Hamilton, November 19, 2020
The Board of Directors of Flex LNG Ltd. (the “Company”) has on November 19, 2020 authorized a share buy-back program to purchase up to an aggregate of 4,110,584 of the Company’s common shares for the purpose of increasing shareholder value. The maximum amount to be paid per share is USD 10.00 or equivalent in NOK if bought at Oslo Stock Exchange. The timing and amount of any repurchases will depend on legal requirements, market conditions, stock price, alternative uses of capital and other factors.
The Company is not obligated under the terms of the program to repurchase any of its common shares. The buy-back program will be initiated today and end on November 19, 2021.
Øystein Kalleklev, CEO of Flex LNG Management AS comments:
«We find it in the interest of our shareholders that the Company has the authorization to repurchase our common stock as part of it’s capital allocation strategy. The stock is trading at approx. 45% of book value while our book consists of 10 modern MEGI/XDF LNG carriers on the water with average age of only ~1 year as well as three newbuildings with scheduled delivery in 2021. Given the fact that all our ships are fully financed with no maturities prior to H2-2024 and our current cash position the Board has decided to allocate part of our financial resources to pursue such buybacks.»
For more info please contact: Harald Gurvin, Chief Financial Officer of Flex LNG Management AS. Telephone +47 23 11 40 00
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.