Flex LNG : Arctic Securities Presentation

Shipping - Sailing into a new supercycle?

Arctic Securities Webinar

April 15, 2021

FORWARD-LOOKING STATEMENTS

MATTERS DISCUSSED IN THIS PRESENTATION MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBOR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS. FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHER STATEMENTS, WHICH ARE OTHER THAN STATEMENTS OF HISTORICAL FACTS.

FLEX LNG LTD. ("FLEX LNG" OR "THE COMPANY") DESIRES TO TAKE ADVANTAGE OF THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND IS INCLUDING THIS CAUTIONARY STATEMENT IN CONNECTION WITH THIS SAFE HARBOR LEGISLATION. THE WORDS "BELIEVE," "EXPECT," "ANTICIPATE," "ESTIMATE," "INTEND," "PLAN," "TARGET," "PROJECT," "LIKELY," "MAY," "WILL," "WOULD," "COULD" AND SIMILAR EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS.

THE FORWARD-LOOKING STATEMENTS IN THIS PRESENTATION ARE BASED UPON VARIOUS ASSUMPTIONS, MANY OF WHICH ARE BASED, IN TURN, UPON FURTHER ASSUMPTIONS, INCLUDING WITHOUT LIMITATION, MANAGEMENT'S EXAMINATION OF HISTORICAL OPERATING TRENDS, DATA CONTAINED IN THE COMPANY'S RECORDS AND OTHER DATA AVAILABLE FROM THIRD PARTIES. ALTHOUGH FLEX LNG BELIEVES THAT THESE ASSUMPTIONS WERE REASONABLE WHEN MADE, BECAUSE THESE ASSUMPTIONS ARE INHERENTLY SUBJECT TO SIGNIFICANT UNCERTAINTIES AND CONTINGENCIES WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT AND ARE BEYOND THE COMPANY'S CONTROL, THERE CAN BE NO ASSURANCE THAT THE COMPANY WILL ACHIEVE OR ACCOMPLISH THESE EXPECTATIONS, BELIEFS OR PROJECTIONS. FLEX LNG UNDERTAKES NO OBLIGATION, AND SPECIFICALLY DECLINES ANY OBLIGATION, EXCEPT AS REQUIRED BY LAW, TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

IN ADDITION TO THESE IMPORTANT FACTORS, OTHER IMPORTANT FACTORS THAT, IN THE COMPANY'S VIEW, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DISCUSSED IN THE FORWARD-LOOKING STATEMENTS INCLUDE: UNFORESEEN LIABILITIES, FUTURE CAPITAL EXPENDITURES, THE STRENGTH OF WORLD ECONOMIES AND CURRENCIES, GENERAL MARKET CONDITIONS, INCLUDING FLUCTUATIONS IN CHARTER RATES AND VESSEL VALUES, CHANGES IN DEMAND IN THE LNG TANKER MARKET, THE LENGTH AND SEVERITY OF THE COVID-19 OUTBREAK, THE IMPACT OF PUBLIC HEALTH THREATS AND OUTBREAKS OF OTHER HIGHLY COMMUNICABLE DISEASES, CHANGES IN THE COMPANY'S OPERATING EXPENSES, INCLUDING BUNKER PRICES, DRY-DOCKING AND INSURANCE COSTS, THE FUEL EFFICIENCY OF THE COMPANY'S VESSELS, THE MARKET FOR THE COMPANY'S VESSELS, AVAILABILITY OF FINANCING AND REFINANCING, ABILITY TO COMPLY WITH COVENANTS IN SUCH FINANCING ARRANGEMENTS, FAILURE OF COUNTERPARTIES TO FULLY PERFORM THEIR CONTRACTS WITH THE COMPANY, CHANGES IN GOVERNMENTAL RULES AND REGULATIONS OR ACTIONS TAKEN BY REGULATORY AUTHORITIES, INCLUDING THOSE THAT MAY LIMIT THE COMMERCIAL USEFUL LIVES OF LNG TANKERS, POTENTIAL LIABILITY FROM PENDING OR FUTURE LITIGATION, GENERAL DOMESTIC AND INTERNATIONAL POLITICAL CONDITIONS, POTENTIAL DISRUPTION OF SHIPPING ROUTES DUE TO ACCIDENTS OR POLITICAL EVENTS, VESSEL BREAKDOWNS AND INSTANCES OF OFF-HIRE, AND OTHER FACTORS, INCLUDING THOSE THAT MAY BE DESCRIBED FROM TIME TO TIME IN THE REPORTS AND OTHER DOCUMENTS THAT THE COMPANY FILES WITH OR FURNISHES TO THE U.S. SECURITIES AND EXCHANGE COMMISSION ("SEC").

