FLEX LNG - Share capital increase in connection with Board remuneration

Road Town, Tortola, 24 August 2010. FLEX LNG (Oslo
Axess: FLNG) is pleased to announce that in
accordance with the resolution by the shareholders at
the annual shareholders meeting of FLEX LNG Ltd
("Flex LNG" or the "Company") held on 25 May 2010,
the Board of Directors of FLEX LNG has resolved to
issue 132,331 new shares to the members of the Board
of Directors, as part of their remuneration for the
first half of 2010. The shares will be issued and
registered as soon as possible.

The shares resolved to be issued to the members of
the Board of Directors constitute a total
remuneration of USD 95,000, based on a price per
share of NOK 4.4846. The price per share is
calculated on the basis of the volume weighted
average trading price of the Company's shares over a
period of ten consecutive trading days ending on the
day of the remuneration settlement, being 21 July
2010.

After the issue of shares in accordance with the
resolutions described above, the share capital of
FLEX LNG will be USD 1,130,432.43, divided into
113,043,243 shares, each with a par value of USD 0.01.