Flex LNG and Cheniere Enter into Time Charter Party Agreements

14 Apr 2021 20:59 CEST

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April 14, 2021
Hamilton, Bermuda

Flex LNG, Ltd. (“Flex LNG” or the “Company”) (OSE/NYSE: FLNG) announced today it
has entered into time charterparty agreements with Cheniere Marketing
International (“Cheniere”) for four LNG carriers with the option for a fifth LNG

Under the agreements, Flex LNG will employ newbuild Flex Vigilant which will be
delivered to Cheniere ex-yard in May 2021. In addition, Flex LNG will deliver
two of its existing LNG carriers to Cheniere during the third quarter of 2021,
and a third existing LNG carrier during the third quarter of 2022. Cheniere will
have the option to add a fifth LNG carrier from Flex LNG’s existing fleet during
the third quarter of 2022. The firm charter period for each of the four initial
LNG carriers is between three and three and a half years, with an option for
Cheniere to extend each by up to two additional years.

Øystein M. Kalleklev, Chief Executive Officer of Flex LNG Management AS,
“We are very pleased to enter into these agreements with Cheniere. The
agreements secure attractive employment for four, possibly five, of our ships
with a first-class charterer. Our large and energy efficient ships are
particularly well suited for their long-haul trade and align with Cheniere’s
efforts to secure required shipping capacity while improving the environmental
performance of their overall fleet. Hence, this agreement makes very much sense
for both parties, so we look forward to further developing our relationship in
the years to come. Lastly, these contracts add substantial revenue backlog to
our Company which is in line with our communicated strategy of securing
attractive term-employment for our ships when we think the time is right.”

All existing Flex LNG ships are large LNG carriers with a cargo capacity of
approximately 173,400 to 174,000 cubic meters (CBM) and fitted with efficient
dual-fuel two-stroke propulsion (MEGI/XDF). This makes the ships particularly
ideal for large parcel, long haul transportation with the industry’s lowest
carbon footprint and unit transportation cost.

The Time Charter Party Agreements remain subject to final documentation and
certain closing conditions in connection with the delivery and acceptance of the
LNG carriers to Cheniere.

Flex LNG is shipping company focused on the growing market for Liquefied Natural
Gas (LNG). Our fleet consists of twelve LNG carriers on the water and one
remaining newbuildings for delivery in May 2021. All our vessels are
state-of-the-art ships with the latest generation two-stroke propulsion (MEGI
and X-DF). These modern ships offers significant improvements in fuel efficiency
and thus also carbon footprint compared to the older steam and four-stroke
propelled ships. Flex LNG is listed both on the New York Stock Exchange (NYSE)
and Oslo Stock Exchange (OSE) under the ticker “FLNG”.

Flex LNG Contact Information
Øystein M. Kalleklev, Chief Executive Officer of Flex LNG Management AS
+47 23 11 40 00




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