Höegh LNG – The floating LNG services provider

Fourth Quarter 2011

Presentation of financial results 29 February 2012

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 and market outlook

Summary

Highlights 4Q 2011 including subsequent events

4

• Signed 20 year charter agreement with PT Perusahaan

Gas Negara for the Medan FSRU

• Selected preferred bidder for a 10 year FSRU charter

agreement with AB Klaipedos Nafta in Lithuania

• Signed six month charter agreement for LNG Libra for

North West Shelf

• Raised USD 206 million in new equity in a private

placement

• Exercised option for delivery of one additional FSRU new

building from Hyundai Heavy Industries

• Awarded pre-feed contract for a floating LNG production

solution for the Tamar gas field offshore Israel

• Signed USD 288 million debt facility agreement

5

Highlights

Financials

Operational review and market outlook

Summary

Income statement

6

USD mill ion 4Q2011 4Q2010 2011 2010

TOTAL INCOME 30,0 25,4 109,8 94,9

-

Charterhire expenses (5,1) (4,9) (20,1) (19,2)

Operating expenses (10,6) (8,1) (32,4) (27,1)

Administrative expenses (6,5) (5,1) (17,0) (13,5)

Project development expenses (4,2) (4,1) (14,2) (11,1)

-

EBITDA 3,5 3,3 26,1 24,0

-

Depreciation and impairment (5,8) (4,3) (19,6) (13,8)

EBIT (2,4) (1,0) 6,5 10,2

-

Interest expenses (6,3) (6,6) (25,2) (22,4)

Interest income 0,0 0,1 0,7 0,2

Other financial items 0,1 (0,7) 0,2 0,9

Taxes (0,1) (0,2) 0,2 (0,8)

NET LOSS (8,6) (8,3) (17,7) (12,0)

Financial position

7

USD mill ion31-12-11 30-09-11 31-12-10

Licences, design and other intangibles 83 83 80

Vessels and newbuildings 502 505 466

Restricted cash 13 13 10

Other non-current assets 16 10 3

Promisssory Note / Interest bearing receivables 90 90 53

Other current receivables 5 3 7

Current cash and short term deposits 37 44 29

TOTAL ASSETS 745 748 649

Total equity 133 142 73

Interest bearing debt 439 442 451

MtM of interest rate swaps 132 131 83

Other l iabilities 41 32 42

TOTAL EQUITY AND LIABILITIES 745 748 649

Total equity adjusted for MtM of interest rate swaps 264,9 273,6 155,9

Equity ratio (adjusted for MtM of interest rate swaps) 35,6% 36,6% 24,0%

Net interest bearing debt (less cash, mark. securities and restriced cash) 299,9 295,1 359,4

Cash flow statement

8

USD mill ion4Q 2011 4Q 2010 2011 2010

Net loss before tax (9) (8) (18) (11)

Adjustments of non-cash P&L items 12 9 44 36

Net changes in working capital, other 5 4 (2) (1)

Net cash flow operating activities 9 5 24 23

Proceeds from sale of marketable securities/prom.note - 6 52 19

Investments in marketable securities - - (90) -

Investments in vessels and newbuildings (1) (2) (57) (57)

Investments in intangibles / equipment (3) (3) (7) (6)

Net cash flow investing activities (4) 1 (102) (45)

Proceeds from borrowings - 5 - 55

Repayment of borrowings (3) (2) (12) (6)

Interest paid (6) (7) (25) (21)

Issue of share capital net of transaction cost (0) - 126 -

Payment of finance cost (4) - (4) -

Other financing activities 0 - - -

Net cash flow financing activities (13) (3) 85 28

TOTAL CASH FLOW (8) 3 8 7

9

Highlights

Financials

Operational review and market outlook

Summary

Shipping

10

Existing fleet operated according to expectations, with the exception of an unscheduled dry

docking and repair of the propeller shaft bearing and seal on Arctic Princess

LNG Libra chartered six month to the North West Shelf project

STX Frontier being marketed in the shipping market with availability from second half 2013

Discussing extension of existing charter for Norman Lady

LNG Libra STX Frontier Norman Lady

Regasification Medan FSRU contract finalised

11

Final agreement signed with Perusahaan Gas Negara (PGN) on 25 January 2012

20 year firm contract with EBITDA contribution of approx. USD 40 million p.a.

5+5 years extension periods with EBITDA contribution of approx. USD 60 million p.a.

Project consists of FSRU newbuilding #1 and an offshore mooring package with an estimated all-in

project cost of USD 320-330 million

Planned start-up September 2013

Medan FSRU project execution team established and in operation

Financing proceeding according to plan

Medan

12

Regasification Contract award for Klaipeda FSRU project

Höegh LNG selected as the preferred FSRU supplier for

the Klaipeda LNG import terminal in Lithuania

10 year firm contract with EBITDA contribution of approx.

USD 50 million p.a.

