Group 1 - The UP World LNG Shipping Index increased by 4.54 points, representing a 3.03% gain, closing at 154.17 points [1] - The S&P 500 index also saw an increase, gaining 5.70% [1] - A chart illustrating the performance of both indices with weekly data is referenced [1]

Group 1 - The 2025 Annual General Meeting of FLEX LNG Ltd is scheduled for May 8, 2025 [1] - The record date for voting at the Annual General Meeting is set for April 1, 2025 [1] - A copy of the Notice of Annual General Meeting and the Company's Annual Report on Form 20-F will be available on the Company's website prior to the meeting [1]

The Zacks Transportation - Shipping industry faces challenges due to high inflation, uncertainty surrounding the Federal Reserve’s future rate cut plans, and tariff-related tensions. and lingering supply-chain disruptions. Geopolitical and environmental woes represent further challenges.Despite the uncertainty concerning demand, the industry demonstrates resilience, especially for companies prioritizing growth and operational efficiency. Companies like Frontline (FRO) , FLEX LNG Ltd. (FLNG) and Golden Ocean ...

Company Overview - Flex LNG is a shipping company focused on the growing market for Liquefied Natural Gas (LNG) [2] - The fleet consists of thirteen LNG carriers, all equipped with state-of-the-art ships featuring the latest generation two-stroke propulsion systems (MEGI and X-DF) [2] - These modern ships provide significant improvements in fuel efficiency and a reduced carbon footprint compared to older steam and four-stroke propelled ships [2] Recent Activities - Flex LNG participated in one-on-one investor meetings at the Deutsche Bank 2025 Virtual Shipping Seminar [1] - The company will host additional investor meetings at DNB's Energy & Shipping Conference 2025 [1] - A presentation used during these meetings is available on the company's web page [1]

LNG Market Dynamics - The LNG shipping industry experienced a demand increase of approximately 0.2% in 2024, reaching about 414 million tons[42]. - China is projected to import approximately 78.4 million tons of LNG in 2024, making it a dominant player in LNG import growth[59]. - Economic downturns in major LNG import regions, particularly China and Europe, could hinder the company's future prospects for re-contracting its fleet[60]. - The LNG shipping industry is capital intensive and highly dependent on the availability of financial markets, making it vulnerable to declines in available credit facilities[56]. - The LNG spot freight market has historically been volatile, with weak global economic trends potentially reducing demand for LNG transportation, materially affecting revenues and cash flows[65]. Financial Risks and Performance - The company has exposure to the cyclical nature and volatility of the LNG charter market, with charter hire rates being unpredictable and potentially declining[43]. - A significant decrease in charter rates could adversely affect the company's profitability, cash flows, and ability to pay dividends[45]. - Macroeconomic factors such as rising inflation and high interest rates may negatively impact the company's operating costs and cost of borrowing[50]. - The company faces intense competition in the LNG shipping industry, which may adversely affect its ability to secure charters at favorable rates[149]. - The company is highly leveraged, which significantly limits its ability to execute its business strategy and increases the risk of default under its debt obligations[134]. Geopolitical and Regulatory Risks - The ongoing geopolitical tensions, including the war in Ukraine and trade tensions with China, pose risks to global economic conditions and LNG demand[51][62]. - The U.S. has implemented a price cap policy on Russian petroleum, which restricts various services related to maritime transport, potentially impacting the company's operations[76]. - The company has been in compliance with all applicable sanctions and embargo laws in 2024, but any future violations could severely impact its ability to access capital markets[82]. - Changes in laws and regulations in China could adversely affect vessels chartered to Chinese customers or calling at Chinese ports, impacting the company's financial performance[85]. Environmental Regulations and Compliance - The LNG shipping industry faces substantial environmental regulations that may increase operational costs and limit business capabilities[93]. - The IMO has mandated a reduction in sulfur emissions from 3.5% to 0.5% starting January 1, 2020, impacting operational costs for shipowners[98]. - The EU ETS will apply to maritime shipping from January 1, 2024, requiring shipowners to purchase emission allowances for carbon emissions[100]. - Compliance with environmental laws may lead to increased maintenance and inspection costs, affecting overall financial performance[97]. - Climate change regulations may adversely impact demand for services and increase operational costs due to compliance requirements[107]. Operational and Counterparty Risks - The company faces counterparty risks, as the ability of counterparties to fulfill obligations depends on various factors, including economic conditions and the financial health of the counterparties[67]. - The company may incur losses if any of its charters are terminated, impacting its revenue and cash flows[148]. - The company operates a fleet of thirteen LNG vessels, and any limitation in their availability could materially adversely affect its business and financial condition[140]. - The company relies on information systems for operations, and failures or security breaches in these systems could harm business operations and results[172]. Shareholder and Corporate Governance - The largest shareholder, Geveran, owns approximately 42.7% of the company's outstanding shares, potentially influencing corporate decisions and strategies[166]. - The company is incorporated under Bermuda law and follows certain home country corporate governance practices, which may provide less protection to investors compared to U.S. domestic issuers[205]. - The company has been subject to economic substance requirements under Bermuda law since December 31, 2018, which mandates maintaining a substantial economic presence in Bermuda[201]. Dividend and Capital Management - The company declared a cash dividend of $0.75 per share for the fourth quarter of 2023, paid on March 5, 2024, to shareholders on record as of February 23, 2024[188]. - The company has declared a consistent cash dividend of $0.75 per share for each quarter in 2024, with payments made in June, September, and December[189][190]. - Future dividends will be evaluated based on profits and cash flows, but the timing and amount will depend on various factors including earnings and capital expenditure commitments[192]. - The company may require additional capital in the future, which may not be available on favorable terms, potentially hindering growth and impacting cash flows[133]. Market and Share Price Volatility - The trading price of the company's ordinary shares was $22.94 per share as of December 31, 2024, and decreased to $21.87 per share by February 27, 2025, indicating market volatility[187]. - The average gross sales price per share was $36.09, while the average net sales price was $35.36, resulting in net proceeds of $14.5 million after commission[225].

