FLNG Flex LNG Ltd.

Flex LNG - Key information relating to the cash dividend for the third quarter 2023

Flex LNG - Key information relating to the cash dividend for the third quarter 2023

November 8, 2023

Hamilton, Bermuda

Key information relating to the cash dividend for the third quarter 2023

Dividend amount: $0.875

Declared currency: USD. Dividends payable to shares registered with Euronext VPS will be distributed in NOK.

Last day including right: November 24, 2023

Ex-date: November 27, 2023

Record date: November 28, 2023

Payment date: On or about December 5, 2023. Due to the implementation of CSDR in Norway, dividends payable to shares registered with Euronext VPS will be distributed on or about December 8, 2023.

Date of approval: November 7, 2023

For more info please contact:

Knut Traaholt, Chief Financial Officer of Flex LNG Management AS

Telephone:

Email:

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. We have built up a significant contract backlog, having fixed 12 of our 13 vessels on long term fixed-rate charter contracts and one vessel on variable hire time charter. Flex LNG is listed both on the New York Stock Exchange (NYSE) and Oslo Stock Exchange (OSE) under the ticker "FLNG". For more information, go to:

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

 



EN
08/11/2023

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Reports on Flex LNG Ltd.

Jørgen Lian
  • Jørgen Lian

Flex LNG Minor model adjustments

We have updated our estimates for the Q2 results, updated guidance, and announced refinancing. We still see an attractive 2024–2026e dividend yield at 12%, supported by its solid contract backlog mitigating near- to medium-term market risk. We also see upside potential to our average 2024–2026e fleet-wide TCE of cUSD80k/day, with 5-year TC rates currently quoted at close to USD100k/day. We do not consider our estimate changes to be material, and we have not changed our BUY recommendation. We rei...

ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen
ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen

Q2 much as guided, special dividend in H2'24?

EBITDA of USD 63m (ABGSC and cons at 66m). Q3'24 guidance slightly below expectations. Flat share price reaction.

ABGSC Shipping & Transport Research ... (+3)
  • ABGSC Shipping & Transport Research
  • Oliver Dunvold
  • Petter Haugen

Minor changes, fully priced

LNG trade increases 1% in H1'24, less than our 3% FY'24 forecast. In-line with cons ensus. HOLD, TP of USD 30 (unchanged).

Jørgen Lian
  • Jørgen Lian

Flex LNG (Buy, TP: NOK355.00) - Solid yield on mitigated market risk

On our estimates, Flex LNG offers an 11% average 2024–2026e dividend yield, which we find attractive given its solid contract backlog, mitigating near- to medium-term market risk. Looking beyond the current contract backlog, we find upside potential for our 2024–2026e USD80k/day average fleet-wide TCE, due to elevated and sticky newbuild prices implying a parity rate >25% above our estimates. We reiterate our BUY but have trimmed our target price to NOK355 (358).

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