Höegh LNG and Prosafe Production have today executed an MOU for the long term cooperation within the LNG FPSO segment. The cooperation will use as its basis the FEED work already developed by Höegh LNG , and for each specific project Höegh LNG will be responsible for design, project execution, completion, operation and funding, whilst Prosafe Production will, in cooperation with HLNG, be responsible for the operation and maintenance of the LNG FPSO’s, and assisting Höegh LNG during project execution and completion.

Says Sveinung J. Støhle, President & CEO of Höegh LNG: “This is a very important milestone for the successful development of our first LNG FPSO project, the combined forces of Höegh LNG’s cryogenic and maritime LNG experience, coupled with Prosafe Production’s significant experience from the development, operation and maintenance of its fleet of oil FPSO’s being one of the top 3 companies in the market, will give our LNG FPSO project an added value which we believe will greatly benefit our project and ultimately our customers.”

Says Bjørn E. Henriksen, President & CEO of Prosafe Production: “We acknowledge Höegh LNG's unique position with respect to becoming a leading LNG FPSO provider, based on their mature technical solution, strong commitment and outstanding qualifications. Prosafe Production is very pleased to join forces with Höegh LNG within the FLNG segment, and considers the agreement to be of significant strategic value in positioning the company in a very interesting emerging market.”

About Prosafe Production
Prosafe Production is a leading owner and operator of Floating Production, Storage and Offloading vessels (FPSOs). Prosafe Production has 25 years of operational experience from several of the world’s largest oil and gas provinces. The company has a good operational uptime track record and possesses a range of proprietary FPSO-related technologies. Prosafe Production operates globally and employs approximately 1,000 employees from more than 40 countries. Headquartered in Limassol, Cyprus, Prosafe Production is listed on the Oslo Stock Exchange with ticker code PROD. Please refer to www.prosafeproduction.com for more details.

About Höegh LNG
Höegh LNG is a fully integrated ship-owning company offering long-term floating production, transportation, re-gasification and terminal solutions for Liquefied Natural Gas (LNG). The company operates a fleet of five LNG carriers including one innovative Shuttle and Re-gasification Vessel (SRV) and has one SRV on order for delivery this year. In addition to transporting the LNG, these vessels will act as floating terminals while delivering the natural gas to the market. Höegh LNG’s strategy is to add value to its customers by broadening its service scope to include solutions for floating production, re-gasification terminals and delivery of natural gas. The company is developing two deepwater terminals based on SRV technology in Florida and the UK. In addition to the head office centrally located in Oslo, Höegh LNG has established presence in London (UK) and Tampa, Florida.

Contacts:
Höegh LNG:
Sveinung Støhle, President and CEO, Höegh LNG, +47 4003 9969
Geirmund Aasbø, Vice President, Project Execution & Media Relations, Höegh LNG, +47 4003 9685

Prosafe Production:
Bjørn E. Henriksen, President and CEO, Prosafe Production, +31 610532543
Sven Børre Larsen, EVP & CFO, Prosafe Production, +65 9657 2590