Flex LNG : Q1, 2019 Earnings Release

Flex LNG Q1, 2019 Earnings Release

31.05.2019 06:20

Flex LNG Q1, 2019 Earnings Release May 31, 2019 - Hamilton, Bermuda Flex LNG Ltd. ('Flex LNG' or the 'Company') today reports unaudited results for the three months ended March 31, 2019. Highlights: o Reported revenues for the first quarter 2019 of $19.1 million, compared to $36.1 million for the fourth quarter 2018. o Reported operating income of $3.0 million for the first quarter 2019, compared to $21.5 million in the fourth quarter 2018. o Reported net loss of $3.4 million for the first quarter 2019, compared to net income of $15.2 million for the fourth quarter 2018. o In April, the Company signed a $250 million secured term loan facility for the financing of the two newbuildings delivering in 2019. o In April, the Company signed a $300 million sale and charter-back transaction with Hyundai Glovis Co. Ltd. ('Hyundai Glovis') for the vessels Flex Enterprise and Flex Endeavour. o On May 30, in relation to the proposed listing of the Company's ordinary shares on the New York Stock Exchange (the 'NYSE') under the symbol 'FLNG', the U.S. Securities and Exchange Commission (the 'SEC') declared the Company's registration statement on Form 20-F effective. Øystein M Kalleklev, CEO comments: 'First half of 2019 has been challenging due to the disruption in the LNG trade caused by a unseasonably mild winter, a glut of LNG hitting the market as well as shift in trading patterns favouring shorter hauls to Europe. We in Flex LNG have deliberately elected to sail against the current to be able to position us for the shift in currents expected to take place in the second half of the year. With tighter market and significant contango in the gas market we are upbeat about the outlook for owners of uncommitted two stroke LNG carriers. Furthermore we continue to strengthen the organization with insourcing of ship management with the aim of delivering the highest standard in terms of customer experience. Additionally, our US listing will give us access to a larger and deeper capital market which is advantageous in such a capital intensive shipping segment as LNG transportation.' First Quarter of Result Presentation In connection with the earnings release, a webcast and conference call will be held at 14:00 CEST. 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: https://edge.media-server.com/m6/p/of45s2fo Attend by Conference Call: Applicable dial-in telephone numbers are as follows: Norway: [phone] United Kingdom: [phone] United States: [phone] Confirmation Code: 2697458 A Q&A session will be held after the teleconference/webcast. Information on how to submit questions will be given at the beginning of the session. 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. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act or the continuing obligations of Oslo Børs.