August 20, 2025
Hamilton, Bermuda
The Board of Directors of Flex LNG Ltd. ("Flex LNG" or the "Company") authorized
a share buyback program that allows the Company to repurchase up to $15 million
of its outstanding shares.
In furtherance of the program, the Company announces today that it has put in
place an agreement with DNB Markets, Inc. and DNB Carnegie, a part of DNB Bank
ASA, for the repurchase of the Company's shares in open market transactions on
the Oslo Stock Exchange ("OSE") and the New York Stock Exchange ("NYSE").
Repurchases on the OSE will be completed in accordance with the Market Abuse
Regulation (EU) No 596/2014 and Commission Delegated Regulation (EU) 2016/1052.
Repurchases on the NYSE will be made in accordance with U.S. securities laws and
regulations, including compliance with the safe harbor provided by Rule 10b-18
promulgated by the U.S. Securities and Exchange Commission under the U.S.
Securities Exchange Act of 1934, as amended.
The share buyback program will commence on August 20, 2025 and continue through
November 27, 2025. The Company may repurchase up to $15 million of its shares,
subject also to a maximum limit of 900,000 shares. The shares purchased will be
held as treasury shares. The actual timing, number and value of shares
repurchased under the repurchase program will depend on several factors,
including the manner, timing, and volume restrictions specified in Rule 10b-18,
price, general business and market conditions, and alternative investment
opportunities. The Company reserves the right to make subsequent changes to the
above terms for the program, including shortening, extending and/or replacing
the program.
The amount utilized for the share buyback program will be treated independently
from future dividend consideration, which remains at the discretion of the Board
of Directors in accordance with the Company's dividend policy.
For further information, please contact:
Mr. Knut Traaholt, Chief Financial Officer of Flex LNG Management AS
Telephone: +47 23 11 40 00
Email: ir@flexlng.com
This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act and article 5 of the European Market
Abuse Regulation.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business. Forward
-looking statements include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts. The Company
desires to take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The words "believe,"
"expect," "forecast," "anticipate," "aim," "commit," "estimate," "intend,"
"plan," "possible," "potential," "pending," "target," "project," "likely,"
"may," "will," "would," "should," "could" and similar expressions identify
forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical operating
trends, data contained in the Company's records and other data available from
third parties. Although management believes that these assumptions were
reasonable when made, because these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or impossible to
predict and are beyond the Company's control, there can be no assurance that the
Company will achieve or accomplish these expectations, beliefs or projections.
As such, these forward-looking statements are not guarantees of the Company's
future performance, and actual results and future developments may vary
materially from those projected in the forward-looking statements. The Company
undertakes no obligation, and specifically declines any obligation, except as
required by applicable law or regulation, to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. New factors emerge from time to time, and it is not
possible for the Company to predict all of these factors. Further, the Company
cannot assess the effect of each such factor on its business or the extent to
which any factor, or combination of factors, may cause actual results to be
materially different from those contained in any forward-looking statement.
In addition to these important factors, other important factors that, in the
Company's view, could cause actual results to differ materially from those
discussed in the forward-looking statements include: unforeseen liabilities,
future capital expenditures, the strength of world economies and currencies,
inflationary pressures and central bank policies intended to combat overall
inflation and rising interest rates and foreign exchange rates, general market
conditions, including fluctuations in charter rates and vessel values, changes
in demand in the LNG tanker market, the impact of public health threats, changes
in the Company's operating expenses, including bunker prices, drydocking and
insurance costs, the fuel efficiency of the Company's vessels, the market for
the Company's vessels, availability of financing and refinancing, ability to
comply with covenants in such financing arrangements, failure of counterparties
to fully perform their contracts with the Company, changes in governmental rules
and regulations or actions taken by regulatory authorities, including those that
may limit the commercial useful lives of LNG tankers, customers' increasing
emphasis on environmental and safety concerns, potential liability from pending
or future litigation, global and regional economic and political conditions or
developments, armed conflicts, including the war between Russia and Ukraine, and
possible cessation of such war in Ukraine, the conflict between Israel and Hamas
and related conflicts in the Middle East, the Houthi attack in the Red Sea and
Gulf of Aden, threats by Iran to close the Strait of Hormuz, trade wars,
tariffs, embargoes and strikes, the impact of restrictions on trade, including
the imposition of new tariffs, port fees and other import restrictions by the
United States on its trading partners and the imposition of retaliatory tariffs
by China and the European Union on the United States, business disruptions,
including supply chain disruption and congestion, due to natural or other
disasters or otherwise, potential physical disruption of shipping routes due to
accidents, climate-related incidents, or political events, potential
cybersecurity or other privacy threats and data security breaches, vessel
breakdowns and instances of offhire, and other factors, including those that may
be described from time to time in the reports and other documents that the
Company files with or furnishes to the U.S. Securities and Exchange Commission
("Other Reports"). For a more complete discussion of certain of these and other
risks and uncertainties associated with the Company, please refer to the Other
Reports.