FLNG Flex LNG Ltd.

Flex LNG - NYSE Investor Access Day for Energy & Utilities

Flex LNG - NYSE Investor Access Day for Energy & Utilities

September 12, 2023

Hamilton, Bermuda

Flex LNG will this week be attending the NYSE Investor Access Day for Energy & Utilities, the 15th Annual Capital Link Shipping & Marine Services Forum in connection with London International Shipping Week, and we will also be doing an investor update with Nordnet. The presentation used is attached hereto and is also available on our web page.

For further information, please contact:

Knut Traaholt

Chief Financial Officer

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.

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12/09/2023

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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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