• loan covenant defaults; and This and future epidemics may affect personnel operating payment systems through which we receive revenues from the chartering of our vessels or pay for our expenses, resulting in delays in payments. We continue to focus on our employees' well-being, whilst making sure that our operations continue undisrupted and at the same time, adapting to the new ways of operating. As such employees are encouraged and in certain cases required to operate remotely which significantly increas ...

[Q4 2022 Financial & Operational Highlights](index=2&type=section&id=Q4%202022%20Financial%20%26%20Operational%20Highlights) [Key Financial Results](index=2&type=section&id=Key%20Financial%20Results) Flex LNG reported strong Q4 2022 financial results, with vessel operating revenues of $97.9 million, net income of $41.4 million, and an average TCE rate of $81,699 per day, declaring a $1.00 total dividend per share Q4 2022 Key Financial Metrics | Metric | Q4 2022 | Q3 2022 | | :--- | :--- | :--- | | Vessel Operating Revenues | $97.9 million | $91.3 million | | Net Income | $41.4 million | $46.6 million | | Basic Earnings Per Share | $0.78 | $0.88 | | Average TCE Rate per day | $81,699 | $75,941 | | Adjusted EBITDA | $79.1 million | $70.9 million | | Adjusted Net Income | $54.5 million | $42.2 million | | Adjusted EPS (Basic & Diluted) | $1.02 | $0.79 | - The company declared a total dividend of **$1.00 per share** for Q4 2022, which includes a regular quarterly dividend of **$0.75** and a special dividend of **$0.25**[112](index=112&type=chunk) - In December 2022, the company issued **409,741 ordinary shares** under its at-the-market (ATM) program, raising net proceeds of **$14.5 million**[109](index=109&type=chunk) - Subsequent to the quarter end, the company secured significant new financing, including 12-year sale and leaseback agreements for Flex Amber and Flex Artemis in January 2023, and term sheets for a **$290 million** facility in February 2023[109](index=109&type=chunk)[110](index=110&type=chunk) [CEO Commentary](index=3&type=section&id=CEO%20Commentary) The CEO highlighted strong Q4 performance, balance sheet optimization securing over $2 billion in new financing, and a significant charter backlog, supporting a special dividend - The company finalized its balance sheet optimization program, securing over **$2 billion** in new financing, which is expected to release a total of **$387 million** in net cash proceeds[121](index=121&type=chunk) - With a de-risked chartering profile and strong liquidity, the Board approved a special dividend of **$0.25 per share** on top of the **$0.75 quarterly dividend**, totaling **$1.00** for Q4[121](index=121&type=chunk) - The company added a minimum of **38 years** of charter backlog during 2022, with the first two fully open vessel positions now not until 2027, aligning with the next wave of LNG supply[114](index=114&type=chunk) - Financial performance is expected to improve in 2023, with projected revenues of around **$370 million** and an average TCE of approximately **$80,000 per day**, despite scheduled off-hire for special surveys on four ships[115](index=115&type=chunk) [Business Update and Fleet Overview](index=4&type=section&id=Business%20Update%20and%20Fleet%20Overview) The company significantly extended its contract backlog to 60 firm years, with 100% fleet coverage for 2023 and 95% for 2024, despite four vessels scheduled for drydocking - Signed extension options with Cheniere Marketing International LLP ("CMI") for Flex Endeavour, Flex Ranger, and Flex Vigilant, securing long-term employment for these vessels[123](index=123&type=chunk) - The firm contract backlog is **60 years**, with a potential to increase to **87 years** if all charterer's options are exercised, and the fleet is fully contracted for 2023 and has **95% coverage** for 2024[125](index=125&type=chunk) - Four vessels are scheduled for their mandatory five-year drydocking in 2023, with an additional two scheduled for 2024[118](index=118&type=chunk) [Finance Update](index=5&type=section&id=Finance%20Update) As of December 31, 2022, Flex LNG held $332.4 million in cash and $1.71 billion in long-term debt, actively managing interest rate risk and completing significant refinancing activities Financial Position as of Dec 31, 2022 | Item | Amount (USD) | | :--- | :--- | | Cash, cash equivalents and