FLEX LNG LTD ("FLEX LNG") - Announces Advanced Talks to Join Floating Liquefaction Project Being Developed By Asian National Oil Company

Road Town, Tortola, 12 April 2010. FLEX LNG (Oslo
Axess: FLNG) is pleased to announce that it is in
advanced talks with an Asian National Oil Company
(NOC) to join a floating liquefaction project that
would monetise gas resources controlled by the NOC in
Australia. The proposed project would be developed by
a JV where FLEX LNG is in advanced discussions to
join the FLNG project together with one or more
technical and commercial partners.

Commenting on the talks with the NOC, Chief Executive
Officer of FLEX LNG Management Ltd, Philip Fjeld
stated:

"We are happy that FLEX LNG has been selected for
detailed discussions to join the FLNG project being
developed to monetise the gas resources in Australia.
We are confident that the work undertaken to date by
FLEX LNG and Samsung Heavy Industries to develop one
of the world's first LNG FPSOs will enable this
project to move ahead and achieve its near term goal
of producing LNG as soon as practically possible.

It is the aim to reach common commercial and
technical agreements between all project participants
shortly and FLEX LNG will provide further information
as various discussions are completed."

About FLEX LNG LTD

FLEX LNG was incorporated in 2006 with the objective
of commercialising among the world's first floating
liquefaction units (LNG Producers) and has signed
four ship building contracts with Samsung Heavy
Industries for LNG Producer hulls utilising the SPB
LNG containment system. In addition FLEX LNG on 17
September 2008 signed a contract with SHI for the
Engineering, Procurement, Construction, Integration
and Commissioning of the world's first floating
liquefaction unit. This provides the LNG industry
with a unique possibility of accessing currently
uncommitted gas reserves for LNG production from 2013
onwards.

By using the proven nitrogen expander liquefaction
cycle, the most robust and flexible liquefaction
technology in use in the LNG industry, the LNG
Producer is to source gas from numerous potential
offshore locations worldwide where natural gas today
is either left stranded or is being flared.

For further information please contact:
Investor.relations@flexlng.com