The bank guarantee is intended to secure performance of the agreement concluded on 2 March 2012 by the Company and Hoegh LNG Ltd. for lease of the liquefied natural gas floating storage and re-gasification unit.
During implementation of the Procurement 3 final tender offers were submitted by 18 November 2013. Upon evaluation of the final tender offers according to the lowest price criterion, the Bank was recognized to be the winner.
The Company has sent an invitation to the Bank to conclude a public procurement contract which must be signed after the period of deferment of 15 days which is applicable to the conclusion of the public procurement contract.
The main conditions of the guarantee provision agreement shall inter alia include the following: amount of the guarantee: not to exceed USD 50,000,000; effective term of the guarantee: 15 January 2014 – 31 December 2014; price of financial services – 0.255 percent of the amount of the guarantee (USD 127,506.85).
The Company also informs that the Guarantee provision agreement shall not establish any additional undertakings or restrictions on the Company as compared to the credit facility agreement signed with the European Investment Bank on 9 July 2013.