The contract counterpart is AB Klaipedos Nafta (KN)

owned 70.63 % by the Lithuanian government

Project consists of upgraded jetty moored FSRU, HLNG

to provide only FSRU, jetty provided by Klaipedos Nafta

FSRU #2 from Hyundai with full trading capabilities and

upgraded regas system designated for project

Estimated all-in project cost of USD 320-330 million

Planned start-up Q3 2014

Final agreement to be completed shortly

Regasification Höegh LNG participating in several tendering processes

13

Source: Höegh LNG

Chile 1:

Status: Indicative bids submitted

Expected contract award: End 2012

Indonesia:

Status: Bids to be submitted in Q1 2012

Expected contract award: Mid 2012

Chile 2:

Status: Indicative bids submitted

Expected contract award: Mid 2012

Undisclosed Asia project:

Status: Bilateral negotiations with counterpart

Expected contract award: End 2012

1

2

3

4

Caribbean:

Status: Bids to be submitted in Q1 2012

Expected contract award: End 2012

5

Regasification FSRU newbuilding programme

14

Executed option for delivery of FSRU 3

and granted one new priced option

FSRU 1 and 2 allocated Medan and

Klaipeda, respectively

FSRU 3 currently available in the market

Two priced options with firm delivery dates

Two options with terms to be negotiated

Flexibility on final specifications, in

particular storage size, regasification

capacity and trading capability

FLNG

15

Contracted to do pre-FEED engineering work

for the use of an FLNG on the Tamar gas field

offshore Israel

In discussions with several oil companies to

conduct paid engineering work for developing

their gas reserves using FLNGs

Considering alternatives for optimising the

structure, organisation and financing of the

FLNG activities and in the final process of

appointing a Financial Advisor

LNG demand fundamentals remain very strong

16

LNG demand to double from 2010

until 2025

Demand driven by Asia-Pacific

region followed by Europe

Demand increase driven mainly by

additional power generation and

the shift in feedstock from oil, coal

and nuclear to natural gas

Incremental demand post 2016 to

be supplied mainly from Australia

and North America

Source: Wood Mackenzie

0

50

100

150

200

250

300

350

400

450

2005 2010 2015 2020 2025

mmtpa

Asia Pacific Europe & Middle East Africa America

LNG supply growth backed by committed liquefaction projects

Australia is the "game changer" for LNG

production post 2015 with approximately 50%

of new potential liquefaction capacity

17

Source: Wood Mackenzie, Fearnley LNG

Country Project Name FID Start-Up MTPA

Algeria Gassi Touil Taken 2013 4.7

Papua New Guinea PNG Taken 2014 6.6

Angola ALNG Taken 2012 5.2

Australia Australia Pacific Taken 2015 4.5+4.5

“ Browse 2013 2018 4.0+4.0

“ Gladstone Taken 2015 7.8+10.0

“ Gorgon Taken 2014 5.0+5.0+5.0

“ Ichtys Field Taken 2016 4.2+4.2

“ Pluto Taken 2012 4.8

“ Prelude Taken 2016 3.5

“ Queensland Curtis Taken 2014 4.25+4.25

“ Weatstone Taken 2015 4.4+4.4

Indonesia Tangguh 2012 2015 3.8+3.8

Nigeria Brass 2012 2016 5.0+5.0

“ NLNG 2012 2016 4.7

Papua New Guinea Liquid Niguini 2012 2014 2.0

Canada Kitimat 2012 2015 5.0+5.0

USA Freeport 2012 2015 4.4+4.4+4.4

“ Sabine Pass 2012 2015 9.0+9.0

TOTAL 130-165

Liquefaction capacity (nominal)

0

100

200

300

400

500

600

700

2005 2010 2015 2020 2025

mmtpa

Asia Pacific Europe & Middle East Africa America

Strong LNG transportation market

18

Source: Fearnley LNG / Fearnley Fonds, 27.02.2012

Seasonal

Peaks

Fukushima

30+ FSRU regasification projects in pipeline worldwide

19

Source: Höegh LNG

30+ projects in pipeline

19 projects in Asia/Middle East

5 projects in South America

7 projects in Europe/Africa

HLNG has several bids in process

Existing

Under construction / awarded

Potential

Existing

Under construction / awarded

Potential

Owner Vessels Projects*

Höegh LNG 2+3 Boston, Medan, Klaipeda

Golar LNG 3+3 Petrobras VT1&2,

Dusup/Dubai, West Java

Excelerate 8+1 Bahia Blanca, Kuwait,

Escobar, Petrobras VT3

* Projects in operation or awarded

Global LNG fleet overview

13 FSRUs in fleet

6 FSRU newbuildings on order plus 2

options to change from LNGC to FSRU

364 LNG vessels in fleet

69 newbuildings on order (18.9%)

20

Type Delivered Newbuildings

on order

Under

conversion Total

LNGC 364 69 - 433

FLNG - 1 - 1

FSRU 13* 6** 2 21

Total 377 76 2 455

LNGC fleet FSRU fleet

* 10 newbuildings and 3 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

Floating LNG – the next growth segment

21

Undisclosed

Shell

Inpex

PTT

GDF Suez

InterOil

Talisman

Oil Search

Shell’s decision to develop the Prelude

field using a FLNG solution a game

changer for the floating liquefaction

industry

Inpex has chosen FLNG as technical

solution for the Masela field, no FID yet

A number of other upstream operators

are considering FLNG solutions in

developing existing gas reserves

Due to shale gas production, the US will

now start exporting LNG, creating new

opportunities for the use of FLNG

Noble

Petrobras Eni

Anadarko

Agenda

22

Highlights

Financials

Operational review and market outlook

Summary

Summary

23

• Important milestones achieved during

the quarter and in subsequent events

• one firm FSRU contract,

• one preferred supplier status for

FSRU,

• successful equity raising and

• the exercise of one FSRU option

• Höegh LNG with a strong competitive

position in a high barrier to entry market

with attractive returns

Thank you!