Maritime Giant Hoegh to LNG Terminal Interest to Meridian

Maritime transport company Hoegh LNG is to sell its deep-water port project off northern England to Meridian Holdings, for $20 million (€15.7m).

The port and complex for importation and re-gasification is located off the coast of Barrow-in-Furness, Cumbria.

Meridian Holdings is an entity advised by West Face Capital, and and owned by a West Face-managed fund. West Face, based in Toronto, has around $2.8 billion (€2.2 bn) of assets under management.

The company statement describes Höegh LNG as a fully integrated floating LNG services company with almost 40 years experience in the LNG market. It operates a fleet of six LNG carriers and two floating storage and regasification units (FSRUs). 

Hoegh will remain as the supplier and operator of the FSRU at Meridian under a joint development agreement with West Face.

Meridian will develop the commercials agreement for LNG imports and the pipeline connecting tyhe FSRU to the gas distribution grid.

Hoegh expects the project to start operating in 2016.

Höegh LNG's president and  CEO, Sveinung J.S. Støhle, said: "We are delighted to have reached an agreement with West Face to develop our planned UK LNG import terminal."

On behalf of Meridian, Roger Whelan added: "We look forward to working together with the Höegh LNG team on this exciting and much needed UK natural gas supply project."