restricted cash | $332.4 million | | Total long-term debt | $1,714.7 million | | Current portion of long-term debt | $95.5 million | | Non-current portion of long-term debt | $1,619.2 million | - The company utilizes interest rate swaps to hedge against interest rate fluctuations, with an aggregate notional principal of **$691.0 million** as of year-end 2022[129](index=129&type=chunk) - In Q4 2022, the company terminated three interest rate swaps, generating cash proceeds of **$14.4 million**[131](index=131&type=chunk) - The company established an at-the-market (ATM) offering of up to **$100 million** and a Dividend Reinvestment Plan (DRIP) to enhance financial flexibility and shareholder returns[132](index=132&type=chunk)[133](index=133&type=chunk) - Multiple refinancing deals were signed or initiated post-quarter end, including sale and leasebacks for Flex Rainbow, Flex Amber, and Flex Artemis, and a new **$290 million** credit facility for Flex Freedom and Flex Vigilant, all aimed at improving terms and liquidity[134](index=134&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk) [Financial Performance Analysis](index=7&type=section&id=Financial%20Performance%20Analysis) [Quarterly Performance Comparison (Q4'22 vs Q3'22)](index=7&type=section&id=Quarterly%20Performance%20Comparison%20(Q4%2722%20vs%20Q3%2722)) Q4 2022 saw increased vessel operating revenues to $97.9 million and lower expenses, but net income decreased to $41.4 million due to derivative gains, while adjusted net income rose to $54.5 million Q4 2022 vs Q3 2022 Performance | Metric | Q4 2022 | Q3 2022 | | :--- | :--- | :--- | | Vessel Operating Revenues | $97.9 million | $91.3 million | | Vessel Operating Expenses | $16.2 million | $17.5 million | | Interest Expense | $24.5 million | $21.6 million | | Gain on Derivatives | $4.9 million | $28.4 million | | Net Income | $41.4 million | $46.6 million | | Adjusted Net Income | $54.5 million | $42.2 million | - The increase in revenues was principally due to improved market rates, which increased revenues on the company's existing variable rate hire contract[138](index=138&type=chunk) - The decrease in vessel operating expenses was primarily due to lower crew costs (fewer COVID-related expenses and crew changes) and reduced technical expenses for spares and services[140](index=140&type=chunk) - The significant drop in the gain on derivatives was due to a decrease in the long-term forward interest rate curve in Q4, compared to a steep increase in Q3 which had boosted the value of interest rate swaps[170](index=170&type=chunk) [Annual Performance Comparison (FY2022 vs FY2021)](index=9&type=section&id=Annual%20Performance%20Comparison%20(FY2022%20vs%20FY2021)) FY2022 vessel operating revenues slightly increased to $347.9 million, with net income significantly growing to $188.0 million, primarily driven by a substantial $79.7 million gain on derivatives FY2022 vs FY2021 Performance | Metric | FY 2022 | FY 2021 | | :--- | :--- | :--- | | Vessel Operating Revenues | $347.9 million | $343.4 million | | Vessel Operating Expenses | $63.4 million | $61.2 million | | Interest Expense | $76.6 million | $56.2 million | | Extinguishment costs of long-term debt | $16.1 million | $1.2 million | | Gain on Derivatives | $79.7 million | $18.4 million | | Net Income | $188.0 million | $162.2 million | | Basic Earnings Per Share | $3.53 | $3.04 | - The increase in net income was primarily due to a significant unrealized gain of **$78.2 million** on interest rate swap derivatives, reflecting the positive development of interest rates during the year[182](index=182&type=chunk) - Administrative expenses rose to **$9.1 million** from **$7.9 million** due to increased audit fees, registrar fees, legal costs for the ATM program, and higher share-based compensation amortization[178](index=178&type=chunk) [Cash Flow Analysis](index=11&type=section&id=Cash%20Flow%20Analysis) Q4 2022 saw $53.4 million in operating cash flow and a positive $6.8 million from financing activities, increasing total cash to $332.4 million Cash Flow Summary (Q4 2022 vs Q3 2022) | Cash Flow Activity | Q4 2022 | Q3 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $53.4 million | $71.9 million | | Net cash used in investing activities | $0 | $0 | | Net cash provided by/(used in) financing activities | $6.8 million | ($83.5 million) | | **Ending Cash and Cash