Flex LNG – Announces extension of Time Charters for three

Hamilton, Bermuda.

November 23, 2022

Flex LNG – Announces extension of time charters for three vessels with Cheniere

FlexLNG, Ltd. (“Flex LNG” or the “Company”) (OSE/NYSE: FLNG) is pleased to announce an extension of the time charter agreements with Cheniere Marketing International LLP (“CMI”) for the three LNG carriers Flex Endeavour, Flex Ranger and Flex Vigilant. Prior to this agreement, the three vessels had approximately 6 years in total of firm charter period remaining, and the new agreement extends the charter periods to a further 19 years in total.

Under the agreement, CMI pre-declares the initial option periods of 1 + 1 year for the three vessels. In addition, Flex LNG and CMI have agreed to an extension of the existing time charter agreements for Flex Endeavor and Flex Vigilant. The new period is a maximum of 1,800 days (approximately 5 additional years) for Flex Endeavor and Flex Vigilant.

The minimum firm extension period for Flex Endeavor is 1,300 days from Q1-2027 to Q3-2030. In addition, CMI has a 500-day extension option to be declarable in Q2-2024 for the period Q3-2030 to Q1-2032. If this 500-day option is declared, CMI will also have the option to extend Flex Endeavor for a further period of one year from Q1-2032 to Q1-2033.

The firm minimum extension period for Flex Vigilant is 1,600 days from Q2-2026 to Q4-2030. In addition, CMI has a 200-day extension option to be reportable at Q3-2023 for the period Q3-2030 to Q2-2031. If this 200-day option is declared, CMI will also have the option to further extend Flex Vigilant for a period of two years, from Q2-2031 to Q2-2033.

The Flex Ranger will therefore be delivered again to Flex LNG between March and April 2027 after completing its original 5.5-year time charter with CMI.

Øystein Kalleklev, CEO of Flex LNG Management AS, said:

“Today we are pleased to announce the extension of three other vessels, this time with CMI, which is a major customer of Flex LNG with whom we share a very good working relationship. Today, we have five ships on charter with CMI, as we also delivered Flex Volunteer to them this year and recently Flex Aurora on Time Charters.

What we also appreciate is that we are once again announcing the expansion of vessels with an existing first-class charterer, which clearly demonstrates the appeal not only of our fuel-efficient LNG carriers, but also of the high standard service and professionalism of the entire organization from seafarers to people ashore.

With this agreement, CMI will continue to charter these three vessels for a cumulative period of up to 25 years with a minimum period of approximately 20 years generally. Additionally, there are about 6.5 years of minimum order book for Flex Volunteer and Flex Aurora with CMI with an additional 4 years of optional order book for these two vessels. In collaboration with CMI, we will thus ensure a safe and low-emission transport of LNG to a world in need of fuel.

At the same time, we are further increasing the visibility of our results and our minimum order book. Following this agreement, our minimum order book is approximately 63 years, i.e. approximately 5 years on average per vessel. As part of the agreement, we also have a firm delivery window for the Flex Ranger in early 2027, which is then our first fully open vessel. This means that we can market Flex Ranger for new business opportunities, as this vessel has a new delivery sooner than the delivery slots that shipyards can offer today for a new building.

Corey Gridal, Executive Vice President, Global CommerceCheniereEnergy, Inc. commented :

We are delighted to extend these three charters with Flex LNG Ltd and strengthen the strong relationship between our two companies. This extension will be to help us to continue to without issue meet the growing global demand for the cleaner, more reliable energy supplied by LNG. As one of the largest LNG producers in the world, Cheniere is ideally positioned to collaborate with partners across the entire LNG value chain to improve overall industry emissions and advance the global transition to a low-carbon future. These large Flex LNG vessels are among the most efficient available on the market and align with our efforts to continue to reduce overall fleet emissions..

About FLEX LNG

Flex LNG is a shipping company focused on the growing liquefied natural gas (LNG) market. Our fleet consists of thirteen LNG carriers on the water and all our vessels are state-of-the-art vessels with latest generation two-stroke propulsion (MEGI and X-DF). These modern vessels offer significant improvements in fuel efficiency and therefore also in carbon footprint compared to older steam-powered and four-stroke vessels. We have built up a large order book, having 12 of our 13 vessels under long term fixed rate charter contracts. Flex LNG is listed on both the New York

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