Höegh LNG – The floating LNG services provider

First Quarter 2012

Presentation of financial results 31 May 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

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Highlights

Financials

Operational review

Market outlook

Summary

Highlights Q1 2012

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• Signed 20 year FSRU charter agreement with

Perusahaan Gas Negara (PGN) in Indonesia

• Signed 10 year FSRU charter agreement with

Klaipedos Nafta in Lithuania

• Signed six month charter agreement for LNG

Libra with North West Shelf

• Raised USD 208 million in new equity in a

private placement and a subsequent offering

• Exercised option for construction of one

additional FSRU new building from Hyundai

Heavy Industries

Agenda

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Highlights

Financials

Operational review

Market outlook

Summary

Income statement

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USD mill ion1Q2012 4Q2011 1Q2011 2011

TOTAL INCOME 27,7 30,0 25,9 109,8

Charterhire expenses (5,2) (5,1) (5,0) (20,1)

Operating expenses (7,7) (10,6) (7,3) (32,4)

Administrative expenses (3,7) (6,5) (3,7) (17,0)

Business dvelopment expenses (5,4) (4,2) (3,2) (14,2)

EBITDA 5,8 3,5 6,7 26,1

Depreciation and impairment (4,0) (5,8) (4,5) (19,6)

EBIT 1,8 (2,4) 2,2 6,5

Interest expenses (6,1) (6,3) (6,3) (25,2)

Interest income 0,0 0,0 0,4 0,7

Other financial items 0,4 0,1 (0,5) 0,2

Taxes - (0,1) - 0,2

NET LOSS (3,9) (8,6) (4,3) (17,7)

Financial position

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USD mill ion31.03.2012 31.12.2011

Licences, design and other intangibles 83 83

Vessels and newbuildings 578 502

Restricted cash 23 13

Other non-current assets 23 16

Marketable securities / Interest bearing receivables 186 90

Current cash and short term deposits 38 37

Other current receivables 6 5

TOTAL ASSETS 937 745

Total equity 343 133

Interest bearing debt 436 439

MtM of interest rate swaps 120 132

Other l iabilities 38 41

TOTAL EQUITY AND LIABILITIES 937 745

Total equity adjusted for MtM of interest rate swaps 463,1 264,9

Equity ratio (adjusted for MtM of interest rate swaps) 49,4% 35,6%

Net interest bearing debt (less cash, mark.securities and restricted cash) 189,2 299,9

Cash flow statement

8

USD mill ion1Q2012 4Q2011 1Q2011 2011

Net loss before tax (4) (9) (4) (18)

Adjustments of non-cash P&L items 10 12 10 44

Net changes in working capital, other (13) 5 (4) (2)

Net cash flow operating activities (7) 9 3 25

Proceeds from sale of marketable securities/prom.note 60 - - 52

Investments in marketable securities (155) - - (90)

Investments in vessels and newbuildings (85) (1) - (57)

Investments in intangibles / equipment / other (2) (3) (2) (7)

Net cash flow investing activities (182) (4) (2) (102)

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

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

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

Other financing activities (3) (4) 0 (4)

Net cash flow financing activities 190 (13) (9) 85

TOTAL CASH FLOW 1,6 (7,7) (8,8) 7,8

Agenda

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Highlights

Financials

Operational review

Market outlook

Summary

10

Regasification Status for Klaipedos Nafta FSRU

Project on time and budget

10 year time charter signed, and all subjects

lifted, in March 2012

Höegh LNG's scope is the FSRU. Steel

cutting for the FSRU in September 2012.

Delivery ex-yard in March 2014. Start of

operations around October 2014

Klaipedos Nafta will build the jetty and the

pipeline. Pipeline FEED was completed in

March 2012. Construction awards expected

in Q3 2012. Jetty and pipeline expected to be

completed by mid 2014

Project financing well under way. DNB

appointed as structuring bank, on-going

discussions with commercial banks and

ECAs. The plan is to achieve financial close

by Q3 2012

FSRU

pipeline

Baltic Sea Klaipeda City

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Regasification Status for Perusahaan Gas Negara FSRU

20 year lease agreement between PGN and Höegh LNG signed in January 2012

19 March 2012 government decides to move FSRU from Medan to Lampung, Sumatra

26 March 2012 Höegh LNG informed by Perusahaan Gas Negara (PGN)

No change to specifications of the FSRU, but change of mooring design

PGN covers all costs and risks associated with change of location

No changes to the agreement and Q1 2014 remains contractual start-up date

The plan is to achieve financial close for project financing by Q4 2012

New location of FSRU

Regasification FSRU newbuilding programme

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Executed option for delivery of FSRU #3

and granted one new priced option

FSRU #1 and #2 allocated to Indonesia

and Lithuania, respectively

FSRU #3 currently offered to the market

Two priced options with firm delivery dates

remaining

One option with terms to be negotiated

Flexibility on final specifications, in

particular storage size, regasification

capacity and propulsion

FLNG

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Pre-FEED engineering work for the use of an

