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FLEX LNG reports H1 results

LNG Industry,

FLEX LNG reported first half and quarter two results. Cash balances were US$ 0.4 million at 30 June with a net outflow for the quarter of US$ 0.4 million compared to US$ 1 million at this stage last year and US$ 1.1 million year to date.

FLEX LNG, which was incorporated in 2006, is constructing two 174 000 m3 LNG carriers with Samsung Heavy Industries (SHI). Delivery is expected in the first quarter of 2017. The company said that it had worked with SHI on vendor selection and potential design changes for the LNG carriers. They also debated the use of 2-stroke propulsion engines, but decided against this.

A statement from FLEX LNG read:

“The Group is in detailed discussions to secure debt finance to cover all costs during the construction phase, until the delivery of the vessels. The expectation is that the Group will enter into an agreement for the provision of finance in Q3 2014. Given the expected costs the company believes that, based upon the forecast fund raising, it will then have sufficient working capital to operate until delivery of the vessels.”

Adapted from press release by Ted Monroe

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