Flex LNG Q1, 2020 Earnings Release

May 28, 2020 - Hamilton, Bermuda

Flex LNG Ltd. ("Flex LNG" or the “Company”) today announced its unaudited
financial results for the first quarter and three months ended March 31, 2020

Highlights:

Revenues of $38.2 million for the first quarter 2020, compared to $52.0 million
for the fourth quarter 2019.

Net loss of $14.9 million and loss per share of $0.27 for the first quarter
2020, compared to a net income of $23.9 million and earnings per share of $0.44
for the fourth quarter 2019.

Average Time Charter Equivalent ("TCE") rate of $67,740 per day for the first
quarter 2020, compared to $94,000 per day for the fourth quarter 2019.

Adjusted EBITDA of $27.8 million for the first quarter 2020, compared to $41.6
million for the fourth quarter 2019.

Adjusted net income of $9.3 million for the first quarter 2020, compared to
$22.0 million for the fourth quarter 2019.

Adjusted earnings per share of $0.17 for the first quarter 2020, compared to
$0.41 for the fourth quarter 2019.

In January 2020, a 12-month extension option was exercised under the
time-charter agreement for Flex Enterprise, giving a firm period until the end
of the first quarter 2021. 

In February 2020, the Company entered into a $629 million financing with a
syndicate of banks and the Export-Import Bank of Korea ("KEXIM") for five of the
newbuildings scheduled for delivery in 2020.

In May 2020, the Company received firm commitments from a syndicate of banks for
a $125 million financing for the newbuilding Flex Volunteer, scheduled for
delivery in the first quarter 2021.

In May 2020, the Company received confirmation of credit approval from an Asian
based leasing house for a $156.4 million sale and leaseback transaction for the
newbuilding Flex Amber based on a term sheet signed in early April 2020.

On March 25, 2020 the Company paid a cash dividend of $0.10 per share for the
fourth quarter 2019.

Øystein M Kalleklev, CEO of Flex LNG Management AS, commented:

“The LNG market has been very challenging this year due to another mild winter
and the global covid-19 pandemic.  We have witnessed unprecedented demand
destruction due to shut-downs of all major economies and more specifically
shut-ins of cargoes due to historically low gas prices. These factors have
adversely affected the demand for shipping and thus consequently freight rate
levels. Despite this turmoil, we have been able to run our ships without any
disruptions and deliver cargoes to our customers safely and on time. Our
in-house technical department and crew have been hands-on to ensure that we
deliver the first class service level that is expected from Flex LNG even in
these very challenging times. Notwithstanding the headwinds, Flex LNG is pleased
to deliver TCE trading results for Q1 of $68kpdr, which is in line with our
guidance. Further, we are today pleased to announce $281 million of attractive
long-term financing for the two remaining newbuildings to be financed. Flex LNG
is thus well capitalized with $121 million of cash at the bank, as well as $910
million of financing in place for the $937 million remaining capex related to
the seven newbuildings which are scheduled for delivery over the next twelve
months. While the near term outlook for LNG shipping is challenging, the
long-term outlook for LNG remains very attractive as the world turns towards
cleaner energy with LNG offering cheap and abundant supplies that are displacing
coal and diesel.”

First Quarter 2020 Result Presentation

In connection with the earnings release, a webcast and conference call will be
held at 3:00 p.m. CEST (9:00 a.m. EST). In order to attend the webcast and/or
conference call you may do one of the following:

Attend by Webcast:

Use to the follow link prior to the webcast:
https://edge.media-server.com/mmc/p/g54zgfzb  

Attend by Conference Call:
Applicable dial-in telephone numbers are as follows:
Norway: +47 21 56 31 62
United Kingdom: +44 (0) 203 0095710
United Kingdom (local): 0844 493 3857
United States (Toll Free): +1 866 869 2321

Confirmation Code: 3476998

The presentation material which will be used in the teleconference/webcast can
be downloaded on www.flexlng.com and replay details will also be available at
this website.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.