TIDMFLNG 
 
   November 20, 2019 - Hamilton, Bermuda 
 
   Flex LNG Ltd. ("Flex LNG" or the "Company") today announced its 
unaudited financial results for the third quarter and nine months ended 
September 30, 2019. 
 
 
 
   Highlights: 
 
 
   -- Reported revenues of $29.8 million for the third quarter 2019, compared 
      to $19.0 million for the second quarter 2019. 
 
   -- Average Time Charter Equivalent ("TCE") rate of $58,222 per day for the 
      third quarter 2019, compared to $46,266 per day for the second quarter 
      2019. 
 
   -- Adjusted EBITDA of $21.8 million for the third quarter 2019, compared 
      with $11.3 million for the second quarter 2019. 
 
   -- Reported net income of $0.5 million for the third quarter 2019, compared 
      to a net loss of $3.9 million for the second quarter 2019. 
 
   -- In July 2019, the Company executed the $300 million sale and charterback 
      transaction with Hyundai Glovis Co. Ltd. ("Hyundai Glovis") for the 
      vessels Flex Endeavour and Flex Enterprise. 
 
   -- In August 2019, the Company took delivery of its sixth newbuilding LNG 
      carrier, Flex Courageous. 
 
   -- In October 2019, Flex LNG Fleet Management AS received the Document of 
      Compliance qualifying the Company for in-house technical ship management 
      services. 
 
   -- In November 2019, the Company received firm commitments from a syndicate 
      of 11 banks and the Export-Import Bank of Korea ("KEXIM") for a $629 
      million financing for the five newbuildings scheduled for delivery in 
      2020. 
 
   -- The Board of Directors has declared a cash dividend for the third quarter 
      of $0.10 per share. 
 
   Øystein M Kalleklev, CEO of Flex LNG Management AS, commented: 
 
   "In line with our expectations, the freight market has become 
increasingly tighter in the second half of 2019 resulting in much more 
favourable market conditions despite low gas prices. Flex LNG has been 
very well positioned for the stronger market with ships available in the 
spot market as well as ships on variable rates linked to these freight 
rates. We are today delivering results in line with guidance for third 
quarter and our fourth quarter is booked at considerable higher rates 
with revenue expectations of about $50 to $55 million. During the year 
we have also secured close to $1.3bn of attractive long-term financing 
and this together with our in-house ship management company means we are 
well positioned for the journey ahead." 
 
   Harald Gurvin, CFO of Flex LNG Management AS, commented: 
 
   "Our track record for 2019 demonstrates our ability to secure financing 
from various sources at very attractive terms. Having already executed 
$650 million in new financings during 2019, the new $629 million 
facility for the five newbuildings delivering in 2020 means have we 
secured long term funding for 11 of our 13 vessels, with comfortable 
remaining capex for the two vessels delivering in 2021. The new facility 
was significantly oversubscribed, with commitments from KEXIM and 11 
leading international shipping banks. Attractive financing terms also 
mean attractive cash breakeven levels, giving substantial cash flow 
potential from our fleet of latest generation LNG carriers." 
 
   Third Quarter 2019 Result Presentation 
 
   In connection with the earnings release, a webcast and conference call 
will be held at 3:00 p.m. CET (9:00 a.m. ET). 
 
   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/hhpedipx 
 
   Attend by Conference Call: 
 
   Applicable dial-in telephone numbers are as follows: 
 
   Norway: +47 21 56 31 62 
 
   United Kingdom: +44 (0) 203 009 5710 
 
   United Kingdom, local: 084 449 33857 
 
   United States: +1 917 720 0178 
 
   United States (toll free): +1 866 869 2321 
 
   Confirmation Code: 8292178 
 
   A Q&A session will be held after the teleconference/webcast. Information 
on how to submit questions will be given at the beginning of the 
session. 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 09 
 
   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, 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. 
 
   This information is subject of the disclosure requirements pursuant to 
section 5 -12 of the Norwegian Securities Trading Act or the Continuing 
Obligations of Oslo Børs. 
 
   Attachment 
 
 
   -- Q3 2019 FLEX Press Release 
      https://ml-eu.globenewswire.com/Resource/Download/d9978391-ac4f-4123-be70-c1704f610225 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

November 20, 2019 01:01 ET (06:01 GMT)