Flex LNG - Market, Employment and Revenue Update July 2022
06 Juli 2022 - 7:00AM
July 6, 2022
Hamilton, Bermuda
Flex LNG updates on the market,
employment and revenue guidance
Flex LNG Ltd. ("Flex LNG" or the "Company") will be providing an
update on employment, adjusted revenue guidance and the general
market during a presentation at Arctic Securities today.
Given the recently announced Time Charter Agreements for Flex
Rainbow, Flex Enterprise and Flex Amber which have secured in total
24 years of fixed hire employment, Flex LNG has made the following
positive adjustments to its revenue guidance for the year:
- Expected revenues in Q2-22: ~$85m
vs. $80m
- Expected revenues in Q3-22: ~$90m
vs. $82-92m
- Expected revenues in Q4-22: $90-100m
vs. $85-105m
Flex LNG also guide higher revenues and Time Charter Equivalent
Earnings (TCE) in 2023 than 2022 due to repricing of its employment
portfolio and significantly reduced spot exposure which dragged
down revenues in Q1-22 due to the pull of US cargoes to Europe in
this period.
Furthermore, the Company has also initiated a phase 2 of its
balance sheet optimization program with the aim of increasing its
available liquidity by a further $100m. This comes on top of the
expected free liquidity as of June 30, 2022, of approximately
$285m. In total, phase 1 of the program is expected to have
released an aggregate $137m when the Flex Endeavour refinancing is
completed in Q3 vs. the stated ambition of $100m when announced in
November 2021.
Please find attached the presentation. The presentation is also
available on www.flexlng.com
For further information, please contact:
Knut Traaholt, Chief Financial Officer of Flex LNG Management
AS
Telephone: +47 23 11 40 00
Email: IR@flexlng.com
About FLEX LNG:
Flex 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.
- Flex LNG - Market and Employment Update July 2022
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