Bermuda-based Höegh LNG Partners LP has agreed to charter the Höegh Gallant for a period of ten years.

The floating liquefied natural gas service provider said the charter with a subsidiary of New Fortress Energy Inc is planned to begin during the fourth quarter of this year.

The partnership said it has agreed to suspend the existing charter for the Höegh Gallant with a subsidiary of Höegh LNG Holdings Ltd, with effect from the commencement of the new charter.

Under the suspension agreement, Höegh LNG's subsidiary is to compensate the partnership monthly for the difference between the lower charter rate earned under the new charter and the charter rate earned under the existing charter with the addition of a modest increase until July 31, 2025, the expiry date of the existing charter.

After that, the partnership will earn the charter rate agreed with New Fortress for the remaining term of the new charter.

Sveinung Støhle, chief executive officer, said: "The new long-term FSRU contract entered into with New Fortress is an important development for the partnership as it extends the partnership's contract coverage and average charter length and broadens our customer base and global footprint.

“The Höegh Gallant will serve the Old Harbour facility in Jamaica, where its size and performance will enable New Fortress to further optimise its already highly successful operation."