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Flex LNG Ltd release Q4 2017 results

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LNG Industry,

Flex LNG Ltd. has reported unaudited results for the three and 12 months ended 31 December 2017.

Highlights for Q4 2017

  • Reported revenues of US$7.9 million compared to US$9.8 million in previous quarter.
  • Reported net operating income before depreciation of US$1.3 million compared to a net operating loss before depreciation of US$4.1 million in previous quarter.
  • Reports profit before tax for Q4 of US$1.3 million, or US$0.00 per share and loss of US$10.4 million, or US$0.03 per share, for the twelve months ending 31 December 2017.
  • During the quarter, operated two chartered-in LNG carriers (LNGCs) in order to build a market presence and operational track record.
  • Signed and executed a US$315 million secured term loan facility.

Other and Subsequent Events

On 9 and 11 January 2018, the company successfully took delivery of its first LNGC newbuildings the Flex Endeavour and the Flex Enterprise, respectively. After crew mobilisation and safety drills the Flex Endeavour commenced it's time charter to Uniper Global Commodities, a leading international energy company headquartered in Germany. The time charter to Uniper is for a firm period of 15 months plus an option period of three months. Subsequent to crew mobilisation and safety drills, the Flex Enterprise was put into spot trade.

In connection with the delivery of the two vessels, US$210 million of the company's US$315 million secured term loan facility was utilised. The remaining amount available under the secured term loan facility will be utilised in connection with the scheduled delivery of the Flex Ranger in May 2018. Subsequent to the drawdown of the secured term loan facility, Flex LNG repaid US$100 million under the Sterna revolving credit facility. Following this repayment to Sterna, remaining outstanding amount under this US$270 million facility was US$60 million.

Jonathan Cook, CEO

"We are pleased to deliver profitable results for [Q4] as two of our chartered-in vessels were employed in profitable charters throughout the quarter. In January, we successfully took delivery of the first two of our six newbuildings and secured a 15 – 18 month time charter for one of the vessels in line with our strategy to secure balanced fleet employment as the market continues to improve due to expected tighter supply/demand dynamics in the LNGC market."

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