Höegh LNG – The floating LNG services provider

Third Quarter 2012

Presentation of financial results 30 November 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 Q3 2012

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Pre-tax profit USD 1.1 m (loss of USD 2.0 m 3Q’11)

EBITDA of USD 13.2 m (USD 8.6 m)

Selected preferred bidder for FSRU project in Chile

Ordered a fourth new FSRU

Exercised option to purchase 50% of STX Frontier

Took delivery of and started charter for LNG Libra

Issued USD 130 m five year corporate bond

Subsequent events

Sold Port Meridian for USD 20 m

Signed revised agreement for PGN FSRU

Signed USD 250 m loan facility for KN FSRU

Agenda

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Highlights

Financials

Operational review

Market outlook

Summary

Income statement

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USD million 3Q2012 3Q2011 Jan Sep 2012 Jan Sep 2011 2011

TOTAL INCOME 38,0 27,4 98,0 79,8 109,8

Charterhire expenses (5,2) (5,1) (15,5) (15,1) (20,1)

Operating expenses (7,8) (7,2) (23,0) (21,8) (32,4)

Administrative expenses (3,5) (3,0) (10,1) (10,5) (17,0)

Business dvelopment expenses (8,2) (3,5) (20,7) (9,9) (14,2)

EBITDA 13,2 8,6 28,8 22,6 26,1

Depreciation and impairment (6,2) (4,7) (14,3) (13,7) (19,6)

EBIT 7,0 3,9 14,5 8,9 6,5

Interest expenses (6,1) (6,5) (18,3) (18,9) (25,2)

Interest income 0,0 0,1 0,1 0,6 0,7

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

PROFIT OR (LOSS) BEFORE TAX 1,1 (2,0) (2,2) (9,4) (17,9)

Taxes (0,2) - (0,2) 0,3 0,2

NET PROFIT OR (LOSS) 0,9 (2,0) (2,4) (9,1) (17,7)

Financial position

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USD million 30.09.2012 30.06.2012 31.12.2011

Licences, design and other intangibles 74 83 83

Vessels and newbuildings 685 578 502

Other assets 41 53 33

Current cash, s/t deposits, marketable securities 133 223 127

TOTAL ASSETS 932 937 745

Total equity 328 326 133

Interest bearing debt 430 433 439

MtM of interest rate swaps 137 138 132

Other l iabilities 37 40 41

TOTAL EQUITY AND LIABILITIES 932 937 745

Total equity adjusted for MtM of interest rate swaps 465 464 265

Equity ratio adjusted for MtM of interest rate swaps 50% 50% 36%

Net interest bearing debt less cash, mark.securities and restricted cash 274 187 300

3Q2012 subsequent events

USD 130 million in bond issue proceeds received in Q4 2012

USD 20 million in Port Meridian sales proceeds received in Q4 2012 – asset moved from licences to other assets

(assets held for sale)

Cash flow statement

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USD million 3Q2012 3Q2011 Jan Sep 2012 Jan Sep 2011 2011

Net profit or (loss) before tax 1 (2) (2) (9) (18)

Adjustments of non-cash P&L items 12 11 32 32 44

Net changes in working capital, other 4 (2) (8) (7) (2)

Net cash flow from operating activities 17 7 22 15 25

Proceeds from sale of marketable

securities/receivables81 - 183 52 52

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

Investments in vessels and newbuildings (98) (30) (189) (56) (57)

Investments in intangibles and equipment (1) (1) (2) (4) (7)

Net cash flow from/(used in) investing activities (17) (121) (163) (99) (102)

Repayment of borrowings (3) (3) (10) (9) (12)

Interest paid (6) (6) (18) (19) (25)

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

Other financing activities (0) - (0) 0 (4)

Net cash flow from/(used in) financing activities (10) 117 174 99 85

TOTAL CASH FLOW (10) 3 33 16 8

Agenda

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Highlights

Financials

Operational review

Market outlook

Summary

Corporate matters

10

Bond issue

Raised NOK 750 m in Norwegian bond market (USD 130 m)

Proceeds to be used as substitute for equity

Swapped from NOK to USD and floating to fixed base rate resulting in a USD total fixed

interest rate of 7.3% p.a.

