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  • 2018 May 29 11:03

    Flex LNG reports Q1 2018 results

    FLEX LNG LTD., an emerging leader in the  Liquefied Natural Gas ("LNG") shipping, reports unaudited results for the  three months ended March 31, 2018.   

    Highlights for Q1 2018:   

    -    On January 9 and 11, 2018 Flex LNG successfully took delivery of its first  LNGC newbuildings the Flex Endeavour and the Flex Enterprise, respectively.  

    -    Flex Endeavour commenced it's time charter to Uniper Global Commodities  ("Uniper"), a leading international energy company headquartered in Germany  while Flex Enterprise was operating in the spot market. 

    -    Reported Revenues of $15.1m compared to $1.3m in Q1 2017. 

    -    Reported a positive EBITDA of $2.4m compared to a negative EBITDA of $2.4m in  Q1 2017. 

    -    Reported Net Loss of $ 1.8m compared to a Net Loss in Q1 2017 of $ 1.0m due to  weak utilization of the Flex Enterprise during the quarter as well as increased  financing costs related to $ 315m term loan facility. 

    -    The Company transitioned from IFRS to US GAAP on 1 January 2018. There were no  changes to the balance sheet as a result of this change in accounting  principles.    

    Other and Subsequent Events:   

    -    On 18 April 2018 Flex LNG entered into a 12 months time-charter agreement with  Enel Trade S.p.A. ("Enel"). The time charter period of 12 months will commence  during the second half of 2019. Enel also has the option to extend the contract  by an additional 12 months subsequent to the firm period. 

    -    On 28 May 2018, Flex LNG received credit approval for a sale leaseback of the  LNGC newbuilding Flex Rainbow with an Asian Lessor ("Lessor") based on term  sheet signed by the parties 20 March 2018. The sale price under the lease is  approx. 75% of the relevant ship building price for Flex Rainbow and where the  remaining 25% represent the advance hire for the ten year lease period.  

    -    On May 28, Flex LNG entered into an agreement to acquire two 174,000 CBM X-DF  LNGC newbuildings under construction at HHI for an attractive price of $ 184m  each vessel which includes building supervision. Payment terms are favorable  with 20 per cent of amount due following signing of such agreement while  remaining 80 per cent is due at delivery. Hence seller is funding part of  pre-delivery capex which illustrate commitment and support of the largest  shareholder.  

    -    Jonathan Cook, Chief Executive Officer of Flex LNG Management Ltd, decided on  28 May 2018 to resign his position to pursue other interests. The Board has  decided to appoint Board member Marius Hermansen as Interim CEO and will  actively pursue recruitment process of a permanent Chief Executive Officer. The  Company has also hired Marius Foss as Head of Commercial. Mr. Foss comes from a  similar role at Golar LNG Ltd. 

    -    Following the changes in management 28 May and the recruitment of Mr Foss, the  Board has increased its focus on building a strong team around the Company's  modern LNGC  fleet, and given the market outlook, transportation of LNG will be  the Company's core focus going forward.      




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