Equivalents** | **$332.4 million** | **$271.2 million** | - Key financing activities in Q4 included a **$150 million** drawdown under the Resolute facility, **$14.5 million** net proceeds from the ATM program, and **$14.4 million** from terminating derivatives, partially offset by **$113.8 million** in debt prepayment and **$40.0 million** in dividend payments[189](index=189&type=chunk)[70](index=70&type=chunk) [Balance Sheet Analysis](index=12&type=section&id=Balance%20Sheet%20Analysis) As of December 31, 2022, total equity increased to $907.1 million, while total long-term debt rose to $1.71 billion due to significant refinancing activities Balance Sheet Comparison (Year-End) | Item | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total Long-Term Debt | $1,714.7 million | $1,633.4 million | | Net Book Value of Vessels | $2,269.9 million | $2,342.2 million | | Total Equity | $907.1 million | $889.4 million | - The increase in long-term debt during 2022 was driven by several new financing facilities, including the **$375 million** Facility, the **$320 million** Sale and Leaseback, and two separate **$150 million** facilities[193](index=193&type=chunk)[72](index=72&type=chunk) - Major debt decreases resulted from prepayments related to the Hyundai Glovis Sale and Charterback (**$263.1 million**), the **$250 million** Facility (**$217.2 million**), and other facilities as part of the refinancing program[144](index=144&type=chunk)[145](index=145&type=chunk) [Market Outlook & Corporate Information](index=14&type=section&id=Market%20Outlook%20%26%20Corporate%20Information) [LNG Market Update](index=14&type=section&id=LNG%20Market%20Update) The LNG shipping market was tight in Q4 2022 due to high demand, but softened in early 2023 amid a large newbuild order book and unwinding floating storage - Europe's LNG imports increased by **54%** in 2022, reaching nearly **130 million tonnes**, as it replaced Russian pipeline gas[149](index=149&type=chunk) - China's LNG imports fell by over **20%** in 2022, which freed up cargoes for Europe, though a reversal of China's zero-COVID policies is expected to increase competition for LNG in 2023[150](index=150&type=chunk)[152](index=152&type=chunk) - A record **169 newbuild LNG vessels** were ordered in 2022, with a large number of deliveries scheduled for 2024 (**64 vessels**) and 2025 (**85 vessels**), potentially loosening the market balance before new liquefaction projects start up in 2025[156](index=156&type=chunk) - The unwinding of floating storage, which peaked at around **50 vessels** in late October 2022, has released significant fleet capacity back into the market in early 2023[153](index=153&type=chunk) [Forward-Looking Statements](index=17&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements subject to risks and uncertainties, including market conditions, operating expenses, and geopolitical events - The report includes forward-looking statements concerning plans, objectives, and future events, which are protected under the Private Securities Litigation Reform Act of 1995[55](index=55&type=chunk) - Key risk factors that could affect future results include fluctuations in charter rates, changes in LNG demand, operating expenses, geopolitical events, and other factors disclosed in SEC filings[56](index=56&type=chunk)[57](index=57&type=chunk) [Unaudited Interim Financial Statements](index=20&type=section&id=Unaudited%20Interim%20Financial%20Statements) [Condensed Consolidated Statements of Operations](index=20&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The condensed consolidated statement of operations shows a net income of $41.4 million for Q4 2022 and $188.0 million for the full year, driven by revenues and derivative gains Condensed Consolidated Statements of Operations (Year Ended) | (in thousands of $) | Year Ended Dec 31, 2022 | Year Ended Dec 31, 2021 | | :--- | :--- | :--- | | Vessel operating revenues | 347,917 | 343,448 | | Total operating expenses | (144,788) | (138,957) | | **Operating income** | **200,615** | **201,157** | | Interest expense | (76,596) | (56,221) | | Gain on derivatives | 79,682 | 18,399 | | Extinguishment costs of long-term debt | (16,102) | (1,209) | | **Net income** | **188,042** | **162,205** | [Condensed Consolidated Balance Sheets](index=21&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of December 31, 2022, total assets were $2.68 