Flex LNG - Announces 15-year Time Charter for Flex Constellation

29 Nov 2024 08:41 CET

Hamilton, Bermuda

November 29, 2024

Flex LNG Ltd ("Flex LNG" or the "Company") (NYSE/OSE: FLNG) is pleased to
announce it has agreed a new Time Charter Agreement ("TC") for Flex
Constellation for 15-years. Commencement of the charter will occur during the
first or second quarter of 2026 with maturity in 2041. The TC also include an
extension option for the charterer until 2043.

Flex Constellation, built 2019, is a advanced 173,400 cbm LNG carrier with ME-GI
two stroke propulsion and partial reliquefaction system (PRS) making her ideal
for the current requirements. She is currently on a 10-month TC with a large
Asian utility and asset backed LNG trader until end of first quarter 2025. The
current charterer is a subsidiary of the new charterer.

As communicated in connection with our third quarter results on November 12, the
existing charterer of Flex Constellation did not exercise its one-year extension
option. Hence, Flex Constellation will be open for trading spot and/or short
-term TC from the end of first quarter 2025 for a period of approx. 12 months
before commencing this new 15-year TC.

Øystein Kalleklev, CEO of Flex LNG Management commented:

"We are pleased to announce another substantial long-term charter, this time for
Flex Constellation which will be fixed for a firm period of minimum 15 years
from 2026 to 2041 with possibility of extension to 2043. We really much
appreciate returning customer who appreciate the service and quality level that
Flex LNG delivers.

With this Time Charter, we further increase our backlog and earnings visibility
with a charter rate for the new period in line with the existing charter rate
for the vessel. Following this agreement, Flex LNG has in total 64 years of firm
backlog which may increase to 98 years in the event charterers utilize all their
extension options.

Consequently, Flex LNG is very well positioned to navigate near term market
weakness with 11.2 out of our 13 ships on firm Time Charter for the next year at
an average Time Charter rate of close to $80,000 per day. Additionally, we also
have one ship on variable hire until minimum Q3-2025, but where the charterer
has the option to extend this variable hire to 2030. Hence, close to 90 per cent
of our income days for 2025 is already covered with backlog stretching all the
way into 2041."

Please find the updated contract overview attached.

For further information, please contact:

Media contact: Mr. Øystein Kalleklev, Chief Executive Officer of Flex LNG
Management

Investor and Analyst contact: Mr. Knut Traaholt, Chief Financial Officer of Flex
LNG Management

Telephone: +47 23 11 40 00

Email: ir@flexlng.com

This information constitutes inside information pursuant to article 7 in the EU
Market Abuse Regulation, was published by Petter Eng, Senior Vice President
Finance, on the date and at the time indicated above, and is subject to
disclosure requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

633494_Flex_LNG_Contract_Overview_29_November_2024.pdf