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Paris, May 29, 2008 - Gaz de France and Höegh LNG AS have signed a Joint Development Agreement related to the design, the construction supervision and the operation of a Floating Storage and Regasification Unit (FSRU-vessel). Thanks to this partnership, the most up to date technology will be brought to the Triton project, an offshore LNG project developed by Gaz de France in the Adriatic Sea, about 30 km off the Marche region shore, in Italy.

The LNG storage capacity of the FSRU-vessel will be about 170,000 cu.m and the base load regasification capacity will be 5 billion cu.m. and could double through the addition of a second FSRU-vessel. The FSRU vessel will be leased from Gaz de France to an equally owned Joint Venture created by Gaz de France and Höegh LNG; and Höegh LNG will be missioned by this joint venture to operate this vessel.

The technologies applied in the FSRU-vessel and in the ship-to-ship LNG transfer will be selected in order to gather the safest and most cost efficient solution with a minimal effect on the environment. Such concept is particularly well adapted to meet Italy's growing gas needs and the stringent environmental requirements of this Italian region. It will put Italy in the forefront of new technological developments in LNG regasification.

The studies related to the permitting and development of Triton LNG project are already well advanced. Final Investment Decision are expected by end 2009 with first LNG deliveries before end 2012.

Gaz de France's Chief Operating Officer, Jean-Marie Dauger, says: "The Triton project serves a double purpose: allowing Gaz de France to be a player in LNG development and to reinforce its presence in Italy, where we ambition a long-term presence, contributing to the energy supply of the country. Our partnership with Höegh LNG will allow us to combine the best skills in order to bring together the innovative and environment friendly solutions that are necessary for the development of offshore regasification".

Höegh LNG's President and Chief Executive Officer, Sveinung Stöhle, says: "We are very pleased to develop this project together with Gaz de France, and I am convinced that Gaz de France's prominent overall position in the LNG market and Höegh LNG's innovative solutions to floating regasification will secure a cost effective and reliable terminal solution for the Italian gas market".

The Gaz de France Group is a major energy player in Europe. As the leading natural gas distributor in Europe, Gaz de France employs nearly 50,000 employees and earned €27 billion in sales in 2007. The Group holds a portfolio of some 14 million clients, approximately 11 million of which are in France. Gaz de France is listed on the Paris Stock Exchange and forms part of the CAC 40 and Dow Jones Stoxx 600 indices.

Höegh LNG with head office in Oslo, Norway, is a fully integrated ship-owning company offering long-term floating production, transportation, regasification and terminal solutions for LNG. The company operates 5 LNG carriers and has two innovative Shuttle and Regasification Vessels (SRV) on order. Höegh LNG is also developing two deepwater terminals based on the SRV technology in Florida and UK. The company is owned by Leif Höegh & Co Ltd.

Gaz de France Press Contact:

Célestine Fauche, +331 47 54 24 43
celestine-externe.fauche@gazdefrance.com

Höegh LNG AS Press Contact:

Sveinung Stöhle, President and Chief Executive Officer, Höegh LNG,
+47 4003 9969

Olav Sollie, Senior Vice President Corporate Communications,
+47 4003 9821

olav.sollie@hoegh.com