billion, with total liabilities at $1.77 billion and total equity increasing to $907.1 million Condensed Consolidated Balance Sheet Highlights | (in thousands of $) | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | 332,329 | 200,652 | | Vessels and equipment, net | 2,269,946 | 2,342,165 | | **Total Assets** | **2,679,512** | **2,572,921** | | Current portion of long-term debt | 95,507 | 81,472 | | Long-term debt (non-current) | 1,619,224 | 1,551,947 | | **Total Liabilities** | **1,772,422** | **1,683,534** | | **Total Equity** | **907,090** | **889,387** | [Condensed Consolidated Interim Statements of Cash Flows](index=22&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Cash%20Flows) For FY2022, operating activities generated $219.9 million in cash, while financing activities resulted in an $88.8 million outflow, increasing cash to $332.4 million Condensed Consolidated Statements of Cash Flows (Year Ended) | (in thousands of $) | Year Ended Dec 31, 2022 | Year Ended Dec 31, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | 219,882 | 214,844 | | Net cash used in investing activities | (5) | (265,934) | | Net cash (used in)/provided by financing activities | (88,761) | 123,103 | | **Net increase in cash** | **131,231** | **72,208** | | **Cash at end of period** | **332,401** | **201,170** | [Condensed Consolidated Interim Statement of Changes in Equity](index=24&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Changes%20in%20Equity) Total equity increased from $889.4 million to $907.1 million in 2022, driven by net income and share issuance, partially offset by dividends paid Changes in Equity for the Year Ended Dec 31, 2022 | (in thousands of $) | Amount | | :--- | :--- | | **Total Equity at Jan 1, 2022** | **889,387** | | Net income | 188,042 | | Dividends paid | (186,094) | | Shares issued | 14,490 | | Share-based payments & other | 1,265 | | **Total Equity at Dec 31, 2022** | **907,090** | [Notes to the Interim Consolidated Accounts](index=26&type=section&id=Notes%20to%20the%20Interim%20Consolidated%20Accounts) [Note 1 & 2: General Information and Accounting Principles](index=26&type=section&id=Note%201%20%26%202%3A%20General%20Information%20and%20Accounting%20Principles) Flex LNG, an LNG transportation company, prepares its U.S. GAAP financial statements, including a $2.9 million out-of-period adjustment in 2022 - The company's primary business is the seaborne transportation of liquefied natural gas (LNG)[5](index=5&type=chunk) - The financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP)[6](index=6&type=chunk) - An out-of-period adjustment was made in 2022 to correct a **$2.9 million** overstatement of technical ship management fees from 2020 and 2021, which decreased vessel operating expenses and increased net income for 2022 by **$2.9 million**[7](index=7&type=chunk) [Note 3: Earnings per Share](index=27&type=section&id=Note%203%3A%20Earnings%20per%20Share) This note details EPS calculations, with FY2022 net income of $188.0 million yielding basic EPS of $3.53 and diluted EPS of $3.51, alongside $3.50 in dividends paid per share Earnings Per Share Calculation (Full Year) | (figures in thousands, except per share data) | Year Ended Dec 31, 2022 | Year Ended Dec 31, 2021 | | :--- | :--- | :--- | | Net income | $188,042 | $162,205 | | Weighted average shares (Basic) | 53,198,015 | 53,319,408 | | Weighted average shares (Diluted) | 53,523,866 | 53,340,292 | | **Basic EPS** | **$3.53** | **$3.04** | | **Diluted EPS** | **$3.51** | **$3.04** | | Dividends paid per share | ($3.50) | ($1.85) | [Note 8 & 9: Capital Commitments and Long-term Debt](index=30&type=section&id=Note%208%20%26%209%3A%20Capital%20Commitments%20and%20Long-term%20Debt) As of December 31, 2022, capital commitments totaled $1.73 billion in long-term debt, with significant 2022 financing activities including new facilities and sale-leasebacks - Total long-term debt obligations as of December 31, 2022, amounted to **$1.73 billion**[22](index=22&type=chunk) - In March 2022, the company signed a **$375 million** term and revolving credit facility[24](index=24&type=chunk)[31](index=31&type=chunk) - In May 2022, the company completed a **$320 million** sale and leaseback for Flex Constellation and Flex Courageous, using proceeds to prepay a **$217.2 million** facility[33](index=33&type=chunk)[27](index=27&type=chunk) - In September and December 