Financing of KN FSRU for Lithuania

Signed USD 250 million senior secured credit facility with DNB, Nordea, SEB and

Swedbank

K-Sure and GIEK guaranteeing 75% of the facility

7 year tenor door-to-door, 16 year profile, 12 year swap, 5.1% total fixed interest rate

Sale of Port Meridian project

Sold for USD 20 million with a profit of USD 10 million to be recorded in Q4 2012

Exclusive right to build, own and operate FSRU for the project

Funding of remaining capex

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(*) Includes cash, marketable securities, proceeds from bond issue and Port Meridian sale

(**) Assuming 75% leverage for FSRUs and 65% leverage for STX Frontier

Pro forma as at 30 September 2012 USD billion USD billion

Remaining capital expenditure 1.2

Cash & cash equivalents* 0.3

Committed financing (bridge loan + Klaipedos Nafta) 0.5

Incremental financing** 0.5

Mooring settlement 0.1

Total funds 1.4

Cash buffer 0.2

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Regas unit at Sinopacific Offshore & Engineering's yard in China Stripe coat in water ballast tank

Double bottom block

FSRU

Construction in progress

FSRU

Newbuilding programme

13

H2549

H2550

2011

Q1 Q2 Q3

2014

H2551

H2548

2012 2013 2015

Q2 Q2 Q2 Q1 Q1 Q1 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Q1

Steel Cutting

Keel Laying

Launch

H2549: Klaipédos Nafta

H2550: Colbun / AES

H2551: Uncommitted

H2548: Perusahaan Gas Negara

Today

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FSRU

Klaipedos Nafta - Lithuania

FSRU will provide a second import gate for

natural gas to Lithuania and add to the

domestic energy supply security

Project on schedule for a planned start-up

in Q3 2014. Client progress:

Environmental impact analysis approved

for jetty and pipeline

Multiple offers for LNG supply

EPC contracts for jetty and pipeline in

progress

Financing of FSRU secured through USD

250 million debt facility and paid-in equity

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FSRU will connect to Indonesia's existing main grid and supply gas to Sumatra and Jakarta

Amended commercial agreement signed for the new location in Lampung signed 17 October 2012

PGN will take title to and reimburse Höegh LNG for investments in mooring upon completion

Delivery of FSRU from yard re-scheduled for April 2014. Planned start-up moved to June 2014. Höegh

LNG receives full compensation for delayed start-up

Debt financing work with our advisors Standard Chartered and Bank of Tokyo Mitsubishi UFJ

progressing well and scheduled to be completed by mid 2013

FSRU

Perusahaan Gas Negara - Indonesia

Jumper Hoses

(gas & utilities)

Gas Export

Regasification Module

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FSRU

Colbún / AES Gener - Chile

FSRU will be located in Quintero Bay close

to Santiago, connect to the existing grid

and provide natural gas to existing power

plants in Chile

Colbún S.A and AES Gener S.A among the

largest power producers in Chile

Chile rated A+, Colbún rated BBB- and

AES Gener rated BBB- (Standard & Poor's)

Contract length 10 + 5 years

Scheduled start-up late 2014

Selected preferred bidder with exclusive

contract negotiations on-going

Financing will commence upon signing of

contract and is expected to be completed

during second half 2013

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FSRU

Contract award opportunities

Project Pre-

qualified Bid Selection Contract

Official

Start-up

Indonesia Yes Submitted 2012/13 2013 2014

Uruguay Yes Q1 2013 Q2 2013 Q3 2013 2015

Jordan Yes Q4 2012 Q1 2013 Q2 2013 2014

Kuwait Yes Q1 2013 2013 2013 2014

Lebanon Yes Q2 2013 Q3 2013 2013 2015

England* Exclusive N/A N/A Q4 2013 2016

Estimated timing of near-term FSRU project awards

Höegh LNG has one uncommitted FSRU on order for delivery in March 2015

(*) Port Meridian

Fleet and Operation

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Existing fleet operated safely and without incidents

