FLNGo - FLEX LNG News Story

NOK116.3 -2.4  -2.0%

Last Trade - 27/07/21

Mid Cap
Market Cap £519.8m
Enterprise Value £1.52bn
Revenue £150.2m
Position in Universe 481st / 1848

Flex LNG First Quarter 2021 Earnings Release

Fri 21st May, 2021 6:00am
For best results when printing this announcement, please click on link below:

May 21, 2021 - Hamilton, Bermuda
Flex LNG Ltd. ("Flex LNG" or the “Company”) today announced its unaudited
financial results for the first quarter and three months ended March 31, 2021.

* Revenues of $81.3 million for the first quarter 2021, compared to $67.4
million for the fourth quarter 2020.
* Net income of $47.2 million and earnings per share of $0.88 for the first
quarter 2021, compared to $25.8 million and earnings per share of $0.48 for
the fourth quarter 2020.
* Average Time Charter Equivalent ("TCE") rate of $75,399 per day for the
first quarter 2021, compared to $73,712 per day for the fourth quarter 2020.
* Adjusted EBITDA(1) of $64.0 million for the first quarter 2021, compared to
$50.2 million for the fourth quarter 2020.
* Adjusted net income of $34.2 million for the first quarter 2021, compared to
$24.2 million for the fourth quarter 2020.
* Adjusted earnings per share of $0.64 for the first quarter 2021, compared to
$0.45 for the fourth quarter 2020.
* In January 2021, the Company took delivery of its eleventh and twelfth
newbuilding LNG carriers, Flex Freedom and Flex Volunteer, which immediately
commenced short-term time charters at attractive rates.
* In April 2021, the Company announced time charter agreements with Cheniere
for the attractive long-term time charters of four vessels, with an option for
a fifth vessel. The time charter agreements have been described in more detail
in our Business Update section of this report.
* As at the date of this report, the Company has repurchased 800,000 shares at
an aggregate cost of $6.9 million, or $8.65 per share, in accordance with the
share buy-back program announced in November 2020.
* The Company appointed Mr. Knut Traaholt to succeed Mr. Harald Gurvin as
Chief Financial Officer, with effect from May 3, 2021.
* Published our third annual ESG report for 2020, which can be found on the
Company’s website.
* In May 2021, the Company announced a time charter agreement with an
international trading house for the vessel, Flex Constellation with a firm
period ending in the second quarter 2024.
* On May 20, 2021, the Company agreed the terms and condition for a fixed rate
Time Charter Agreement with an LNG portfolio player for a minimum firm period
of either three or five years for Flex Freedom. The charter will commence in
the first or second quarter 2022 in direct continuation of its existing time
charter and the Charterer will declare the firm period in the third quarter
2021. The Charterer has the option to extend the period by an additional two
years bringing the total period to five or seven years. The Time Charter
Agreement remains subject to final documentation as well as customary closing
* The Board of Directors has declared a cash dividend for the first quarter of
$0.40 per share.
Øystein M Kalleklev, CEO of Flex LNG Management AS, commented:
“We are pleased to announce our best quarterly results so far with Vessel
operating revenues and Adjusted net income of $81.3 million and $34.2 million,
respectively. Due to a stronger market and increased term interest by
charterers, we are also very satisfied that we have been able to execute on
our communicated strategy of securing longer employment for our fleet of
modern and efficient LNG carriers. Since reporting our fourth quarter results
in February, we have agreed several attractive fixed hire term employment
contracts for our vessels with an addition of an aggregate 22 years of minimum
backlog secured. This provides us with strong earnings visibility with about
88% of the days from Q2 to the year end already covered. A healthy backlog
coupled with a strong financial position, industry low cash break even levels
and our investment program coming to its end with the delivery of our last
remaining newbuilding, Flex Vigilant, enables us to increase the shareholder
distribution going forward with a dividend hike to $0.40 for the first quarter

First Quarter 2021 Result Presentation
Flex LNG will release its financial results for the first quarter 2021 on
Friday May 21, 2021.

In connection with the earnings release, a webcast and conference call will be
held at 2:00 p.m. CEST (8:00 a.m. EST). In order to attend the webcast and/or
conference call you may do one of the following:

Attend by Webcast:
Use to the follow link prior to the webcast:

Attend by Conference Call:
Applicable dial-in telephone numbers are as follows:
Norway: +47 21 03 39 22
United Kingdom: +44 (0) 203 0095709
United Kingdom, local: 0844 4936 766
United States: +1 646 787 1226
United States (toll free): +1 866 2801 157

Confirmation Code: 7896598

The presentation material which will be used in the teleconference/webcast can
be downloaded on www.flexlng.com and replay details will also be available at
this website.

For further information, please contact:

Knut Traaholt, CFO

Telephone: +47 23 11 40 00

Forward-Looking Statements
Matters discussed in this press release 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," "anticipate," "estimate," "intend," "plan," "target,"
"project," "likely," "may," "will," "would," "could" and similar expressions
identify forward-looking statements.

The forward-looking statements in this press release 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. The Company undertakes no obligation,
and specifically declines any obligation, except as required by law, to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.

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 length and severity of
the COVID-19 outbreak, 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, potential liability from pending or
future litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents 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.

This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.

*     FLEX LNG - Earnings Release Q1 2021

GlobeNewswire, Inc. 2021
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