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
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