Flex LNG Q2, 2020 Earnings Release

Flex LNG Ltd. ("Flex LNG" or the “Company”) today announced its unaudited financial results for the second quarter and six months ended June 30, 2020.

Highlights:

• Revenues of $25.8 million for the second quarter 2020, compared to $38.2 million for the first quarter 2020.
• Net loss of $6.7 million and loss per share of $0.12 for the second quarter 2020, compared to a net loss of $14.9 million and loss per share of $0.27 for the first quarter 2020.
• Average Time Charter Equivalent ("TCE") rate of $46,588 per day for the second quarter 2020, compared to $67,740 per day for the first quarter 2020.
• Adjusted EBITDA of $17.4 million for the second quarter 2020, compared to $27.8 million for the first quarter 2020.
• Adjusted net loss of $0.7 million for the second quarter 2020, compared to adjusted net income of $9.3 million for the first quarter 2020.
• Adjusted loss per share of  $0.01 for the second quarter 2020, compared to adjusted earnings per share of $0.17 for the first quarter 2020.
• Long-term financing secured at attractive terms for all vessels and newbuildings.
• In June 2020, the Company signed a $156.4 million sale and leaseback transaction with an Asian based leasing house for the newbuilding Flex Amber.
• In June 2020, the Company signed a $125 million financing with a syndicate of banks for the newbuilding Flex Volunteer, which is scheduled for delivery in the first quarter 2021.
• In July 2020, the Company took delivery of its seventh newbuilding LNG carrier, the Flex Aurora.
• In July 2020, the technical ship management for Flex Ranger was successfully transferred to Flex LNG Fleet Management AS. Following this transfer, all vessels are managed by Flex LNG Fleet Management AS.
• In August 2020, the Company took delivery of its eighth newbuilding LNG carrier, the Flex Artemis, which immediately commenced its long-term charter to Clearlake Shipping, a subsidiary of the Gunvor Group.

Øystein M Kalleklev, CEO of Flex LNG Management AS, commented:
“The Covid-19 pandemic and resulting mobility restrictions posed multifaceted challenges for LNG shipping, which in nature is mobile and woven into global supply chains. Notwithstanding these obstacles, we have managed to operate our ships with 100 per cent up-time and availability, with cargoes being delivered without disruptions or delays to our customers. Furthermore, we have mobilized our newbuildings for delivery of which two ships, Flex Aurora and Flex Artemis, have already been delivered.