Flex LNG - Announce 24 years of new contract backlog for three LNG carriers

Flex LNG - Announce 24 years of new contract backlog for three LNG carriers

23 Jun 2022 07:24 CEST

June 23, 2022
Hamilton, Bermuda.

Flex LNG agrees 24 years of backlog for three LNG carriers

Flex LNG, Ltd. ("Flex LNG" or the "Company") (OSE/NYSE: FLNG) is pleased to
announce new Time Charter Agreements for Flex Rainbow, Flex Enterprise and Flex
Amber which are the three open positions we have been marketing.

Flex LNG and the Charterer of Flex Enterprise and Flex Amber, a supermajor, have
agreed to replace the existing variable Time Charters which are due October
2023 and March 2024 with new fixed hire Time Charters. The duration of each of
the new Time Charters is seven years. The commencement of the new Time Charters
will be in the third quarter of 2022 with expiry thus in third quarter of 2029.

Additionally, Flex LNG and the Charterer of Flex Rainbow, a large global trading
company, have agreed a new ten-year fixed rate Time Charter for Flex Rainbow
which will commence in direct continuation of the existing Time Charter which
expires in January 2023. The new Time Charter will thus expire in early 2033.

The new Time Charter Agreements remain subject to final documentation and
customary closing conditions.

Øystein Kalleklev, CEO of Flex LNG Management AS commented:

"We are today happy to announce that we have agreed three Time Charters for Flex
Rainbow, Flex Enterprise and Flex Amber. Altogether this adds about $750 million
of fixed backlog, reflecting the strong period market today.

Not only are we agreeing long term employment for these three ships, but we are
also pleased that we are doing so with the existing charterers which have been
repeating customers. This demonstrates the attractiveness of not only of the
ships, but also the high service level of professionalism of the entire
organization from seafarers to the people onshore.

With these new contracts we have substantially increased our earnings backlog.
After these new contracts, our firm minimum backlog is 54 years with another 28
years of possible extension options. The high degree of earnings backlog will
further strengthen our ability to continue to pay attractive dividends, making
Flex LNG an attractive investment and a place to work at."

For further information, please contact:
Øystein Kalleklev
Chief Executive Officer
Flex LNG Management AS

Telephone: +47 23 11 40 00
Email: [email protected]

About FLEX LNG
Flex LNG is a shipping company focused on the growing market for Liquefied
Natural Gas (LNG). Our fleet consists of thirteen LNG carriers on the water and
all of our vessels are state-of-the-art ships with the latest generation two-
stroke propulsion (MEGI and X-DF). These modern ships offer significant
improvements in fuel efficiency and thus also carbon footprint compared to the
older steam and four-stroke propelled ships. Flex LNG is listed both on the New
York Stock Exchange (NYSE) and Oslo Stock Exchange (OSE) under the ticker
"FLNG". For more information, go to: www.flexlng.com

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

More information:
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Source

FLEX LNG LTD

Provider

Oslo Børs Newspoint