Page 38: of Maritime Reporter Magazine (May 2005)

38 Maritime Reporter & Engineering News

After posting strong results for 2004, Leif Höegh &

Co. Limited completed the final phase of its corporate re-alignment by merging all aspects of its RoRo oper- ations in Höegh Autoliners. Supported by significant investment capital Höegh Autoliners will be focused on growth. Further newbuilding opportunities will be pursued and the last non-core vessels have been sold.

All operating activities are integrated in two separate entities to be aligned with the commercial growth strat- egy: Höegh Autoliners - a fully integrated RoRo com- pany focused on execution of a substantial and capital intensive customer driven growth plan. Höegh LNG - expanding its fully integrated busi- ness model to encompass large and complex mid- stream projects. Höegh Fleet Services will provide ship manage- ment for RoRo and LNG vessels as before. Leif Höegh & Co will be a holding company with- out commercial operation or external visibility. The Höegh name and the H-flag logo will be shared.

Leif Höegh & Co has been transformed from being a broadly diversified company to one focusing on RoRo and LNG. This process has been concluded with: the sale of the last seven open hatch vessels at the end of 2004 the sale of the last two large bulk carriers in March 2005 the contracting of 20 car carriers and two LNG carriers scheduled for delivery between 2004 to 2008 - investments representing vessel values of about $1.5 billion. "The new management structure is a logical conse- quence of the implementation of the strategy to focus on RoRo and LNG," said Thor Jørgen Guttormsen,

President of Leif Höegh & Co and new CEO of Höegh

Autoliners. "Our order-book confirms the growth ambitions and the objective is to provide customers with an even bet- ter service."

Höegh Autoliners

Höegh Autoliners developed from a niche operator into a global RoRo service provider with 50 vessels in worldwide trade systems. Höegh Autoliners will be focused on the execution of a customer-driven, far reaching and capital-intensive growth strategy.

Höegh LNG

In order to capitalize on increased global market demand for LNG, Höegh LNG has committed itself to growing its LNG fleet and related services. The com- pany will be managed as a separate entity although ship management will be supplied by Höegh Fleet

Services.

Höegh LNG operates a fleet of four LNG carriers, of which three are wholly or partly owned. Two new- buildings are ordered together with partners for deliv- ery in January 2006 and will be employed on long- term contracts. In addition, Höegh LNG has intro- duced the Floating Midstream Solutions comprising innovative solutions and partnerships with industry leaders aiming at expansion in the LNG supply chain.

Höegh LNG's Shuttle and Regasification Vessel (SRV) concept for offshore ports, floating LNG terminals and technology for marine transportation of compressed natural gas (CNG) are examples of current activities.

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Höegh Re-aligning for Focused Growth

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