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Flex LNG - Second Quarter 2021 Earnings Release

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August 17, 2021 - Hamilton, Bermuda

Flex LNG Ltd. ("Flex LNG" or the “Company”) today announced its unaudited financial results for the second quarter and six months ended June 30, 2021.

Highlights:

  • Revenues of $65.8 million for the second quarter 2021, compared to $81.3 million for the first quarter 2021.
  • Net income of $12.7 million and earnings per share of $0.24 for the second quarter 2021, compared to net income of $47.2 million and earnings per share of $0.88 for the first quarter 2021.
  • Average Time Charter Equivalent ("TCE") rate of $57,780 per day for the second quarter 2021, compared to $75,399 per day for the first quarter 2021.
  • Adjusted EBITDA of $46.8 million for the second quarter 2021, compared to $64.0 million for the first quarter 2021.
  • Adjusted net income1 of $15.7 million for the second quarter 2021, compared to $34.2 million for the first quarter 2021.
  • Adjusted earnings per share1 of $0.29 for the second quarter 2021, compared to $0.64 for the first quarter 2021.
  • Since April 2021, the Company has secured long-term time charter contracts for six vessels with aggregate firm periods of 20 years with charterer's options which could extend this to 40 years. More detail on the specific contracts has been detailed in the Business Update section of this report.
  • In May 2021, the Company completed its newbuilding program following successful delivery of its thirteenth newbuilding LNG carrier, Flex Vigilant.
  • In August 2021, an option was declared extending the variable rate time charter with an international energy major for Flex Amber, by an additional one year.
  • In August 2021, the Board of Directors authorized to increase the maximum amount to be paid per share under the share buy-back program announced in November 2020, from $14.00 to $15.00.
  • As at the date of this report, the Company has repurchased 900,000 shares at an aggregate cost of $8.3 million, or $9.22 per share, in accordance with the share buy-back program.
  • The Board of Directors has declared a cash dividend for the second quarter of $0.40 per share.

Øystein M Kalleklev, CEO of Flex LNG Management AS, commented:
“We are pleased to announce second quarter results in line with our guidance with revenues and adjusted net income of $65.8m and $15.7m respectively. In the second quarter we took delivery of our last newbuilding Flex Vigilant on May 31, which commenced a minimum three-year charter following delivery. We thus have 13 state-of-the-art large LNG carriers on the water. As the market and outlook have significantly improved recently due to strong LNG demand, we have acted on opportunities to add substantial length to our charter backlog with six new attractive long-term charters executed during the second quarter with an aggregate minimum duration of 20 years. As of today, we have booked 96 per cent of the available days for the year but remain exposed to the general market through one ship trading spot and three ships on variable hire. As ships are rolling onto new contracts, we do expect revenues to grow steadily in the second half of the year. With a very healthy cash position, industry low cash break-even levels and high earnings visibility we thus remain well positioned.”

Second Quarter 2021 Result Presentation

Flex LNG will release its financial results for the second quarter 2021 on Tuesday August 17, 2021.

In connection with the earnings release, a webcast and conference call will be held at 3:00 p.m. CEST (9:00 a.m. EST). In order to attend the webcast and/or conference call you may do one of the following:

Attend by Webcast:

Use to the follow link prior to the webcast: https://edge.media-server.com/mmc/p/avo2fcyt

Attend by Conference Call:

Applicable dial-in telephone numbers are as follows:

Norway: +47 210 33 922

United Kingdom: +44 (0) 203 0095 709

United Kingdom (local): 0844 493 6766

United States, New York: +1 646 787 1226

United States: +1 866 280 1157

Confirmation Code: 5555758

The presentation material which will be used in the teleconference/webcast can be downloaded on www.flexlng.com and replay details will also be available at this website.


For further information, please contact:

Knut Traaholt, CFO

Telephone: +47 23 11 40 00


Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "expect," "forecast," "anticipate," "estimate," "intend," "plan," "possible," "potential," "pending," "target," "project," "likely," "may," "will," "would," "should," "could" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. As such, these forward-looking statements are not guarantees of the Company’s future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. The Company undertakes no obligation, and specifically declines any obligation, except as required by applicable law or regulation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the effect of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include: unforeseen liabilities, future capital expenditures, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the LNG tanker market, the length and severity of the COVID-19 outbreak and its impact on the LNG tanker market, the impact of public health threats and outbreaks of other highly communicable diseases, changes in the Company’s operating expenses, including bunker prices, dry-docking and insurance costs, the fuel efficiency of the Company’s vessels, the market for the Company’s vessels, availability of financing and refinancing, ability to comply with covenants in such financing arrangements, failure of counterparties to fully perform their contracts with the Company, changes in governmental rules and regulations or actions taken by regulatory authorities, including those that may limit the commercial useful lives of LNG tankers, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hire, and other factors, including those that may be described from time to time in the reports and other documents that the Company files with or furnishes to the U.S. Securities and Exchange Commission (“Other Reports”). For a more complete discussion of certain of these and other risks and uncertainties associated with the Company, please refer to the Other Reports.

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