Flex LNG - First Quarter 2025 Earnings Release
Flex LNG - First Quarter 2025 Earnings Release |
| [21-May-2025] |
HAMILTON, Bermuda, May 21, 2025 /PRNewswire/ -- Flex LNG Ltd. ("Flex LNG" or the "Company") today announced its unaudited financial results for the three months ended March 31, 2025. Highlights:
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 โ 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." First Quarter 2025 Result Presentation In connection with the earnings release, a video webcast will be held at today 15:00 CEST (09:00 a.m. EST). In order to watch the webcast, use the following link: First Quarter 2025 Earnings Presentation A Q&A session will be held after the webcast. Information on how to submit questions will be given at the beginning of the session. The presentation material which will be used in the live video webcast can be downloaded on www.flexlng.com and replay details will also be available at this website. For further information, please contact: This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "expect," "forecast," "anticipate," "aim," "commit," "estimate," "intend," "plan," "possible," "potential," "pending," "target," "project," "likely," "may," "will," "would," "should," "could" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. As such, these forward-looking statements are not guarantees of the Company's future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. The Company undertakes no obligation, and specifically declines any obligation, except as required by applicable law or regulation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the effect of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include: unforeseen liabilities, future capital expenditures, the strength of world economies and currencies, inflationary pressures and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the LNG tanker market, the impact of public health threats, changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs, the fuel efficiency of the Company's vessels, the market for the Company's vessels, availability of financing and refinancing, ability to comply with covenants in such financing arrangements, failure of counterparties to fully perform their contracts with the Company, changes in governmental rules and regulations or actions taken by regulatory authorities, including those that may limit the commercial useful lives of LNG tankers, customers' increasing emphasis on environmental and safety concerns, potential liability from pending or future litigation, global and regional economic and political conditions or developments, armed conflicts, including the war between Russia and Ukraine, as well as the developments in the Middle East, including continued conflicts between Israel and Hamas and the conflict regarding the Houthi attack in the Red Sea, trade wars, tariffs, embargoes and strikes, the impact of restrictions on trade, including the imposition of new tariffs, port fees and other import restrictions by the United States on its trading partners and the imposition of retaliatory tariffs by China and the European Union on the United States, business disruptions, including supply chain disruption and congestion, due to natural or other disasters or otherwise, potential physical disruption of shipping routes due to accidents, climate-related incidents, or political events, potential cybersecurity or other privacy threats and data security breaches, vessel breakdowns and instances of off-hire, and other factors, including those that may be described from time to time in the reports and other documents that the Company files with or furnishes to the U.S. Securities and Exchange Commission ("Other Reports"). For a more complete discussion of certain of these and other risks and uncertainties associated with the Company, please refer to the Other Reports. This information was brought to you by Cision http://news.cision.com https://news.cision.com/flex-lng/r/flex-lng---first-quarter-2025-earnings-release,c4153189 The following files are available for download:
SOURCE Flex LNG | ||||||
Company Codes: Bloomberg:FLNG@NO, Bloomberg:FLNG@US, ISIN:BMG359472021, NYSE:FLNG, RICS:FLNG.A, RICS:FLNG.OL, Oslo:FLNG |
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