Norman Lady time charter extended for 1+2 years at improved commercial terms

LNG Libra delivered and commenced a six month charter to North West Shelf project in

Australia in July. Vessel being marketed for chartering and/or sale

Option to purchase 50% of STX Frontier exercised. Vessel being marketed for chartering

with availability from second half 2013

LNG Libra STX Frontier Norman Lady

FLNG

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Höegh FLNG Ltd. established as stand-alone

organisation and all FLNG assets and

resources transferred to new entity

Discussions with potential partners/investors

in progress, shortlist of 2-3 companies

Detailed discussions on FEED contracts for

projects in Israel and Asia

Agenda

20

Highlights

Financials

Operational review

Market outlook

Summary

Continued strong demand growth for LNG

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Demand for FSRU services driven by

incremental demand for natural gas to

fuel power production

Fuel switch for existing plants

New combined-cycle gas turbines

Natural gas projected to be the fastest

growing major energy source globally

LNG production in 2011 was 242 million

tonnes - expected to reach 330 million

tonnes p.a. by 2017

In main markets, such as Japan, Korea

and Taiwan, LNG covers close to 100%

of demand for natural gas

Source: Wood Mackenzie, BP Energy Outlook 2030

Main focus markets

Around 30 FSRU regasification projects in pipeline

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Around 30 projects in pipeline

19 projects in Asia/Middle East

5 projects in South America

8 projects in Europe/Africa

HLNG has bids in process

Existing

Under construction / awarded

Potential

Existing

Under construction / awarded

Potential

Owner Vessels Customers*

Höegh LNG 2+4 GDF Suez (2),

Perusahaan Gas Negara,

Klaipedos Nafta,

Colbun/AES Gener

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

Dubai Power Authority,

GasAtacama

Excelerate 8+1 YPF (2), Kuwait Oil

Corporation, Petrobras,

PREPA, Israel Electric

Corporation

* Projects in operation or awarded

Global LNG fleet overview

14 FSRUs in fleet

7 FSRU newbuildings on order plus 2

options to change from LNGC to FSRU

364 LNG vessels in fleet

78 newbuildings on order (21%)

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Type Delivered Newbuildings

on order

Under

conversion Total

LNGC 364 78 - 442

FLNG - 2 - 2

FSRU 14* 7** 1 22

Total 378 87 1 466

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

Evolving FLNG project portfolio

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Source: Höegh LNG

Under construction / awarded

Potential

Country Location

of field

Main

sponsors Status

Australia Prelude Under construction

Australia Cash Maple Pre-FEED done

Australia Sunrise Pending resolution

with Timor

Australia Bonaparte Gov’t approval

Brazil Santos FID delayed until or

post 2013

Colombia Caribbean

coast

Under construction

Indonesia Abadi FEED on-going

Israel Tamar Pre-FEED done

Malaysia Sarawak

Kanowit

Under construction

Malaysia Sarawak

Rotan

FEED on-going

P. New

Guinea

Gulf of

Papua

In approval process

USA US Gulf FEED on-going

Speculative Conversion

Agenda

25

Highlights

Financials

Operational review

Market outlook

Summary

Summary of 3Q 2012 and subsequent events

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Strong operating performance

Selected preferred bidder for a FSRU project

Signed revised agreement for PGN FSRU

Ordered a fourth new FSRU

Exercised option to purchase 50% of STX

Frontier

Sold Port Meridian

Issued corporate bond

Closed the KN FSRU debt financing

Strong market prospects