Flex LNG updates on the market, employment and revenue guidance

Hamilton, Bermuda - July 6, 2022

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.

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”.

FLEX LNG Management Ltd - Press release