2022, the company signed two separate **$150 million** term loan facilities to refinance the vessels Flex Enterprise and Flex Resolute, respectively[29](index=29&type=chunk)[37](index=37&type=chunk) [Note 10: Financial Instruments (Derivatives)](index=32&type=section&id=Note%2010%3A%20Financial%20Instruments%20(Derivatives)) Flex LNG uses interest rate swaps to manage risk, with $691.0 million notional principal as of year-end 2022, generating a $79.7 million gain on derivatives for the year - The company holds interest rate swap agreements on an aggregate notional principal of **$691.0 million** as of December 31, 2022[38](index=38&type=chunk) - In October 2022, the company terminated five interest rate swap agreements, some of which generated cash proceeds and others were utilized to enter into a new, more favorable swap agreement[39](index=39&type=chunk)[40](index=40&type=chunk) Gain on Derivatives (Full Year) | (in thousands of $) | Year Ended Dec 31, 2022 | Year Ended Dec 31, 2021 | | :--- | :--- | :--- | | Change in fair value of derivative instruments | 78,207 | 24,423 | | Realized gain/(loss) on derivative instruments | 1,475 | (6,024) | | **Total Gain on derivatives** | **79,682** | **18,399** | [Note 13, 14, 15: Share Capital, Treasury Shares, and Share-based Compensation](index=37&type=section&id=Note%2013%2C%2014%2C%2015%3A%20Share%20Capital%2C%20Treasury%20Shares%2C%20and%20Share-based%20Compensation) In 2022, the company issued 409,741 shares via an ATM program for $14.5 million, held 838,185 treasury shares, and managed share options - In December 2022, **409,741 ordinary shares** were issued under the at-the-market (ATM) program for net proceeds of **$14.5 million**[67](index=67&type=chunk)[73](index=73&type=chunk) - As of December 31, 2022, the company held **838,185 treasury shares** at a cost of **$8.1 million**[75](index=75&type=chunk) - During 2022, a total of **161,250 share options** were exercised by holders and settled by the company through the transfer of treasury shares[76](index=76&type=chunk)[79](index=79&type=chunk) - As of year-end 2022, there were **488,750 outstanding non-vested share options** with a weighted average remaining contractual term of **3.7 years**[80](index=80&type=chunk) [Note 16: Subsequent Events](index=38&type=section&id=Note%2016%3A%20Subsequent%20Events) Subsequent events include new financing deals for Flex Amber and Artemis, a $290 million credit facility, and a declared Q4 2022 dividend of $1.00 per share - In January 2023, signed sale and leaseback agreements to refinance Flex Amber and Flex Artemis, securing net consideration of **$170 million** and **$160 million**, respectively[82](index=82&type=chunk) - In February 2023, received credit approved term sheets for a **$290 million** term and revolving credit facility to refinance Flex Freedom and Flex Vigilant[83](index=83&type=chunk) - On February 13, 2023, the Board declared a total cash dividend of **$1.00 per share** for Q4 2022 (**$0.75 regular** + **$0.25 special**), payable in March 2023[84](index=84&type=chunk)[85](index=85&type=chunk) [Reconciliation of Non-GAAP Financial Measures](index=40&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) [Reconciliation of Net Income to EBITDA and Adjusted EBITDA](index=40&type=section&id=Reconciliation%20of%20Net%20Income%20to%20EBITDA%20and%20Adjusted%20EBITDA) This section reconciles FY2022 Net Income of $188.0 million to EBITDA of $339.9 million and Adjusted EBITDA of $272.3 million, adjusting for non-operating items EBITDA and Adjusted EBITDA Reconciliation (Full Year) | (in thousands of $) | Year Ended Dec 31, 2022 | Year Ended Dec 31, 2021 | | :--- | :--- | :--- | | Net income/(loss) | 188,042 | 162,205 | | Interest, Tax, Depreciation, etc. | 151,890 | 127,321 | | **EBITDA** | **339,932** | **289,526** | | Adjustments (Derivatives, FX, etc.) | (67,590) | (18,706) | | **Adjusted EBITDA** | **272,342** | **270,820** | [Reconciliation of Net Income to Adjusted Net Income and Adjusted EPS](index=41&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20Net%20Income%20and%20Adjusted%20EPS) Net Income is reconciled to Adjusted Net Income of $150.7 million for FY2022, yielding an adjusted basic EPS of $2.83, by excluding non-core items Adjusted Net Income and EPS Reconciliation (Full Year) | (in thousands of $, except per share data) | Year Ended Dec 31, 2022 | Year