Hegh LNG The floating LNG services provider

Third Quarter 2012 Presentation of financial results

30 November 2012

Forward looking statements

This presentation contains forward-looking statements which reflects managements 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, Hegh 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 Hegh LNGs ability to operate and control its vessels; change in the financial stability of clients of the Company; Hegh LNGs ability to win upcoming tenders and securing employment for the FSRUs on order; changes in Hegh LNGs ability to convert LNG carriers to FSRUs including the cost and time of completing such conversions; changes in Hegh LNGs ability to complete and deliver projects awarded; increases in the Companys 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 Hegh 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

Highlights Financials Operational review Market outlook

Summary

Highlights Q3 2012

Pre-tax profit USD 1.1 m (loss of USD 2.0 m 3Q11) 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

Highlights Financials

Operational review
Market outlook Summary

Income statement

USD million

3Q2012

3Q2011

Jan Sep 2012

Jan Sep 2011

2011

TOTAL INCOME Charterhire expenses Operating expenses Administrative expenses Business dvelopment expenses EBITDA Depreciation and impairment EBIT Interest expenses Interest income Other financial items PROFIT OR (LOSS) BEFORE TAX Taxes NET PROFIT OR (LOSS)

38,0 (5,2) (7,8) (3,5) (8,2) 13,2 (6,2) 7,0 (6,1) 0,0 0,1 1,1 (0,2) 0,9

27,4 (5,1) (7,2) (3,0) (3,5) 8,6 (4,7) 3,9 (6,5) 0,1 0,4 (2,0) (2,0)

98,0 (15,5) (23,0) (10,1) (20,7) 28,8 (14,3) 14,5 (18,3) 0,1 1,5 (2,2) (0,2) (2,4)

79,8 (15,1) (21,8) (10,5) (9,9) 22,6 (13,7) 8,9 (18,9) 0,6 0,0 (9,4) 0,3 (9,1)

109,8 (20,1) (32,4) (17,0) (14,2) 26,1 (19,6) 6,5 (25,2) 0,7 0,2 (17,9) 0,2 (17,7)

Financial position

USD million

30.09.2012

30.06.2012

31.12.2011

Licences, design and other intangibles Vessels and newbuildings Other assets Current cash, s/t deposits, marketable securities TOTAL ASSETS Total equity Interest bearing debt MtM of interest rate swaps Other liabilities TOTAL EQUITY AND LIABILITIES Total equity adjusted for MtM of interest rate swaps Equity ratio adjusted for MtM of interest rate swaps Net interest bearing debt less cash, mark.securities and restricted cash
3Q2012 subsequent events USD 130 million in bond issue proceeds received in Q4 2012

74 685 41 133 932 328 430 137 37 932 465 50% 274

83 578 53 223 937 326 433 138 40 937 464 50% 187

83 502 33 127 745 133 439 132 41 745 265 36% 300

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

USD million

3Q2012

3Q2011

Jan Sep 2012

Jan Sep 2011

2011

Net profit or (loss) before tax Adjustments of non-cash P&L items Net changes in working capital, other Net cash flow from operating activities Proceeds from sale of marketable securities/receivables Investments in marketable securities Investments in vessels and newbuildings Investments in intangibles and equipment Net cash flow from/(used in) investing activities

1 12 4 17

(2) 11 (2) 7

(2) 32 (8) 22

(9) 32 (7) 15

(18) 44 (2) 25

81 (98) (1) (17)

(90) (30) (1) (121)

183 (155) (189) (2) (163)

52 (90) (56) (4) (99)

52 (90) (57) (7) (102)

Repayment of borrowings Interest paid Issue of share capital net of transaction cost Other financing activities Net cash flow from/(used in) financing activities TOTAL CASH FLOW -

(3) (6) (0) (10) (10) -

(3) (6) 126 117 3

(10) (18) 202 (0) 174 33

(9) (19) 126 0 99 16

(12) (25) 126 (4) 85 8

Agenda

Highlights Financials

Operational review
Market outlook Summary

Corporate matters

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
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Funding of remaining capex

Pro forma as at 30 September 2012

Remaining capital expenditure Cash & cash equivalents* Committed financing (bridge loan + Klaipedos Nafta)