Dispute Overview - Eni SpA has rejected Exmar's claim for a bonus payment related to the floating liquefied natural gas (FLNG) unit sale agreement, citing that the conditions for such an adjustment have not been met [1][4] - The disagreement centers around the performance of the FLNG Tango, which has reportedly exceeded production expectations [2][3] Financial Details - Exmar claims a potential negative price adjustment of $78 million and a maximum bonus of $44 million based on performance metrics outlined in their agreement with Eni [2] - The exact amount of the bonus that Exmar believes it is entitled to remains undetermined [3] Project Development - Eni acquired the FLNG Tango in 2022, which is crucial for the Congo LNG project, with a capacity of 0.6 million tons per year (mtpa) [5] - The project aims to develop the Marine XII gas resources, utilizing two FLNG units, with a second unit, Nguya, expected to begin operations by the end of 2025, increasing total capacity to 3 mtpa, equivalent to approximately 4.5 billion cubic meters per year [6] Ongoing Operations - Despite the financial dispute, development work on the Congo LNG project continues, with key contracts awarded for transport, installation, and marine services [7] - The outcome of discussions between Eni and Exmar remains uncertain, with the potential for escalation into formal legal proceedings [7]

Fourth Quarter 2024 Result Presentation February 4, 2025 1 DISCLAIMER MATTERS DISCUSSED IN THIS PRESS RELEASE MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBOUR 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 ...

Interim Financial Information Flex LNG Ltd. Fourth Quarter 2024 February 4, 2025 February 4, 2025 - Hamilton, Bermuda Flex LNG Ltd. ("we", "us", "our", "Flex LNG", or the "Company") today announced its unaudited financial results for the year ended December 31, 2024. Highlights: A summary of our financial highlights for the quarter are below: | | Q4 2024 | Q3 2024 | | --- | --- | --- | | Vessel operating revenues | $90.9m | $90.5m | | Net income | $45.2m | $17.4m | | Earnings per share (basic) | $0.84 | $0. ...

