HAMILTON, Bermuda, November 29, 2024 — Flex LNG Ltd (“Flex LNG” or the “Company”) (NYSE: FLNG) (OSE: FLNG) is pleased to announce a new 15-year Time Charter Agreement (“TC”) for the Flex Constellation. The charter commences in the first or second quarter of 2026, expiring in 2041, with a potential extension to 2043.

The Flex Constellation, a 173,400 cbm LNG carrier built in 2019, features advanced ME-GI two-stroke propulsion and a partial reliquefaction system (PRS), making it well-suited to current market demands. It’s currently under a 10-month TC with a major Asian utility and asset-backed LNG trader, concluding at the end of the first quarter of 2025. This current charterer is a subsidiary of the new charterer.

As previously reported in our third-quarter results on November 12, the existing charterer did not exercise its one-year extension option. Therefore, the Flex Constellation will be available for spot and/or short-term TC contracts from the end of the first quarter 2025 for approximately 12 months before the new 15-year TC begins.

Øystein Kalleklev, CEO of Flex LNG Management, stated:

“We’re pleased to announce another significant long-term charter, this time for the Flex Constellation, securing it for a minimum of 15 years from 2026 to 2041, with a possible extension to 2043. We greatly appreciate this repeat customer who values the service and quality Flex LNG provides.”

“This Time Charter further strengthens our backlog and earnings visibility, with a charter rate for the new period matching the vessel’s current rate. This agreement brings Flex LNG’s total firm backlog to 64 years, potentially rising to 98 years if all extension options are exercised.”

“This positions Flex LNG well to navigate near-term market softness, with 11.2 of our 13 vessels under firm Time Charters for the next year at an average rate of approximately $80,000 per day. We also have one vessel on a variable hire agreement until at least Q3 2025, with an option for the charterer to extend this to 2030. Therefore, nearly 90% of our 2025 income days are already covered by backlog extending into 2041.”

Please find the updated contract overview attached.

For further information, please contact:

Media contact: Mr. Øystein Kalleklev, Chief Executive Officer of Flex LNG Management
Investor and Analyst contact: Mr. Knut Traaholt, Chief Financial Officer of Flex LNG Management
Telephone: +47 23 11 40 00
Email:

This information constitutes inside information pursuant to article 7 in the EU Market Abuse Regulation, was published by Petter Eng, Senior Vice President Finance, on the date and at the time indicated above, and is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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SOURCE Flex LNG