USD billion

USD billion
1.2

0.3 0.5

Incremental financing**
Mooring settlement Total funds Cash buffer
(*) Includes cash, marketable securities, proceeds from bond issue and Port Meridian sale (**) Assuming 75% leverage for FSRUs and 65% leverage for STX Frontier

0.5
0.1 1.4 0.2

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FSRU Construction in progress

Double bottom block

Regas unit at Sinopacific Offshore & Engineering's yard in China

Stripe coat in water ballast tank

12

FSRU Newbuilding programme

2011
Q1 Q2 Q3 Q4

2012
Q1 Q2 Q3 Q4

2013
Q1 Q2 Q3 Q4

2014
Q1 Q2 Q3 Q4

2015
Q1

H2548 H2549 H2550

H2551

Today

Steel Cutting Keel Laying Launch

H2548: H2549: H2550: H2551:

Perusahaan Gas Negara Klaipdos Nafta Colbun / AES Uncommitted

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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 Perusahaan Gas Negara - Indonesia

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 Hegh LNG for investments in mooring upon completion

Delivery of FSRU from yard re-scheduled for April 2014. Planned start-up moved to June 2014. Hegh 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
Regasification Module Jumper Hoses (gas & utilities)

Gas Export
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FSRU Colbn / 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 Colbn S.A and AES Gener S.A among the largest power producers in Chile Chile rated A+, Colbn 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

Estimated timing of near-term FSRU project awards

Project Indonesia Uruguay Jordan Kuwait Lebanon England*
(*) Port Meridian

Prequalified Yes Yes Yes Yes Yes Exclusive

Bid Submitted Q1 2013 Q4 2012 Q1 2013 Q2 2013 N/A

Selection 2012/13 Q2 2013 Q1 2013 2013 Q3 2013 N/A

Contract 2013 Q3 2013 Q2 2013 2013 2013 Q4 2013

Official Start-up 2014 2015 2014 2014 2015 2016

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

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Fleet and Operation

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

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FLNG

Hegh 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

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Agenda

Highlights Financials

Operational review
Market outlook Summary

20

Continued strong demand growth for LNG

Demand for FSRU services driven by incremental demand for natural gas to fuel power production
Fuel switch for existing plants

Main focus markets

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

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Around 30 FSRU regasification projects in pipeline

Owner Hegh LNG

Vessels 2+4

Customers* GDF Suez (2), Perusahaan Gas Negara, Klaipedos Nafta, Colbun/AES Gener Petrobras (2), Pertamina, Dubai Power Authority, GasAtacama YPF (2), Kuwait Oil Corporation, Petrobras, PREPA, Israel Electric Corporation

Golar LNG

4+2

Excelerate

8+1

* Projects in operation or awarded

Around 30 projects in pipeline

19 projects in Asia/Middle East 5 projects in South America
Existing Under construction / awarded Potential

8 projects in Europe/Africa HLNG has bids in process

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Global LNG fleet overview

Type LNGC FLNG FSRU Total

Delivered 364 14* 378

Newbuildings on order 78 2 7** 87

Under conversion 1 1

Total 442 2 22 466

* 10 newbuildings and 4 conversions ** In additional to six firm FSRU orders globally, Golar LNG has options to convert two LNGC orders to FSRUs

LNGC fleet 364 LNG vessels in fleet

FSRU fleet 14 FSRUs in fleet

78 newbuildings on order (21%)

7 FSRU newbuildings on order plus 2 options to change from LNGC to FSRU

Source: Wood Mackenzie, LNG Unlimited, Fearnley LNG

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Evolving FLNG project portfolio

Country
Australia

Location of field
Prelude

Main sponsors

Status
Under construction

Australia
Australia

Cash Maple
Sunrise

Pre-FEED done
Pending resolution with Timor Govt approval FID delayed until or post 2013 Under construction FEED on-going Pre-FEED done Under construction FEED on-going In approval process

Australia Brazil Colombia Indonesia Israel Malaysia Malaysia P. New Guinea

Bonaparte Santos Caribbean coast Abadi Tamar Sarawak Kanowit Sarawak Rotan Gulf of Papua

Under construction / awarded Potential

USA
Speculative

US Gulf

FEED on-going
Conversion

Source: Hegh LNG

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Agenda

Highlights Financials

Operational review
Market outlook Summary

25

Summary of 3Q 2012 and subsequent events

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

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