Flex LNG Announces Financial Results for Q2 & Six Months Ended June 30, 2021

Source: www.gulfoilandgas.com 8/17/2021, Location: South America

Flex LNG Ltd. (“Flex LNG”) announced its unaudited financial results for the second quarter and six months ended June 30, 2021.

Highlights:

- Revenues of $65.8 million for the second quarter 2021, compared to $81.3 million for the first quarter 2021.

- Net income of $12.7 million and earnings per share of $0.24 for the second quarter 2021, compared to net income of $47.2 million and earnings per share of $0.88 for the first quarter 2021.

- Average Time Charter Equivalent (“TCE”) rate of $57,780 per day for the second quarter 2021, compared to $75,399 per day for the first quarter 2021.

- Adjusted EBITDA of $46.8 million for the second quarter 2021, compared to $64.0 million for the first quarter 2021.

- Adjusted net income1 of $15.7 million for the second quarter 2021, compared to $34.2 million for the first quarter 2021.

- Adjusted earnings per share1 of $0.29 for the second quarter 2021, compared to $0.64 for the first quarter 2021.

- Since April 2021, the Company has secured long-term time charter contracts for six vessels with aggregate firm periods of 20 years with charterer’s options which could extend this to 40 years. More detail on the specific contracts has been detailed in the Business Update section of this report.

- In May 2021, the Company completed its newbuilding program following successful delivery of its thirteenth newbuilding LNG carrier, Flex Vigilant.

- In August 2021, an option was declared extending the variable rate time charter with an international energy major for Flex Amber, by an additional one year.

- In August 2021, the Board of Directors authorized to increase the maximum amount to be paid per share under the share buy-back program announced in November 2020, from $14.00 to $15.00.

- As at the date of this report, the Company has repurchased 900,000 shares at an aggregate cost of $8.3 million, or $9.22 per share, in accordance with the share buy-back program.

- The Board of Directors has declared a cash dividend for the second quarter of $0.40 per share.

Oystein M Kalleklev, CEO of Flex LNG Management AS, commented:
“We are pleased to announce second quarter results in line with our guidance with revenues and adjusted net income of $65.8m and $15.7m respectively. In the second quarter we took delivery of our last newbuilding Flex Vigilant on May 31, which commenced a minimum three-year charter following delivery. We thus have 13 state-of-the-art large LNG carriers on the water. As the market and outlook have significantly improved recently due to strong LNG demand, we have acted on opportunities to add substantial length to our charter backlog with six new attractive long-term charters executed during the second quarter with an aggregate minimum duration of 20 years. As of today, we have booked 96 per cent of the available days for the year but remain exposed to the general market through one ship trading spot and three ships on variable hire. As ships are rolling onto new contracts, we do expect revenues to grow steadily in the second half of the year. With a very healthy cash position, industry low cash break-even levels and high earnings visibility we thus remain well positioned.”


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