Wednesday November 17, 2021

Øystein M Kalleklev, CEO of Flex LNG Management AS, has today exercised 60,000 stock options vested in the period September 7, 2018 to September 7, 2021. The original strike price was $14.3 per share, but have been adjusted to $12.9 (the “Adjusted Strike Price”) due to $1.4 dividend paid per share since the options were granted. The stock options have been cash settled with the difference of the Adjusted Strike Price and the closing price at NYSE on November 17, 2021 of $22.78.

Following the exercising of these stock options, Mr. Kalleklev holds 50,000 shares in Flex LNG Ltd. as well as 250,000 stock options vesting over the period August 16, 2021 to September 7, 2024 with an average original strike price of $15.84. The strike price under these stock options is also adjusted for dividend payments.

Please see the attached form for notification and public disclosure of transaction attached.

This notification has been publicly disclosed in accordance with Article 19 of the Market Abuse Regulation section 5-12 of the Norwegian Securities Trading Act.