FLNG on the Tamar gas field offshore Israel

progressing well

Awarded a second paid pre-FEED study for

an FLNG by an undisclosed oil major

Process of establishing the FLNG business

as a stand-alone company under way:

J.P. Morgan engaged as financial

advisor to run the process of identifying

and shortlisting one or more external

investors

The plan is to conclude the process by

year-end 2012

Shipping

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Existing fleet operated according to expectations

Pre-emptive maintenance of the propeller shaft seals on Arctic Lady

LNG Libra chartered six months to the North West Shelf project – start-up in June/July 2012

STX Frontier being marketed in the long-term shipping market with availability from second

half 2013

Extension of existing time charter for Norman Lady for 1+2 years at improved terms

(subsequent event)

LNG Libra STX Frontier Norman Lady

Agenda

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Highlights

Financials

Operational review

Market outlook

Summary

Strong LNG transportation market

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Source: Fearnley LNG, Fearnley Fonds, 29 May 2012

Current

Long-term

TC rate

Around 30 FSRU regasification projects in pipeline

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Source: Höegh LNG

Around 30 projects in pipeline

16 projects in Asia/Middle East

6 projects in South America

1 project in North America

8 projects in Europe/Africa

HLNG has several bids in process

Existing

Under construction / awarded

Potential

Existing

Under construction / awarded

Potential

Owner Vessels Customers*

Höegh LNG 2+3 GDF Suez, Perusahaan

Gas Negara, Klaipedos

Nafta

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

Dubai Power Authority

Excelerate 8+1 YPF (2), Kuwait Oil

Corporation, Petrobras,

PREPA

* Projects in operation or awarded

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Near term FSRU contract award opportunities

Project Bid submitted Selection Contract Start-up New / Conversion

Indonesia x Q2 2012* Q2 2012* Q3 2013* Conversion

Chile 1 x Q2 2012 Q3 2012 Q4 2014 New

Chile 2 x Q2 2012 Q4 2012 Q3 2015 New

Middle East Q4 2012 Q3 2013 Q2 2015 New

India 1 Q4 2012 Q1 2013 Q4 2014 New

India 2 Q4 2012 Q1 2013 Q4 2014 New

* Indonesia project (Central Java) original schedule delayed, still Q2 decision

Estimated timing of near-term FSRU project awards

Evolving FLNG project portfolio

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Source: Höegh LNG

Under construction / awarded

Potential

Country Location

of field

Main

sponsors Status

Australia Prelude FID achieved

Australia Cash Maple On-going pre-FEED

Australia Sunrise Pending resolution

with Timor

Australia Bonaparte On-going pre-FEED

Brazil Santos FID delayed until or

post 2013

Colombia Caribbean

coast

Signed service

agreement

Indonesia Abadi FEED to start 2012

Isreal Tamar On-going pre-FEED

Malaysia Sarawak

Kanowit

FEED Completed

Malaysia Sarawak

Rotan

On-going pre-FEED

P. New

Guinea

Gulf FLNG Under review

P. New

Guinea

Gulf of

Papua

In Process

USA US Gulf On-going FEED

North America – Proposed liquefaction projects – "The Upside"

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Source: Cheniere, EIA, Platts, CSUG

APPROVED

Potential US Export Facilities

Name Capacity

MTPA Start-up

Sabine Pass 8+8 2015

Freeport 4,4+4,4+4,4 2015

Cameron 4+4+4 2016

Cove Point 7,8 2016

Jordan Cove 9 2017

Lake Charles 5+5+5 2018

Total 61

This represents 13 % of annual US

gas production - Manageable

Potential Canadian Export Facilities

Name Capacity

MTPA Start-up

Kitimat 10 2015

Douglas Island 2 NA

Prince Rupert

Island 13 NA

Texada Island 3,8 NA

Total 29

This represents 27 % of annual

Canadian gas production - Manageable

Global LNG fleet overview

14 FSRUs in fleet

6 FSRU newbuildings on order plus 2

options to change from LNGC to FSRU

364 LNG vessels in fleet

74 newbuildings on order (20%)

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Type Delivered Newbuildings

on order

Under

conversion Total

LNGC 364 74 - 438

FLNG - 1 - 1

FSRU 14* 6** 1 21

Total 378 81 1 460

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

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Highlights

Financials

Operational review

Market outlook

Summary

Summary

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Full contract coverage of all existing assets

Firm contracts for two new FSRUs, third

new FSRU currently offered to the market

LNG market shows strong sustainable long-

term growth, the main driver is natural gas

for power generation

FSRU is expected to grow quicker than the

rest of the market

Höegh LNG has a strong competitive

position in a high barrier to entry market

with attractive returns