Road Town, Tortola, 28 February 2014. FLEX LNG (Oslo Axess: FLNG) is pleased to announce that the Q4 2013 financial report has been approved by the Board of Directors.
In October 2013 the Board announced that it had commenced a process to explore the strategic alternatives that are available to the Company. The outcome of such a process may be, inter alia, FLEX LNG being part of a business combination; a full or partial sale of the Company or its assets; or FLEX LNG entering into a strategic partnership with a third party. The Company has reviewed a number of possible alternatives and ascertained that there is interest in the assets under construction, however at present there is an element of uncertainty in the market due to the timing of a number of key LNG export projects causing deferrals in the ordering and/or chartering of new vessels. The Company believes that interest in the assets will continue to increase as the timeline of these projects become clearer and the supply and demand balance is improved. In the short term the Company is focused on the construction of the new builds and seeking charter parties for the vessels. The Company will continue to monitor the strategic alternatives to assess if any of these alternatives can add to shareholder value.
Meanwhile the Company is in discussions to secure debt finance to cover all costs during the construction phase, until delivery of the vessels and hopes to conclude this process in the near future.