| | |
| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
|
| FORM 6-K |
|
| REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO |
| RULE 13A-16 OR 15D-16 UNDER THE SECURITIES |
| EXCHANGE ACT OF 1934 |
|
| For the month of May 2024 |
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| Commission File Number: 001-38904 |
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| FLEX LNG Ltd. |
| (Translation of registrant's name into English) |
|
| Par-La-Ville Place |
| 14 Par-La-Ville Road |
| Hamilton |
| Bermuda |
| (Address of principal executive offices) |
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached hereto as Exhibit 99.1 and Exhibit 99.2 is a copy of the press release issued by FLEX LNG Ltd (the "Company"), dated May 8, 2024, announcing the new Time Charter for Flex Constellation of 312 days ending in the first quarter of 2025.
This Report on Form 6-K, excluding the commentary of Øystein Kalleklev, is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (File No. 333-268367) that was declared effective December 7, 2022 and the Company's Registration Statement on Form F-3 (registration No. 333-259962) that was declared effective October 14, 2021.
FORWARD-LOOKING STATEMENTS
Matters discussed in this Report on Form 6-K 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," "forecast," "anticipate," "estimate," "intend," "plan," "possible," "potential," "pending," "target," "project," "likely," "may," "will," "would," "should," "could" and similar expressions identify forward-looking statements.
The forward-looking statements in this Report on Form 6-K 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. As such, these forward-looking statements are not guarantees of the Company’s future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. The Company undertakes no obligation, and specifically declines any obligation, except as required by applicable law or regulation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the effect of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.
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 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, customers' increasing emphasis on environmental and safety concerns, potential liability from pending or future litigation, general domestic and international political conditions or events, including the recent conflicts between Russia and Ukraine and between Israel and Hamas, business disruptions, including supply chain disruption and congestion, due to natural or other disasters or otherwise, potential physical disruption of shipping routes due to accidents, climate-related incidents, 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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FLEX LNG Ltd. (registrant) |
| By: | /s/ Oystein Kalleklev |
| Name: Oystein Kalleklev |
| Title: Chief Executive Officer of Flex LNG Management AS (Principal Executive Officer of FLEX LNG Ltd.) |
Date: May 15, 2024
Flex LNG – New Time Charter for Flex Constellation
Hamilton, Bermuda
May 8, 2024
Flex LNG, Ltd. ("Flex LNG" or the "Company") (OSE/NYSE: FLNG) is pleased to announce a new Time Charter agreement with a large Asian LNG importer, for the vessel, Flex Constellation. The Time Charter commenced on May 7 with a minimum period of 312 days i.e. until end of first quarter of 2025. The charterer has the option to extend the charter by an additional one-year period until end of first quarter 2026.
Flex Constellation is a large 173,400 cbm LNG carrier delivered from Hanwha Ocean in South Korea to Flex LNG in June 2019. She is equipped with modern two-stroke propulsion (MEGI) and Partial Reliquification System (PRS) which enable the ship to reduce the active boil-off rate to an attractive level of 0.075%.
Flex Constellation was redelivered from a three-year Time Charter at end of first quarter this year. Subsequently, she carried out her scheduled five-year special survey in drydock in Singapore on schedule and budget. Following this drydocking she has been engaged in the spot market until commencement of the new Time Charter.
Øystein Kalleklev, CEO of Flex LNG Management AS, commented: "We are pleased to announce our fourth contract so far this year. Earlier this year we have announced two-year contract extensions for both Flex Resolute and Flex Courageous from 2025 to 2027 as well as a 500-days extension of Flex Endeavour from 2030 to 2032. With this new Time Charter, we have added 6.2 years of firm backlog so far this year and have secured 100 per cent charter coverage for the remainder of the year. In total, we now have 51 years of firm backlog which may increase to 70 years in the event the charterers are utilizing all of their extension options.”
Please find the updated contract overview attached.
For more 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 on the New York Stock Exchange as well as Oslo Stock Exchange under the ticker FLNG.
1 HIGH CONTRACT COVERAGE Extended to 2027 51 years of minimum charter backlog which may grow to 70 years with charterer’s extension options New contract
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