FLEX LNG LTD ("FLEX LNG") - Announces That Talks to Join Floating Liquefaction Project Being Developed By Asian National Oil Company Have Been Suspended.

Road Town, Tortola, 7th November 2010. FLEX LNG (Oslo
Axess: FLNG) Announces that the previously
communicated talks with an Asian National Oil Company
(NOC) to join a floating liquefaction project has
been suspended.

Discussions between the parties during the last six
months have not led to further progress being made.

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

"We are of course disappointed that we have not been
able to bring the project to a successful conclusion.

We continue to work on developing other promising
opportunities and remain 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 pay dividends going forward."


About FLEX LNG LTD

FLEX LNG was incorporated in 2006 and is listed in
Norway under the ticker code FLNG. The company was
incorporated 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 or onshore locations worldwide where natural
gas today is either left stranded or is being flared.

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