FLNG News & Events

The board of Flex LNG announced the appointment of Marius Foss as the CEO of Flex LNG. Foss currently serves as the interim CEO and chief commercial officer of Flex LNG.

Reports Q3 revenue $85.7M, consensus $88.76M. The company said, "Third quarter revenues came in at $85.7 million, with a TCE rate of ~$70,900 per day. We completed the drydockings of two vessels during the quarter, and Flex Artemis traded in the spot market. The charterer of Flex Volunteer decided not to exercise the one-year option, and we expect her to be redelivered in late December this year, where she will go straight into drydock for her five-year special survey and thereafter be marketed for new employment. While this year's winter season began on a sluggish note, we are encouraged to see spot rates for modern tonnage in the region of $60,000-70,000 per day."

The company said, "We are today announcing the launch of a share buy-back program of up to $15 million. The share buy-back program will last until the Q3-2025 earnings release date, currently set to November 27, 2025. Any purchase under the share buy-back program is made independently of any dividend considerations."

Reports Q2 revenue $85.98M, consensus $83.76M. The company said, "We are today reporting second quarter revenues of $86 million, or $84 million excluding EUAs, with a TCE of approximately $72,000/day, almost unchanged from last year's second quarter revenues of $84.7 million. Although the second quarter is historically the weakest of the year, spot earnings bottomed out in the first quarter, making 2025 one of the rare years where Q2 rates exceeded Q1 levels. However, the spot market remained soft. This affected the quarterly earnings for Flex Artemis, which is on a variable charter, as well as Flex Constellation, which is trading in the spot market before she commences a 15-year time charter in the first half of 2026. Vessel OPEX was in line with our guidance, and net income for the quarter was $17.7 million, implying an EPS of $0.33 per share, with adjusted net income of $24.8 million, equivalent to adjusted EPS of $0.46 per share."