Flex LNG Ltd.
 | This article needs to be updated. (May 2021) |
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| Publicly traded limited company | |
| Traded as | OSE: FLNG NYSE: FLNG |
| ISIN | 🆔 |
| Industry | LNG shipping |
| Founded 📆 | 2006 |
| Founder 👔 | |
Area served 🗺️ | |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Flex LNG Ltd. is a publicly listed LNG shipping company, based in Bermuda. The company owns and operates 13, fifth generation LNG carriers delivered between 2018 and 2021.
The fleet is primarily chartered out on long-term contracts to Energy Majors and commodity traders. Contracts were signed and concluded between November 2019 and June 2022. Its Chief Executive Officer is Øystein Kalleklev.[1].
Flex LNG services the transportation element of the natural gas value chain, transporting liquefied natural gas (LNG) oceanborne. The largest LNG exporters globally are The United States, Qatar and Australia[2]
Fleet
As of September 1, 2022, the company owned and operated i) nine M-type, Electronically Controlled, Gas Injection ("MEGI") LNG carriers and, ii) four Generation X Dual Fuel ("X-DF") LNG carriers[3]. Four of the MEGI-vessels have partial re-liquefaction systems installed, whereas three have full re-liquefaction systems installed.
Fleet operations and strategy
The company signed its first long-term charter contract in November 2019, when it announced a variable-rate charter contract with Gunvor[4]. No new long-term contracts were announced in 2020, with the company facing a challenging charter market due to the Covid-19 pandemic and reduced natural gas demand. In 2021, the company signed four of its vessels (in addition to one optional vessel) to Cheniere on fixed-hire contracts[5].
The company has since secured long-term fixed charter contracts for the remainder of its fleet, with vessels coming open from 2024 to 2033 [6].
History
Flex LNG was established in 2006 by Norwegian trio Philip Fjeld, Trym Tveitnes and Jostein Ueland[7]. The company was set up to deliver Floating LNG (FLNG) solutions, extracting gas from remote fields with an on-site liquefaction capability. In 2009, the company completed an initial public offering of its ordinary shares, listing on the Oslo Axess under the symbol “FLNG.”
After a contractual and corporate restructuring in 2013, the two FLNG units under construction at Samsung Heavy Industries were converted to conventional LNG carriers (“LNGC”)[8].
Throughout 2014, John Fredriksen bought a majority stake in the company[9]. The management team was replaced from 2016, with Øystein Moksheim Kalleklev taking the role as CEO from August 2018[10], having served as CFO of the company since 2017.
In June 2017, Flex LNG re-domiciled the company to Bermuda and in July 2017 transferred the listing of its ordinary shares from Oslo Axess to the Oslo Stock Exchange. In a series of transactions with its main shareholder, the company acquired 11 newbuild contracts for LNG Carriers, in the period from 2017 and 2018[11]
The company listed on New York Stock Exchange in 2019[12] and is currently listed in both Oslo and New York.
References
- ↑ "FLNG.NO Company Profile & Executives - Flex LNG Ltd. - Wall Street Journal". www.wsj.com. Retrieved 2022-11-03.
- ↑ Lewis, Josh (2022-01-19). "Australia remains world's top LNG exporter but it could lose its crown this year | Upstream Online". Upstream Online | Latest oil and gas news. Retrieved 2022-11-02.
- ↑ Alpha, Seeking. "FLEX LNG Positioned To Benefit From Positive LNG Outlook". Retrieved 2023-01-29.
- ↑ Wainwright, Dale; Dixon, Gary (2019-11-25). "Gunvor fixes Fredriksen LNG newbuilding for up to 10 years | TradeWinds". TradeWinds | Latest shipping and maritime news. Retrieved 2022-11-02.
- ↑ "Flex LNG and Cheniere Enter into Time Charter Party Agreements". MarineLink. 2021-04-14. Retrieved 2022-11-02.
- ↑ "Flex LNG announces new time charter agreements". LNG Industry. 2022-06-29. Retrieved 2022-11-02.
- ↑ Buanes, Frode (21 July 2007). "Milliardeventyr for gründere".
- ↑ "Dreifa Energy".
- ↑ Ekeseth, Fredrick Chr (2016-06-14). "Ledelsen går i Fredriksen-selskap". www.dn.no. Retrieved 2022-11-02.
- ↑ "Kalleklev Takes Over as CEO of FLEX LNG". Maritime Logistics Professional. 2018-08-01. Retrieved 2022-11-02.
- ↑ "Billionaire Fredriksen's Flex raises $300 mln for more LNG ships". Reuters. 2018-10-11. Retrieved 2022-11-02.
- ↑ World News, LNG (2019-06-19). "Flex LNG goes public on NYSE". Offshore Energy. Retrieved 2022-11-02.
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