Flex LNG - Announce extension of Time Charters for three ships with Cheniere

23 Nov 2022 07:43 CET

Hamilton, Bermuda.

November 23, 2022

Flex LNG - Announce extension of Time Charters for three ships with Cheniere

Flex LNG, Ltd. ("Flex LNG" or the "Company") (OSE/NYSE: FLNG) is pleased to
announce an extension of the Time Charter Agreements with Cheniere Marketing
International LLP ("CMI") for the three LNG carriers Flex Endeavour, Flex Ranger
and Flex Vigilant. Prior to this agreement, the three ships have about 6 years
in aggregate of remaining firm charter period, and the new agreement extends the
charter periods for up to an additional 19 years in aggregate.

Under the agreement, CMI early declares the original 1+1-year optional periods
for all the three vessels. Additionally, Flex LNG and CMI have agreed to an
extension of the existing Time Charter Agreements for Flex Endeavour and Flex
Vigilant. The new period is for up to 1,800 days (additional approx. 5 years)
for both Flex Endeavour and Flex Vigilant.

The minimum firm extension period for Flex Endeavour is 1,300 days from Q1-2027
to Q3-2030. In addition, CMI has a 500-days extension option to be declarable in
Q2-2024 for the period Q3-2030 to Q1-2032. In the event this 500-days option is
declared, CMI will also have the option to extend Flex Endeavour for a further
one-year period from Q1-2032 to Q1-2033.

The minimum firm extension period for Flex Vigilant is 1,600 days from Q2-2026
to Q4-2030. In addition, CMI has a 200-days extension option to be declarable in
Q3-2023 for the period Q3-2030 to Q2-2031. In the event this 200-days option is
declared, CMI will also have the option to further extend Flex Vigilant for a
two-year period from Q2-2031 to Q2-2033.

The Flex Ranger will thus be redelivered to Flex LNG in the period between March
or April 2027 after completing her original 5.5-year Time Charter with CMI.


Øystein Kalleklev, CEO of Flex LNG Management AS commented:

"We are today pleased to announce extension of another three ships, this time
with CMI which is a major customer of Flex LNG which we share a very good
working relationship with. Today we have five ships on charter with CMI as we
this year also delivered Flex Volunteer and recently Flex Aurora on Time
Charters to them.

What we also appreciate is that we once again are announcing extension of ships
with an existing first-class charterer which clearly demonstrates the
attractiveness of not only our fuel-efficient LNG carriers, but also the high
service level of professionalism of the entire organization from seafarers to
the people onshore.

With this agreement, CMI will continue to charter these three ships for an
aggregate period of up to 25 years with a minimum period of around 20 years in
aggregate. In addition, there is about 6.5 years of minimum backlog for Flex
Volunteer and Flex Aurora with CMI with an additional 4 years of optional
backlog for these two ships. Together with CMI we will thus ensure safe and low
emission transportation of LNG to a fuel starved world.

At the same time, we are further increasing earnings visibility and our minimum
contractual backlog. Following this agreement our minimum contractual backlog is
about 63 years or about 5 years on average per ship. As part of the agreement,
we also have a firm redelivery slot for the Flex Ranger in early 2027 which is
then our first fully open ship. This means we can market Flex Ranger for new
business opportunities as this ship has an earlier redelivery than the delivery
slots that yards today can offer for a newbuilding."


Corey Grindal, EVP, Worldwide Trading, Cheniere Energy, Inc commented:

"We are pleased to extend these three charters with Flex LNG Ltd and to further
build upon the strong relationship between our two companies. This extension
will help us to continue to safely meet growing global demand for the cleaner,
reliable energy provided by LNG. As one the largest producers of LNG worldwide,
Cheniere is ideally positioned to collaborate with partners across the LNG value
chain to improve overall emissions in the industry and advance the global
transition to a lower-carbon future. These large Flex LNG vessels are some of
the most efficient available on the market and align with our efforts to
continue to lower overall fleet emissions."



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 12 of our 13 vessels on long term fixed rate charter
contracts. Flex LNG is listed both on the New York

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