FLEX LNG LTD ("FLEX LNG") - Announces That Talks are Progressing With Samsung Heavy Industries (SHI) to Restructure the Commercial Relationship Between FLEX LNG and SHI

Road Town, Tortola, 22 December 2010. FLEX LNG (Oslo
Axess: FLNG) Announces that the company is in
discussions with SHI to restructure the commercial
relationship between the two companies.

FLEX LNG and SHI have in December 2010 completed
initial discussions to agree upon a process with a
target to sign binding amended terms to the
commercial relationship between FLEX LNG and SHI by
the end of February 2011. Instalments from FLEX LNG
and SHI have been deferred temporarily until the end
of February 2011.

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

"As a result of delays in project development FLEX
LNG and SHI have decided to try to adapt the
commercial relationship to the change in
circumstances.

FLEX LNG continues to pursue an attractive portfolio
of potential FLNG projects and we remain confident
that 2011 will be an exciting year for the FLNG
segment and that FLEX LNG will be at the forefront of
these developments"