Norway's Hoegh sees EBIDA of $40 mln/yr from Egypt deal

Reuters Middle East

(Corrects headline and 1st paragraph to show the earnings are EBIDA, not pre-tax earnings)

OSLO, May 12 (Reuters) - The deal between Egypt and Norway's Hoegh for the supply of a floating terminal to import liquefied natural gas will generate earnings before interest, depreciation and amortisation of some $40 million per year for Hoegh, the firm said on Monday.

"The ... contract (is) expected to generate an average annual EBIDA of around $40 million," Hoegh said in the statement. "EBIDA is after local Egyptian tax expected to be paid under the contract."

Operations will start in the third quarter of this year, it said.

The Egyptian oil ministry announced the five-year deal earlier on Monday. (Reporting by Gwladys Fouche; Editing by Balazs Koranyi)

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