London, April 18, 2018
FLEX LNG LTD (“FLEX LNG” or the “Company”) (OSE:FLNG), a global shipping company specializing in the ownership of LNG carriers, today announce that, through a separate wholly-owned subsidiary, it has entered into a time-charter agreement with Enel Trade S.p.A. (“Enel”), a company of the Enel Group, a multinational power company and one of the world’s leading integrated electricity and gas operators.
The time charter period of 12 months will commence during the second half of 2019. Enel also has the option to extend the contract by an additional 12 months subsequent to the firm period. FLEX LNG intends to employ the LNG carrier FLEX ENTERPRISE for this business, however the Company also has the option to nominate one of its sister vessels.
FLEX ENTERPRISE is a 173,400 cbm LNG carrier with MEGI propulsion built in 2018.
Jonathan Cook, Chief Executive Officer, commented:
“We are pleased to announce a time-charter agreement with Enel for one of our new MEGI vessels and we look forward to working closely with them throughout the charter period. This charter is in line with our strategy of adding incremental revenue as the market for LNG shipping continues to improve and provides important earnings visibility for the Company.”
For further information, please contact:
Mr. Øystein M. Kalleklev, Chief Financial Officer
Telephone: +47 23 11 40 58
About FLEX LNG LTD
FLEX LNG aims to become a leading supplier of LNG Carriers and Floating Storage & Regasification Units (“FSRUs”) by providing safe, reliable, and cost effective logistic solutions in the LNG shipping industry, utilizing only the newest and most environmentally friendly vessels. FLEX LNG is listed on the Oslo Stock Exchange under the ticker FLNG.
FLEX has a fleet of six highly efficient MEGI LNG carriers consisting of two existing vessels and four newbuildings under construction at industry-leading shipyards in South Korea for delivery in 2018 and 2019. The introduction of two-stroke MEGI propulsion for LNG ships has provided significant savings to Charterers in form of reduced fuel consumption and lower boil-off rates by using the latest technologies. Compared to TFDE vessels, reduction in fuel consumption alone is estimated at ~30%.
Forward Looking Statements
This press release contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates, sometimes identified by the words “believes”, “expects”, “intends”, “plans”, “estimates” and similar expressions. The forward-looking statements contained in this release, including assumptions, opinions and views of the Company or cited from third-party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company does not provide any assurance that that the assumptions underlying such forward-looking statements are free from errors, nor does the Company accepts any responsibility for the future accuracy of the opinions expressed in the presentation or the actual occurrence of the forecasted developments. No obligations are assumed to update any forward-looking statements or to conform to these forward-looking statements to actual results.