Flex LNG - Announce 24 years of new contract backlog for three LNG carriers
23 Juni 2022 - 7:24AM
June 23, 2022Hamilton, Bermuda.
Flex LNG agrees 24
years of
backlog for three LNG
carriers
Flex LNG, Ltd. (“Flex LNG” or the “Company”) (OSE/NYSE: FLNG) is
pleased to announce new Time Charter Agreements for Flex Rainbow,
Flex Enterprise and Flex Amber which are the three open positions
we have been marketing.
Flex LNG and the Charterer of Flex Enterprise and Flex Amber, a
supermajor, have agreed to replace the existing variable Time
Charters which are due October 2023 and March 2024 with new fixed
hire Time Charters. The duration of each of the new Time Charters
is seven years. The commencement of the new Time Charters will be
in the third quarter of 2022 with expiry thus in third quarter of
2029.
Additionally, Flex LNG and the Charterer of Flex Rainbow, a
large global trading company, have agreed a new ten-year fixed rate
Time Charter for Flex Rainbow which will commence in direct
continuation of the existing Time Charter which expires in January
2023. The new Time Charter will thus expire in early 2033.
The new Time Charter Agreements remain subject to final
documentation and customary closing conditions.
Øystein Kalleklev, CEO of Flex LNG Management AS commented:
“We are today happy to announce that we have agreed three Time
Charters for Flex Rainbow, Flex Enterprise and Flex Amber.
Altogether this adds about $750 million of fixed backlog,
reflecting the strong period market today.
Not only are we agreeing long term employment for these three
ships, but we are also pleased that we are doing so with the
existing charterers which have been repeating customers. This
demonstrates the attractiveness of not only of the ships, but also
the high service level of professionalism of the entire
organization from seafarers to the people onshore.
With these new contracts we have substantially increased our
earnings backlog. After these new contracts, our firm minimum
backlog is 54 years with another 28 years of possible extension
options. The high degree of earnings backlog will further
strengthen our ability to continue to pay attractive dividends,
making Flex LNG an attractive investment and a place to work
at.”
For further information, please contact:Øystein KalleklevChief
Executive OfficerFlex LNG Management AS
Telephone: +47 23 11 40 00Email: IR@flexlng.com
About FLEX LNGFlex LNG is a shipping company focused on the
growing market for Liquefied Natural Gas (LNG). Our fleet consists
of thirteen LNG carriers on the water and all of our
vessels are state-of-the-art ships with the latest generation two-
stroke propulsion (MEGI and X-DF). These modern ships offer
significant improvements in fuel efficiency and thus also carbon
footprint compared to the older steam and four-stroke propelled
ships. Flex LNG is listed both on the New York Stock Exchange
(NYSE) and Oslo Stock Exchange (OSE) under the ticker “FLNG”. For
more information, go to: www.flexlng.com
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
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