Flex LNG Ltd. today announced its unaudited financial results for the three months ended March 31, 2025.

Highlights:

• Vessel operating revenues of $88.4 million for the first quarter 2025, compared to $90.9 million for the fourth quarter 2024.
• Net income of $18.7 million and basic earnings per share of $0.35 for the first quarter 2025, compared to net income of $45.2 million and basic earnings per share of $0.84 for the fourth quarter 2024.
• Average Time Charter Equivalent (“TCE”) rate of $73,891 per day for the first quarter 2025, compared to $75,319 per day for the fourth quarter 2024.
• Adjusted EBITDA of $65.6 million for the first quarter 2025, compared to $68.7 million for the fourth quarter 2024.
• Adjusted net income of $29.4 million for the first quarter 2025, compared to $30.8 million for the fourth quarter 2024.
• Adjusted basic earnings per share of $0.54 for the first quarter 2025, compared to $0.57 for the fourth quarter 2024.
• In March 2025, Flex Constellation was re-delivered from the existing time charter contract and was employed in the short-term market, until the commencement of a 15-year time charter contract during the first or second quarter of 2026.
• In April 2025, the charterer of Flex Artemis elected not to exercise the option under the time charter. The vessel is expected to be re-delivered from the original 5-year variable hire contract in the third quarter of 2025. Following the re-delivery, Flex Artemis will perform her scheduled dry-docking and subsequently will be marketed for short and long-term contracts.
• In May 2025, we received a credit approved term sheet for a $175.0 million, 10-year sale and leaseback with an Asian-based lease provider for Flex Courageous. The refinancing will repay the outstanding amount relevant to Flex Courageous, under the $330 Million Sale and Leaseback.
• In May 2025, the Company announces that it has initiated the process of refinancing the vessels Flex Resolute and Flex Constellation, aiming to free up liquidity, reduce the cost of debt and extend the debt maturities. The Company aims to secure commitments and conclude the new financings during the second half of 2025
• In May 2025, at the 2025 Annual General Meeting of Shareholders (AGM), the Company’s shareholders approved the delisting of the Company’s common shares from the Oslo Stock Exchange (OSE) and authorised the Board of Directors to take steps to implement the delisting including filing an application to the OSE on behalf of the Company.
• In May 2025, the Company published its ESG report for 2024, its seventh comprehensive and stand-alone sustainability report, which provides an opportunity to reflect on the Company’s ESG journey thus far.
• The Company declared a dividend for the first quarter 2025 of $0.75 per share. The dividend is payable on or about June 20, 2025 to shareholders, on record as of June 6, 2025.

Marius Foss, Interim CEO of Flex LNG Management AS, commented:

“Flex LNG delivered solid results for the first quarter, with revenues of $88.4 million, or $86.8 million excluding EUAs. Net income came in at $18.7 million, translating to earnings per share (EPS) of $0.35 and adjusted net income came in at $29.4 million, or $0.54 per share. As expected, revenue decreased by $3 million compared to Q4 2024 primarily due to lower earnings from Flex Artemis, operating on a variable index hire. Additionally, Flex Constellation was redelivered at the end of February and commenced a new spot voyage in late March. Flex Constellation is expected to remain in the spot market until she begins a 15-year time charter in H1 2026.
Flex Artemis has been on a 5-year Time Charter and will be redelivered in Q3-2025, after which she will undergo her 5-year special survey drydocking. With her full reliquefaction system, she is highly attractive for charterers on long-term Time Charters.

Late last year, we strengthened our earnings foundation by securing up to 37 years of new contract backlog for Flex Constellation, Flex Courageous and Flex Resolute. As a result, our total minimum firm backlog now stands at 59 years, with the potential to expand to 88 years through charterers’ extension options. This provides strong earnings visibility going forward.
Following these contract additions we see opportunities for attractive refinancings. Today we announce that we have received a credit approved term sheet for a $175m sale and leaseback at very attractive terms for the refinancing of Flex Courageous. We also announce that we have initiated the process of refinancing the Flex Resolute and Flex Constellation, aiming to free up liquidity, reduce cost of debt and extend debt maturities.

We see increasing momentum in the US LNG sector, evidenced by Woodside’s FID on the Louisiana LNG project. This positive news flow signals a wave of upcoming liquefaction capacity. These new projects are expected to come on stream just as some of our vessels conclude their existing charters, creating an ideal opportunity to re-contract.

Today, we are pleased to release our 2024 ESG Report — the seventh edition since our inaugural report in 2018. We are proud to report a Lost Time Injury Frequency (LTIF) of zero, which is a testament to our relentless focus on health and safety. We encourage readers to explore the report to understand our continuous commitment to sustainability.

With solid earnings, substantial backlog and our strong balance sheet with $410 million of cash and no debt maturities prior to 2028, the Board is pleased to announce another quarterly dividend per share of $0.75. This is equal to a quarterly dividend pay-out of approximately $41 million. Therefore, we have paid trailing twelve months dividends of $3.0 per share, giving our investors a running yield of about 12 per cent. This is our fifteenth ordinary quarterly dividend of $0.75, and when adding the special dividends we will have paid out approximately $650 million since Q4-2021.”
Source: Flex LNG