Hamilton, Bermuda.
January 18, 2024
Flex LNG Ltd. («Flex LNG» or «Company») (NYSE/OSE: FLNG) has received notice that the charterer of Flex Resolute, a super major, has exercised its first extension option. Flex Resolute was fixed on a three-year Time Charter on November 1, 2021, with commencement of the Time Charter in January 2022. Under the Time Charter, the charterer had options to extend the period by up to four additional years in two-year periods. Following this option declaration, Flex Resolute is on a fixed hire contract until at least first quarter of 2027. The charterer will then have a final option to extend the Time Charter by another two years until 2029. Please find attached updated contract overview.
Øystein Kalleklev, CEO of Flex LNG Management AS, commented:
"We are pleased that the charterer of Flex Resolute has decided to extend the Time Charter. This means that earliest redelivery for the ship is 2027 where the charterer has a further option to extend her until 2029. Flex LNG is well positioned with 95% charter coverage for 2024 and about 50 years of firm backlog. We have one ship, Flex Constellation, coming open this year during the second quarter when the freight market usually starts to tighten again after the seasonal adjustment coming out of the winter."
For further queries, please contact:
Media contact:
Øystein Kalleklev, CEO Tel: +47 23 11 40 00
Investor and Analyst contact:
Knut Traaholt, CFO Tel: +47 23 11 40 00
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. We have built up a significant contract backlog, having fixed 11 of our 13 vessels on long term fixed-rate charter contracts and one vessel on variable hire time charter. 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 (http://www.flexlng.com)
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Attachment
- Flex LNG - Contract Overview - Jan 18 2024 (https://ml-eu.globenewswire.com/Resource/Download/3fcc2c4b-ddf7-4a26-88c3-12136b86d8cc)
