Road Town, Tortola, 22 December 2010. FLEX LNG (Oslo Axess: FLNG) Announces that the company is in discussions with SHI to restructure the commercial relationship between the two companies.
FLEX LNG and SHI have in December 2010 completed initial discussions to agree upon a process with a target to sign binding amended terms to the commercial relationship between FLEX LNG and SHI by the end of February 2011. Instalments from FLEX LNG and SHI have been deferred temporarily until the end of February 2011.
Commenting on the talks with SHI, Chief Executive Officer of FLEX LNG Management Ltd, Philip Fjeld stated:
“As a result of delays in project development FLEX LNG and SHI have decided to try to adapt the commercial relationship to the change in circumstances.
FLEX LNG continues to pursue an attractive portfolio of potential FLNG projects and we remain confident that 2011 will be an exciting year for the FLNG segment and that FLEX LNG will be at the forefront of these developments”