FLEX LNG LTD Second Quarter 2017 Financial Results

FLEX

HAMILTON, Bermuda, Aug. 25, 2017 (GLOBE NEWSWIRE) — FLEX LNG LTD. (Oslo Børs:FLNG) (together with its subsidiaries, the “Company” or “FLEX LNG”), an emerging participant in the LNG shipping and floating regasification market, today reports unaudited results for the three and six months ended June 30, 2017.

Highlights for H1 2017 and Q2 2017

  • Reports loss before tax for the second quarter of $6.7m, or $0.03 per share and $7.6m, or $0.03 per share, for H1 2017
  • Entered into time charters for four Liquefied Natural Gas carriers for 180 days with options to extend for further 180 days in order to establish a market presence and build an operational track record
  • Entered into agreements to acquire four high specification MEGI LNG carriers currently under construction at Daewoo Shipbuilding and Marine Engineering Co. Ltd. (“DSME”), increasing newbuilding fleet to six vessels
  • Successfully completed $125m private placement in the second quarter, following the $100m placement in the first quarter
  • Actively working with NextDecade Global Solutions to provide their customers with fully-integrated LNG import solutions, including Port of Cork FSRU project
  • Transferred primary share listing from the Oslo Axess to Oslo Børs subsequent to the end of the quarter

Subsequent events

  • Two of the time charter vessels will be redelivered at the end of their initial charter period
  • The options have been declared to extend the remaining two time charter vessels for another 180 days. These vessels have been fixed for the majority of the option period, starting in September 2017 with redelivery in the first quarter 2018. These fixtures are expected to have a positive earnings contribution

Jonathan Cook, CEO comments: 
“We have made significant progress over the past six months as we execute on our strategy of becoming a market leader in LNG transportation and LNG infrastructure services.  Our newbuilding fleet of state of the art LNG carriers will be among the most efficient in the global fleet, which will provide FLEX LNG with significant competitive advantages.  The first two vessels are expected to be delivered in the first quarter of next year, and we have been operating four vessels chartered-in on short term contracts to establish our presence in the market and develop best-in-class operations ahead of these deliveries.  Separately, we have been making good progress developing floating storage and regasification opportunities globally. These are important first steps towards building FLEX into a leading participant in the rapidly expanding LNG market. We continue to focus our efforts on several attractive growth opportunities within LNG shipping and floating storage and regasification segments.”

The full report can be found at: https://www.oslobors.no/ob_eng/markedsaktivitet/#/details/FLNG.OSE/messages

Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. Words, such as, but not limited to “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although FLEX believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the control of FLEX, FLEX cannot assure you that they will achieve or accomplish these expectations, beliefs or projections. The information set forth herein speaks only as of the date hereof, and FLEX disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

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

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