Flex LNG secures Time Charter extension for Flex Courageous and Flex Resolute by up to 10 years from 2029

07 Nov 2024 07:01 CET

Hamilton, Bermuda

November 7, 2024

Flex LNG Ltd ("Flex LNG" or the "Company") (NYSE/OSE: FLNG) is pleased to
announce it has agreed with the Charterer of Flex Courageous and Flex Resolute,
a Supermajor, to amend the existing Time Charter Agreements ("TC") for the two
LNG carriers where the parties have agreed a new firm period from 2029 to 2032
which may be extended by an additional seven years in total until 2039.

As communicated by the Company on November 1, 2021, Flex LNG and the Charterer
then agreed TCs for the two ships with commencement during the first quarter of
2022 where the firm period was three years for each of the LNG carriers and
where the Charterer could extend each ship by two additional two-year periods.
In the event both extension options are declared, the period would thus increase
to seven years under each of the TCs i.e. the TCs have a contract structure of 3
years firm plus 2+2 optional years.

As further announced on January 18, 2024, and February 23, 2024, respectively,
the Charterer declared the first two-year options to extend the firm period for
the ships from first quarter of 2025 until first quarter of 2027. Hence, the
Charterer currently has remaining options to extend the period for each ship by
another two-year period until first quarter of 2029. These two options are
declarable in the first quarter of 2026.

Under the amended TC for both ships, the Charterer has added a minimum three
-year firm period from 2029 until 2032. At the same time, the Charterer has the
option to extend each TC by three additional periods consisting of two periods
of each two years while the last period is for three years. Hence, the parties
have agreed to add an additional contract structure of 3-year firm plus 2+2+3
-optional years to the existing TCs from 2029 onwards. In the event, the
Charterer utilizes all its new extension options, the redelivery of the ships
will be 2039. The new firm periods, with associated options, are agreed
regardless of whether the Charterer declares the last existing extension option
from 2027 to 2029 for the two ships. However, we find it likely that this
extension option also will be utilized given the new firm period from 2029.

Øystein Kalleklev, CEO of Flex LNG Management AS commented:

"We are happy to announce another substantial charter extension for Flex
Courageous and Flex Resolute. Customer satisfaction is paramount to Flex LNG and
we therefore focus on delivering not only advanced vessels, but also a superior
service level in everything we do from shore to sea. Hence, we are very pleased
that our existing Charterer have agreed to continue to work together with us for
a very long period to come. This extension fits with our communicated strategy
of fixing our ships for longer duration at higher rates."

For further information, please contact:

Mr. Øystein Kalleklev, CEO of Flex LNG Management AS

Telephone: +47 23 11 40 00

Email: ir@flexlng.com

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 on the New York
Stock Exchange as well as Oslo Stock Exchange under the ticker FLNG.

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

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