Bermudian-based Höegh LNG Holdings Ltd, the floating liquefied natural gas service provider, bounced back to profitability in 2023 with the best net result in the company’s history.

Höegh recorded a profit of $97 million, which compares with a loss of $55 million in the prior year.

Total income for the year was $521 million, which compares with $381 million in 2022.

Operating profit before depreciation and impairment was $220 million, which compares with $38 million in the prior year.

The company said global LNG demand reached a new high in 2023 at 406 million tonnes.

Erik Nyheim, president and CEO, said: “In 2023, we delivered the highest net result in the company’s history — driven by all the new contracts for our fleet of FSRUs (floating storage and regasification units).

“Höegh LNG also achieved a significant milestone by refinancing and securing new loan and corporate debt facilities of more than $1 billion, reducing our cost of debt and providing funds for further growth.”

He added: “The FSRU market is poised for growth, driven by the buildout of more liquefaction capacity, particularly in the US and Qatar, and increased LNG carrier capacity. We see market opportunities across Asia and South America in addition to opportunities for further expansion in Europe.

“Höegh LNG, with its modern and sophisticated fleet and robust operational track record, remain well-positioned to succeed in the market.

“The rapid need for energy transition creates significant opportunities for sustained growth. With our clean energy strategy, we expect to play a pivotal role, leveraging our expertise in floating terminals, liquid gas handling and marine gas transportation.”

Höegh operates a fleet of ten floating storage and regasification units, and three liquefied natural gas carriers.

Aside from Bermuda, the company operates in Norway, Philippines, Singapore, the United Kingdom, the United States, Indonesia, Lithuania, Egypt, Colombia, Germany, France and Brazil.