Ended Dec 31, 2021 | | :--- | :--- | :--- | | Net income | 188,042 | 162,205 | | Extinguishment costs of long-term debt | 16,102 | 1,209 | | Change in assets/liabilities of derivatives | (54,417) | (24,423) | | Foreign exchange (gain)/loss | 967 | (307) | | **Adjusted net income** | **150,694** | **138,684** | | **Adjusted basic earnings per share** | **$2.83** | **$2.60** | [Reconciliation of Total Operating Revenues to Time Charter Equivalent (TCE) Income and Rate](index=42&type=section&id=Reconciliation%20of%20Total%20Operating%20Revenues%20to%20Time%20Charter%20Equivalent%20(TCE)%20Income%20and%20Rate) This section reconciles FY2022 vessel operating revenues of $347.9 million to TCE income of $345.4 million, resulting in an average TCE rate of $72,806 per day TCE Income and Rate (Full Year) | (Unaudited figures) | Year Ended Dec 31, 2022 | Year Ended Dec 31, 2021 | | :--- | :--- | :--- | | Vessel operating revenues ($'000) | 347,917 | 343,448 | | Voyage expenses ($'000) | (2,517) | (3,334) | | **Time charter equivalent income ($'000)** | **345,400** | **340,114** | | Fleet onhire days | 4,744 | 4,563 | | **Time charter equivalent rate ($/day)** | **72,806** | **74,536** |

1 Fourth Quarter 2022 Results Presentation FORWARD-LOOKING STATEMENTS 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," "FORECAST," "ANTICIPATE," "ESTIMATE," "INTEND," "PLAN," "POSSIBLE, " "POTENTIAL, " "PENDING, " "TARGET," "PROJECT," "LIKELY," "MAY," "WILL," "WOULD, " "SHOULD, " " ...

Financial Data and Key Metrics Changes - Revenues for Q4 2022 were $98 million, aligning with guidance of $95 million to $98 million, boosted by a strong spot market [2][27] - Net income for Q4 was $41 million, with adjusted net income at $55 million, primarily due to realized gains of $14 million on derivatives [2][37] - Earnings per share for Q4 were $0.78, with adjusted earnings per share at $1.02 [2][27] - The company declared a total dividend of $1.00 per share for Q4, resulting in a full-year dividend of $3.75, reflecting an 11% yield based on current share price [6][54] Business Line Data and Key Metrics Changes - Time charter earnings per day reached $82,000 in Q4, compared to $73,000 for the full year [10] - Operating expenses per day improved slightly to $13,500 in Q4, with a full-year average of $13,400 [10] Market Data and Key Metrics Changes - U.S. LNG exports increased by 9% in 2022, despite disruptions from the Freeport outage [16] - Chinese LNG imports fell by 20% in 2022 due to economic downturns, while European imports surged by 54% [17][44] - European gas demand decreased by 12% in 2022, driven by high prices, but there are expectations for recovery [46] Company Strategy and Development Direction - The company aims to build more backlog for existing ships rather than pursuing new builds due to high new building prices [29][57] - A strong balance sheet and a $400 million revolving credit line provide flexibility for future opportunities [29][42] - The focus remains on securing long-term contracts for ships opening in 2027 to enhance backlog and earnings profiles [55] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the LNG market, anticipating growth driven by new projects and increased demand [25][52] - The company highlighted the importance of maintaining a competitive edge through efficient operations and strong customer relationships [36][66] Other Important Information - The company completed a balance sheet optimization program, releasing $387 million in cash [40][72] - A total of four ships are scheduled for dry-docking in 2023, but revenues are still expected to grow by $20 million to $370 million [54][33] Q&A Session Summary Question: What are the key strategic priorities for management? - Management emphasized building backlog and securing long-term contracts for existing ships, while maintaining a strong balance sheet [29] Question: How does the company view new building prices and fleet expansion? - The company is cautious about new builds due to high prices and prefers to focus on existing ships [57] Question: Will the company consider trading LNG in addition to transportation? - Management indicated that trading LNG is complex and requires significant working capital, which is not the current focus [78]

1 FLEX LNG Third Quarter 2022 Results Presentation November 15, 2022 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 ...

