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Flex LNG Q2, 2020 Earnings Release

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Flex LNG Ltd. ("Flex LNG" or the “Company”) today announced its unaudited financial results for the second quarter and six months ended June 30, 2020.

Highlights:

  • Revenues of $25.8 million for the second quarter 2020, compared to $38.2 million for the first quarter 2020.
  • Net loss of $6.7 million and loss per share of $0.12 for the second quarter 2020, compared to a net loss of $14.9 million and loss per share of $0.27 for the first quarter 2020.
  • Average Time Charter Equivalent ("TCE") rate of $46,588 per day for the second quarter 2020, compared to $67,740 per day for the first quarter 2020.
  • Adjusted EBITDA of $17.4 million for the second quarter 2020, compared to $27.8 million for the first quarter 2020.
  • Adjusted net loss of $0.7 million for the second quarter 2020, compared to adjusted net income of $9.3 million for the first quarter 2020.
  • Adjusted loss per share of  $0.01 for the second quarter 2020, compared to adjusted earnings per share of $0.17 for the first quarter 2020.
  • Long-term financing secured at attractive terms for all vessels and newbuildings.
  • In June 2020, the Company signed a $156.4 million sale and leaseback transaction with an Asian based leasing house for the newbuilding Flex Amber.
  • In June 2020, the Company signed a $125 million financing with a syndicate of banks for the newbuilding Flex Volunteer, which is scheduled for delivery in the first quarter 2021.
  • In July 2020, the Company took delivery of its seventh newbuilding LNG carrier, the Flex Aurora.
  • In July 2020, the technical ship management for Flex Ranger was successfully transferred to Flex LNG Fleet Management AS. Following this transfer, all vessels are managed by Flex LNG Fleet Management AS.
  • In August 2020, the Company took delivery of its eighth newbuilding LNG carrier, the Flex Artemis, which immediately commenced its long-term charter to Clearlake Shipping, a subsidiary of the Gunvor Group.

Øystein M Kalleklev, CEO of Flex LNG Management AS, commented:
“The Covid-19 pandemic and resulting mobility restrictions posed multifaceted challenges for LNG shipping, which in nature is mobile and woven into global supply chains. Notwithstanding these obstacles, we have managed to operate our ships with 100 per cent up-time and availability, with cargoes being delivered without disruptions or delays to our customers. Furthermore, we have mobilized our newbuildings for delivery of which two ships, Flex Aurora and Flex Artemis, have already been delivered.

Crew rotations have been made particularly difficult for the shipping industry, resulting in a lot of seafarers being effectively stranded on ships. We are however pleased that we on average have been able to carry out two crew changes per ship in this period, thus minimizing extended stay for our seafarers.

First class operational performance means we are able to deliver trading results in line with our guidance, with a TCE for the quarter of $47k per day, despite our exposure to a weak spot market during the spring and the summer. We expect similar trading result for the third quarter, even with mobilization of three or possibly four newbuildings during this quarter.”

Second Quarter 2020 Result Presentation
Flex LNG will release its financial results for the second quarter 2020 on Wednesday August 19, 2020. 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/6qeg8ow6

Attend by Conference Call:
Applicable dial-in telephone numbers are as follows:
Norway: +47 21 56 31 62
United Kingdom: +44 (0) 203 0095 710
United Kingdom (local): 0844 493 3857
United States (Toll Free): +1 866 869 2321

Confirmation Code: 4971456

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:

Harald Gurvin, 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," "anticipate," "estimate," "intend," "plan," "target," "project," "likely," "may," "will," "would," "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. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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, 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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