Monday November 8, 2010

08.11.2010 08:54

Road Town, Tortola, 7th November 2010. FLEX LNG (Oslo Axess: FLNG) Announces that the previously communicated talks with an Asian National Oil Company (NOC) to join a floating liquefaction project has been suspended.

Discussions between the parties during the last six months have not led to further progress being made.

Commenting on the talks with the NOC, Chief Executive Officer of FLEX LNG Management Ltd, Philip Fjeld stated:

“We are of course disappointed that we have not been able to bring the project to a successful conclusion.

We continue to work on developing other promising opportunities and remain confident that the work undertaken to date by FLEX LNG and Samsung Heavy Industries to develop one of the world’s first LNG FPSOs will pay dividends going forward.”


FLEX LNG was incorporated in 2006 and is listed in Norway under the ticker code FLNG. The company was incorporated with the objective of commercialising among the world’s first floating liquefaction units (LNG Producers) and has signed four ship building contracts with Samsung Heavy Industries for LNG Producer hulls utilising the SPB LNG containment system. In addition FLEX LNG on 17 September 2008 signed a contract with SHI for the Engineering, Procurement, Construction, Integration and Commissioning of the world’s first floating liquefaction unit. This provides the LNG industry with a unique possibility of accessing currently uncommitted gas reserves for LNG production from 2013 onwards.

By using the proven nitrogen expander liquefaction cycle, the most robust and flexible liquefaction technology in use in the LNG industry, the LNG Producer is to source gas from numerous potential offshore or onshore locations worldwide where natural gas today is either left stranded or is being flared.

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