Core Insights - BP plc has achieved a significant milestone in its Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project, marking a critical step in the commissioning of Golar LNG's floating liquefied natural gas (FLNG) vessel, Gimi [1][8] - The GTA Phase 1 project is BP's largest and most complex undertaking, with the first gas flow from subsea wells to the FPSO GTA recently commenced [2][5] - The first export cargo of LNG is anticipated by the first quarter of 2025, with full commercial operations expected in the second quarter, contingent on meeting necessary conditions [3] Project Details - The completion of the commissioning phase will initiate a 20-year lease and operate agreement, unlocking approximately $3 billion in adjusted EBITDA backlog for Golar LNG [4] - The GTA Phase 1 development features Africa's deepest subsea infrastructure, with wells reaching water depths of up to 2,850 meters, and is set to produce 2.3 million tons of LNG annually for over two decades [5][6] - BP holds a 56% working interest in the project, supported by approximately 15 trillion cubic feet of recoverable gas resources, with partners including Kosmos Energy, Petrosen, and SMH [6] Strategic Importance - The achievement of this milestone reinforces BP's position as a leader in deepwater gas developments and highlights the strategic importance of LNG in its future energy mix [8] - BP continues to advance other global projects, including ongoing drilling and subsea commissioning operations in the Mediterranean Sea, demonstrating its commitment to expanding its energy footprint [7]

Financial Data and Key Metrics Changes - Adjusted EBITDA revenues for Q3 2024 were $90.5 million, aligning with guidance of approximately $90 million, resulting in net income of $17.4 million and adjusted net income of $28.7 million [3][19] - Adjusted earnings per share for the quarter was $0.53, with a pro forma cash position of $450 million, representing about 35% of the company's market cap [4][8][60] - For the full year, revenue guidance is set between $353 million to $355 million, with adjusted EBITDA expected to be between $271 million to $274 million [10] Business Line Data and Key Metrics Changes - The company reported 100% technical utilization of its fleet during the quarter, with operational expenses at $14,900 per day, slightly improved from the previous quarter [19][20] - The time charter equivalent (TCE) rate for the quarter was $75,400, compared to guidance of $75,000 to $77,000 [9] Market Data and Key Metrics Changes - The LNG market is experiencing 1% growth historically, with a projected increase to around 6% growth next year due to new projects coming online [28][29] - European LNG import levels are below last year due to high storage levels, currently around 93% full, which has affected sourcing [32] Company Strategy and Development Direction - The company has a significant backlog of contracts, totaling over 50 years minimum, which may grow to 82 years with option declarations, providing strong earnings visibility [8][60] - Recent contracts for Flex Resolute and Flex Courageous have been fixed for longer periods at higher rates than the prevailing market, indicating a strategic focus on securing long-term revenue [5][12] Management's Comments on Operating Environment and Future Outlook - Management noted a soft spot market affecting one ship on index, leading to expectations of revenues close to $90 million in Q4, slightly lower than Q3 [7][60] - The company remains optimistic about long-term demand despite current market softness, citing a healthy backlog and cash position [17][60] Other Important Information - The company declared its 13th consecutive ordinary dividend of $0.75 per share, despite a decrease from $3.125 to $3 in trailing 12 months dividends [8][15] - The company has completed two refinancings totaling $430 million, resulting in net proceeds of $97 million [6][22] Q&A Session Summary Question: What is the expected timeline for U.S projects to start ordering long-term contracts? - Management indicated that many U.S projects are close to export, and with 90 million tons of new volumes expected from 2028 to 2030, significant shipping requirements will arise [62] Question: What motivates the charterer to fix ships far in advance? - The motivation is not project-specific but portfolio-related, as super majors are satisfied with the service and are looking to secure ships due to new environmental regulations [63][65] Question: What is the strategy for the CONSTELLATION vessel? - The strategy involves assessing market conditions and potentially trading the ship in the spot market until the market improves, with a focus on maximizing shareholder value [67] Question: What is the outlook for the options on Aurora and Volunteer? - Management believes the market will tighten by 2027, and if options are not declared, the ships will return in 2026, which is expected to be a favorable time for term rates [69][70] Question: How does the company view the MEGI and XTF technologies? - Management highlighted that MEGI ships are more efficient and have a better environmental profile, leading to a resurgence in interest despite their higher costs [71][74] Question: What is the company's stance on dividend sustainability and share buybacks? - The company maintains a strong cash position and believes it can sustain dividends despite market fluctuations, while share buybacks are not ruled out but are approached cautiously due to ownership structure [76][81]