HÖEGH LNG HOLDINGS Minor model adjustments We have updated our estimates, owing to certain operational effects in Q4 2018. We do not consider these changes to be material, and we have not changed our BUY recommendation. We see a gradual improvement in the FSRU market, with global contract awards up by 150% YOY in 2018 (to five). However, we still count 10 open units for 2020, which would result in a slow FSRU rate recovery. We reiterate our NOK64 target price. The Q4 results are due on 27 February at 07:00 CET.