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Flex LNG takes delivery of Flex Rainbow

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LNG Industry,

Flex LNG Ltd. has announced that it has executed the sale-leaseback transaction of Flex Rainbow, which was announced in connection with the company’s first quarterly presentation on 29 May 2018.

The company took delivery of Flex Rainbow from Samsung Heavy Industries according to schedule 9 July 2018. The Flex Rainbow is the Company's fourth LNG carrier on the water while four LNG carriers are currently under construction.

Flex Rainbow is a large state of the art 174 000 m3 LNG carrier with fifth generation ME-GI machinery giving considerable fuel savings compared to traditional LNG carriers.

Flex Rainbow today also commenced its 6 + 3 months Time Charter with a major European energy company following mobilisation at yard in South Korea.

As described in the Company's first quarter financial report 2018, the acquisition of two LNG carrier newbuildings with X-DF machinery from an affiliate of Geveran. These vessels are scheduled for delivery in 2020 and the transaction was subject to final documentation and execution of the Sale-Leaseback of Flex Rainbow. With today's announcement, the closing condition for this acquisition has thus been fulfilled.

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