Flex LNG Q2, 2019 Earnings Release Hamilton, Bermuda Flex LNG Ltd. ('Flex LNG' or the 'Company') today reports unaudited results for the second quarter 2019. Highlights: o Reported revenues of $19.0 million for the second quarter 2019, compared to $19.1 million for the first quarter 2019. o Average Time Charter Equivalent ('TCE') rate of $46,266 per day for the second quarter 2019, compared to $42,644 per day for the first quarter 2019. o Reported net loss of $3.9 million for the second quarter 2019, compared to a net loss of $3.4 million for the first quarter 2019. o Adjusted EBITDA of $11.3 million for the second quarter 2019, compared with $8.7 million for the first quarter 2019. o On June 17, 2019, the Company's shares commenced trading on the New York Stock Exchange (the 'NYSE') under the ticker symbol 'FLNG'. o In June 2019, the Company took delivery of its fifth newbuilding LNG carrier, the Flex Constellation. o In July 2019, the Company closed the $300 million sale and charterback transaction with Hyundai Glovis Co. Ltd. ('Hyundai Glovis') for the vessels Flex Enterprise and Flex Endeavour. Øystein M Kalleklev, CEO of Flex LNG Management AS, commented: 'The first half of 2019 has been a cold shower for most LNG industry participants with the exception of the end consumers, who have benefited from cheap clean fuel and made significant savings on their utility bills. Low gas prices during the first half of the year have also negatively affected the results of Flex LNG, as excess gas supply has predominantly been absorbed by European consumers, cutting sailing distances and thus affecting shipping demand and rates. Despite this challenging market environment, we do see improved outlook for the second half as the LNG shipping market is expected to become increasingly tight and the likelihood of a repeat of last winter's El Nino is low. These factors should provide tailwinds into 2020 and we expect the LNG product market to become increasingly tight from next year. Tighter product markets generally result in higher shipping demand due to arbitrage and re-loads. Hence, we think a tighter product market will positively affect the market balance in 2021.' Second Quarter 2019 Result Presentation In connection with the earnings release, a webcast and conference call will be held at 3:00 p.m. CEST (9:00 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: https://edge.media-server.com/mmc/p/2c7es9no Attend by Conference Call: Applicable dial-in telephone numbers are as follows: Norway: +47 21 56 31 62 United Kingdom: +44 (0) 203 0095710 United States: +1 917 720 0178 Confirmation Code: 7118508 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.
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FLEX LNG Ltd. published this content on 20 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 August 2019 05:21:04 UTC
FLEX LNG Ltd. is an owner and commercial operator of fuel efficient, fifth generation liquefied natural gas (LNG) carriers. The Companyâs business is focused on the operation of its long-term charters for its fleet. It owns and operates about nine M-type, Electronically Controlled, Gas Injection (MEGI) LNG carriers, of which four have partial re-liquefaction systems installed and three have full re-liquefaction systems installed, and four Generation X Dual Fuel (X-DF) LNG carriers. The Companyâs operating vessels include Flex Endeavour, Flex Enterprise, Flex Ranger, Flex Rainbow, Flex Constellation, Flex Courageous, Flex Aurora, Flex Amber, Flex Artemis, Flex Resolute, Flex Freedom, Flex Volunteer, and Flex Vigilant. Its subsidiaries include Flex LNG Chartering Limited, Flex LNG Management AS, Flex LNG Bermuda Management Limited, Flex LNG Management Limited, Flex LNG Fleet Limited, Flex LNG Endeavour Limited, Flex LNG Enterprise Limited, Flex Vigilant Limited, and others.
FLEX LNG LTD. 
