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Hoegh bags Tema FSRU

Norwegian company Hoegh LNG has been contracted to provide a floating storage and regasification unit as part of the Tema LNG terminal project in Ghana.

The contract is for a period of 20 years with a five-year extension option for the charterer Quantum Power Ghana Gas, and is expected to generate an average annual EBITDA of around US$36 million, said Hoegh.

The deal is subject to Quantum Power obtaining governmental approvals, financial close and both parties' board approval. 

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Hoegh said the vessel will come from its portfolio of FSRUs, including units under construction, a planned conversion or a planned newbuilding order.

The infrastructure construction for the project is planned to start in mid-2017 and the expected delivery time for the FSRU is six to 12 months following the start of fabrication work.