FOR A MORE COMPLETE DISCUSSION OF CERTAIN OF THESE AND OTHER RISKS AND UNCERTAINTIES ASSOCIATED WITH THE COMPANY, PLEASE REFER TO THE REPORTS AND OTHER DOCUMENTS THAT FLEX LNG FILES WITH OR FURNISHES TO THE SEC.

THIS PRESENTATION IS NOT AN OFFER TO PURCHASE OR SELL, OR A SOLICITATION OF AN OFFER TO PURCHASE OR SELL, ANY SECURITIES OR A SOLICITATION OF ANY VOTE OR APPROVAL.

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INVESTMENT HIGHLIGHTS

Great Hardware

Fully Financed

$~840m paid-in equity

$~1.7bn long-term attractive debt secured

$~129m cash at hand YE-2020

No unfunded capex

Fleet of 13 large LNGCs (MEGI/XDF) built 2018-2021

Right Software

Attractive Market

Lean and experienced in-house commercial and technical mgt. with proven industry track record

1) Source: Wood Mackenzie Q4-2020, GTT and Texas A&M University

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FLEX LNG AND CHENIERE ENTER INTO TIME CHARTER PARTY AGREEMENTS

Flex LNG and Cheniere Enter into Time Charter Party Agreements

April 15, 2021

Hamilton, Bermuda

Flex LNG, Ltd. ("Flex LNG" or the "Company") (OSE/NYSE: FLNG) announced today it has entered into time charterparty agreements with Cheniere Marketing International ("Cheniere") for four LNG carriers with the option for a fifth LNG carrier. Under the agreements, Flex LNG will employ newbuild Flex Vigilant which will be delivered to Cheniere ex-yard in May 2021. In addition, Flex LNG will deliver two of its existing LNG carriers to Cheniere during the third quarter of 2021, and a third existing LNG carrier during the third quarter of 2022. Cheniere will have the option to add a fifth LNG carrier from Flex LNG's existing fleet during the third quarter of 2022. The firm charter period for each of the four initial LNG carriers is between three and three and a half years, with an option for Cheniere to extend each by up to two additional years.

Øystein M. Kalleklev, Chief Executive Officer of Flex LNG Management AS, commented:

"We are very pleased to enter into these agreements with Cheniere. The agreements secure attractive employment for four, possibly five, of our ships with a first-class charterer. Our large and energy efficient ships are particularly well suited for their long-haul trade and align with Cheniere's efforts to secure required shipping capacity while improving the environmental performance of their overall fleet. Hence, this agreement makes very much sense for both parties, so we look forward to further developing our relationship in the years to come. Lastly, these contracts add substantial revenue backlog to our Company which is in line with our communicated strategy of securing attractive term- employment for our ships when we think the time is right."

All existing Flex LNG ships are large LNG carriers with a cargo capacity of approximately 173,400 to 174,000 cubic meters (CBM) and fitted with efficient dual-fueltwo-stroke propulsion (MEGI/XDF). This makes the ships particularly ideal for large parcel, long haul transportation with the industry's lowest carbon footprint and unit transportation cost.

Flex Vigilant

Flex TBN 1

Flex TBN 2

Flex TBN 3

Flex TBN 4

1) The Time Charter Party Agreements remain subject to final documentation and certain closing conditions in connection with the delivery and acceptance of the LNG carriers to Cheniere.

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FLEET STRUCTURE POST	DEAL

Ships:

Q2-21

Q3-21

Q4-21

Q1-22

Q2-22

Q3-22

Q4-22

Q4-22

Q1-23

Q2-23

Q3-23

Q4-23

End firm period

Flex Enterprise

Q1-22

Flex Amber

Q4-21

Flex Artemis

Q3-25

Flex Rainbow

Q1-22

Flex Aurora

Q3-21

Flex Resolute

Q4-21

Flex Freedom

Q1-22

Flex Courageous

Q1-22

Flex Vigilant

Q2-24

Flex Endeavour₁

Q1-25

Flex Ranger₁

Q1/Q2-25

Flex Constellation₂

Q1-26

Flex Volunteer₂

Q1/Q2-26

Employment type:

Variable hire

Fixed hire

Options

Spot

Flex LNG has the option of nominating performing vessels for the Cheniere TCPs depending on vessel availability with flexible delivery

windows thus increasing our ability to marketing our ships in the spot market in the interim periods

1) Flex LNG has option to nominate Flex Endeavour, Flex Ranger, Flex Constellation and/or Flex Volunteer for the 2021 TCPs

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1. Flex has the option to nominate performing vessels for the 2022 TCPs from its existing fleet depending on particular vessel availability