Financial Data and Key Metrics Changes - Revenues for Q3 2022 were $91 million, aligning with previous guidance of $90 million, with net income at $47 million and adjusted net income at $42 million, resulting in earnings per share of $0.88 and adjusted earnings per share of $0.79 [2][12] - Operating expenses for the quarter were $17 million, translating to an OpEx per day of $14,600, which was higher than the guided level of $13,000 due to COVID-related expenses and crew changes [12][36] - The company expects Q4 revenues to be between $95 million and $98 million, also in line with previous guidance [3][25] Business Line Data and Key Metrics Changes - Three ships commenced new Time Charters, contributing positively to revenue, with Flex Artemis benefiting from a variable higher Time Charter [2][12] - The company has a strong contract coverage for 2023 and a minimum coverage of 91% for 2024, with options for charter extensions [3][25] Market Data and Key Metrics Changes - LNG exports from the US grew by 11% despite the Freeport shutdown, while European imports increased by 57% due to high demand and reduced imports from China, which saw a 22% decline [18][19] - The high price of LNG has led to demand destruction in countries like Bangladesh and Pakistan, pushing them to revert to coal [18][19] - European gas consumption decreased by 12% this year, aided by mild weather and high prices stimulating energy savings [19][20] Company Strategy and Development Direction - The company is focused on maintaining a disciplined approach to fleet growth, prioritizing securing employment for existing ships over newbuilding due to high newbuilding prices [32][33] - The company is optimistic about recontracting ships at better rates due to a strong backlog and favorable market conditions [25][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of the current financing market, which is favorable for blue-chip companies, allowing for attractive long-term financing options [38] - The company is confident in its ability to sustain dividends, with a declared quarterly dividend of $0.75 per share, reflecting a yield of around 10% [3][25][39] Other Important Information - The company has secured $630 million in refinancing for four ships, surpassing its $100 million cash release target [2][14] - The company is introducing a dividend reinvestment plan for shareholders [5] Q&A Session Summary Question: How are the earnings calculated for the Flex Artemis? - Earnings are tied to the spot market with a ceiling higher than $100,000 and a floor around the cash breakeven level [28][29] Question: What is the interest for vessels coming open in 2026 and 2027? - There is significant interest, with expectations for long-term charters starting at rates around $90,000 [30] Question: How are the rates adjusted for option periods? - Option rates tend to be higher than firm rates, as options are not given away for free [31] Question: What are the plans for fleet growth and newbuilding? - The company aims to be disciplined and secure employment for existing ships rather than rushing into newbuilding due to high costs [32][33] Question: How does the company plan to use the released cash? - The company plans to maintain cash for servicing interest and providing optionality for future investments [38] Question: When will dividends be paid? - Dividends will be paid on or about December 6 for US investors and December 9 for Oslo Stock Exchange investors [39] Question: How involved is the main shareholder in decision-making? - The main shareholder, John Fredriksen, is heavily involved and provides valuable advice based on his extensive experience [41]

FLEX LNG Interim Financial Information Flex LNG Ltd. Third Quarter 2022 November 15, 2022 November 15, 2022 - Hamilton, Bermuda Flex LNG Ltd. ("Flex LNG" or the "Company") today announced its unaudited financial results for the nine months ended September 30, 2022. Highlights: • Vessel operating revenues of $91.3 million for the third quarter 2022, compared to $84.2 million for the second quarter 2022. • Net income of $46.6 million and basic earnings per share of $0.88 for the third quarter 2022, compared t ...

FLEX LNG Ltd. (NYSE:FLNG) Q2 2022 Earnings Conference Call August 24, 2022 9:00 AM ET Company Participants Oystein Kalleklev - Chief Executive Officer Knut Traaholt - Chief Financial Officer Operator Hi, and welcome to today's FLEX LNG Webcast, where we will be presenting our Second Quarter Results, as well as discussing the latest development in the Company and in the LNG markets. As always, we will conclude with the Q&A session. If you like to ask a question in the Q&A session, you can either use the chat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of May 2022 Commission File Number: 001-38904 FLEX LNG Ltd. (Translation of registrant's name into English) Par-La-Ville Place 14 Par-La-Ville Road Hamilton Bermuda (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20 ...

FLEX LNG Ltd. (NYSE:FLNG) Q1 2022 Earnings Conference Call May 11, 2022 9:00 AM ET Company Participants Oystein Kalleklev - Chief Executive Officer Knut Traaholt - Chief Financial Officer Conference Call Participants Climent Molins - Value Investor's Edge Oystein Kalleklev Thank you and welcome everybody to today's Flex LNG webcast. I'm Oystein Kalleklev CEO of Flex LNG Management. And I will once again be joined by our CFO, Knut Traaholt who will talk you through the numbers a bit later in the presentation ...