November 23, 2022
Flex LNG – Announce extension of Time Charters for 3 ships with Cheniere
Flex LNG, Ltd. (“Flex LNG” or the “Firm”) (OSE/NYSE: FLNG) is happy to announce an extension of the Time Constitution Agreements with Cheniere Advertising and marketing Worldwide LLP (“CMI”) for the three LNG carriers Flex Endeavour, Flex Ranger and Flex Vigilant. Previous to this settlement, the three ships have about 6 years in mixture of remaining agency constitution interval, and the brand new settlement extends the constitution intervals for as much as a further 19 years in mixture.
Below the settlement, CMI early declares the unique 1+1-year non-compulsory intervals for all of the three vessels. Moreover, Flex LNG and CMI have agreed to an extension of the present Time Constitution Agreements for Flex Endeavour and Flex Vigilant. The brand new interval is for as much as 1,800 days (further approx. 5 years) for each Flex Endeavour and Flex Vigilant.
The minimal agency extension interval for Flex Endeavour is 1,300 days from Q1-2027 to Q3-2030. As well as, CMI has a 500-days extension choice to be declarable in Q2-2024 for the interval Q3-2030 to Q1-2032. Within the occasion this 500-days choice is asserted, CMI will even have the choice to increase Flex Endeavour for an additional one-year interval from Q1-2032 to Q1-2033.
The minimal agency extension interval for Flex Vigilant is 1,600 days from Q2-2026 to This fall-2030. As well as, CMI has a 200-days extension choice to be declarable in Q3-2023 for the interval Q3-2030 to Q2-2031. Within the occasion this 200-days choice is asserted, CMI will even have the choice to additional lengthen Flex Vigilant for a two-year interval from Q2-2031 to Q2-2033.
The Flex Ranger will thus be redelivered to Flex LNG within the interval between March or April 2027 after finishing her unique 5.5-year Time Constitution with CMI.
Øystein Kalleklev, CEO of Flex LNG Administration AS commented:
“We’re right this moment happy to announce extension of one other three ships, this time with CMI which is a significant buyer of Flex LNG which we share an excellent working relationship with. As we speak we have now 5 ships on constitution with CMI as we this 12 months additionally delivered Flex Volunteer and not too long ago Flex Aurora on Time Charters to them.
What we additionally recognize is that we as soon as once more are saying extension of ships with an present first-class charterer which clearly demonstrates the attractiveness of not solely our fuel-efficient LNG carriers, but additionally the excessive service degree of professionalism of the complete group from seafarers to the individuals onshore.
With this settlement, CMI will proceed to constitution these three ships for an mixture interval of as much as 25 years with a minimal interval of round 20 years in mixture. As well as, there may be about 6.5 years of minimal backlog for Flex Volunteer and Flex Aurora with CMI with a further 4 years of non-compulsory backlog for these two ships. Along with CMI we’ll thus guarantee secure and low emission transportation of LNG to a gas starved world.
On the identical time, we’re additional growing earnings visibility and our minimal contractual backlog. Following this settlement our minimal contractual backlog is about 63 years or about 5 years on common per ship. As a part of the settlement, we even have a agency redelivery slot for the Flex Ranger in early 2027 which is then our first totally open ship. This implies we are able to market Flex Ranger for brand spanking new enterprise alternatives as this ship has an earlier redelivery than the supply slots that yards right this moment can provide for a newbuilding.”
Corey Grindal, EVP, Worldwide Buying and selling, Cheniere Energy, Inc commented:
“We’re happy to increase these three charters with Flex LNG Ltd and to additional construct upon the sturdy relationship between our two firms. This extension will assist us to proceed to safely meet rising international demand for the cleaner, dependable vitality supplied by LNG. As one the biggest producers of LNG worldwide, Cheniere is ideally positioned to collaborate with companions throughout the LNG worth chain to enhance general emissions within the trade and advance the worldwide transition to a lower-carbon future. These giant Flex LNG vessels are a number of the best accessible in the marketplace and align with our efforts to proceed to decrease general fleet emissions.”
About FLEX LNG
Flex LNG is a delivery firm centered on the rising marketplace for Liquefied Pure Fuel (LNG). Our fleet consists of 13 LNG carriers on the water and all of our vessels are state-of-the-art ships with the newest era two-stroke propulsion (MEGI and X-DF). These trendy ships provide vital enhancements in gas effectivity and thus additionally carbon footprint in comparison with the older steam and four-stroke propelled ships. We now have constructed up a big contract backlog, having 12 of our 13 vessels on long run fastened price constitution contracts. Flex LNG is listed each on the New York