out driving demand for FSRU services

Worldwide liquefaction capacity expected to increase significantly over the next five years

Around 30 potential FSRU regasification projects worldwide

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Around 30 projects in pipeline

19 projects in Asia/Middle East

5 projects in South America

8 projects in Europe/Africa Existing

Under construction / awarded

Potential

Existing

Under construction / awarded

Potential

Owner Vessels Customers*

Höegh LNG 2+4 GDF Suez (2),

Perusahaan Gas Negara,

Klaipedos Nafta,

Colbun/AES Gener

Golar LNG 4+2 Petrobras (2), Pertamina,

Dubai Power Authority,

GasAtacama

Excelerate 8+1 YPF (2), Kuwait Oil

Corporation, Petrobras,

PREPA, Israel Electric

Corporation

BW Gas 0+1 N/A

* Projects in operation or awarded

Global LNG fleet overview

14 FSRUs in fleet

8 FSRU newbuildings on order plus 2

options to change from LNGC to FSRU

364 LNG vessels in fleet

88 newbuildings on order (24%)

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Type Delivered Newbuildings

on order

Under

conversion Total

LNGC 365 88 - 453

FLNG - 2 - 2

FSRU 14* 8** 1 23

Total 379 98 1 478

LNGC fleet FSRU fleet

* 10 newbuildings and 4 conversions

** In additional to six firm FSRU orders globally, Golar LNG has options to convert two LNGC orders to FSRUs

Source: Wood Mackenzie, LNG Unlimited, Fearnley LNG

Agenda

25

Highlights

Financials

Operational review

Market outlook

Summary

Summary

26

Strong 4Q 2012 results

No need for additional equity for current investment

programme

Planning for a Master Limited Partnership to be

operational in 2014

Projects on track and on budget

Strong market prospects driven by planned

liquefaction capacity increase