Flex LNG First Quarter 2021 Earnings Release

Source: www.gulfoilandgas.com 5/21/2021, Location: South America

Flex LNG Ltd. announced its unaudited financial results for the first quarter and three months ended March 31, 2021.

Highlights:
- Revenues of $81.3 million for the first quarter 2021, compared to $67.4 million for the fourth quarter 2020.
- Net income of $47.2 million and earnings per share of $0.88 for the first quarter 2021, compared to $25.8 million and earnings per share of $0.48 for the fourth quarter 2020.
- Average Time Charter Equivalent ("TCE") rate of $75,399 per day for the first quarter 2021, compared to $73,712 per day for the fourth quarter 2020.
- Adjusted EBITDA1 of $64.0 million for the first quarter 2021, compared to $50.2 million for the fourth quarter 2020.
- Adjusted net income of $34.2 million for the first quarter 2021, compared to $24.2 million for the fourth quarter 2020.
- Adjusted earnings per share of $0.64 for the first quarter 2021, compared to $0.45 for the fourth quarter 2020.
- In January 2021, the Company took delivery of its eleventh and twelfth newbuilding LNG carriers, Flex Freedom and Flex Volunteer, which immediately commenced short-term time charters at attractive rates.
- In April 2021, the Company announced time charter agreements with Cheniere for the attractive long-term time charters of four vessels, with an option for a fifth vessel. The time charter agreements have been described in more detail in our Business Update section of this report.
- As at the date of this report, the Company has repurchased 800,000 shares at an aggregate cost of $6.9 million, or $8.65 per share, in accordance with the share buy-back program announced in November 2020.
- The Company appointed Mr. Knut Traaholt to succeed Mr. Harald Gurvin as Chief Financial Officer, with effect from May 3, 2021.
- Published our third annual ESG report for 2020, which can be found on the Company’s website.
- In May 2021, the Company announced a time charter agreement with an international trading house for the vessel, Flex Constellation with a firm period ending in the second quarter 2024.
- On May 20, 2021, the Company agreed the terms and condition for a fixed rate Time Charter Agreement with an LNG portfolio player for a minimum firm period of either three or five years for Flex Freedom. The charter will commence in the first or second quarter 2022 in direct continuation of its existing time charter and the Charterer will declare the firm period in the third quarter 2021. The Charterer has the option to extend the period by an additional two years bringing the total period to five or seven years. The Time Charter Agreement remains subject to final documentation as well as customary closing conditions.
- The Board of Directors has declared a cash dividend for the first quarter of $0.40 per share.

Oystein M Kalleklev, CEO of Flex LNG Management AS, commented:
“We are pleased to announce our best quarterly results so far with Vessel operating revenues and Adjusted net income of $81.3 million and $34.2 million, respectively. Due to a stronger market and increased term interest by charterers, we are also very satisfied that we have been able to execute on our communicated strategy of securing longer employment for our fleet of modern and efficient LNG carriers. Since reporting our fourth quarter results in February, we have agreed several attractive fixed hire term employment contracts for our vessels with an addition of an aggregate 22 years of minimum backlog secured. This provides us with strong earnings visibility with about 88% of the days from Q2 to the year end already covered. A healthy backlog coupled with a strong financial position, industry low cash break even levels and our investment program coming to its end with the delivery of our last remaining newbuilding, Flex Vigilant, enables us to increase the shareholder distribution going forward with a dividend hike to $0.40 for the first quarter 2021.”


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