• Frontline for natural gas.
• Kinder Morgan for LNG shipping.

Major Products/Services of Flex LNG (FLNG)

• Liquefied Natural Gas (LNG) Transportation: Flex LNG provides global seaborne transportation of liquefied natural gas using its fleet of modern LNG carriers, primarily through long-term time charters.

Flex LNG (FLNG) primarily sells its services (LNG vessel charters) to other companies rather than individuals. Its major customers are global energy companies and trading firms that require the transportation of liquefied natural gas.

Based on their latest financial filings, Flex LNG's major customers include:

• Cheniere Marketing International LLP (a subsidiary of Cheniere Energy, Inc., Symbol: LNG)
• TotalEnergies Gas & Power Ltd (a subsidiary of TotalEnergies SE, Symbol: TTE)
• Eni International B.V. (a subsidiary of Eni S.p.A., Symbol: E)
• BP Gas Marketing Ltd. (a subsidiary of BP p.l.c., Symbol: BP)
• Shell NA LNG, LLC (a subsidiary of Shell plc, Symbol: SHEL)
• Gunvor Singapore Pte Ltd (Gunvor Group Ltd is a private company)

• Hyundai Heavy Industries (Symbol: KRX: 329180)
• Samsung Heavy Industries (Symbol: KRX: 010140)
• Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering) (Symbol: KRX: 042660)

H. Marius Foss, Interim CEO & Chief Commercial Officer

H. Marius Foss joined Flex LNG Management AS in August 2018 and was promoted to Interim CEO in April 2025. He also serves as Chief Commercial Officer. Mr. Foss previously held the position of Senior Vice President Head of Shipping at Golar Management Ltd ("Golar") and Cool Pool Ltd. Before his time at Golar, he was the Chartering Manager of Frontline Management AS. Mr. Foss brings over 25 years of shipping experience to Flex LNG. He holds a diploma in Shipping from the London School of Foreign Trade and a Degree in Merchant navy deck officer from Stord/Haugesund University College.

Knut Traaholt, Chief Financial Officer

Knut Traaholt became Chief Financial Officer of Flex LNG Management AS in May 2021. He has approximately 15 years of experience in international shipping, offshore, and E&P finance. His professional background includes roles as Client Executive in Swedbank AB and Director in ABN AMRO Bank N.V., where he worked with major shipping and offshore companies. Mr. Traaholt holds an MSc degree in Shipping, Trade and Finance from CASS Business School, a Bachelor in Business and administration from Copenhagen Business School, and an Executive MBA from the Norwegian School of Economics. He is also a Certified European Financial Analyst (CEFA).

Naren Senaratne, Chief Accounting Officer

Naren Senaratne joined Flex LNG Management Ltd as Chief Accounting Officer in September 2024. Prior to joining Flex LNG, Mr. Senaratne spent 13 years with EY, most recently as a Senior Manager at EY London, where he focused on audits of US listed companies, primarily within the LNG shipping industry. He is an Associate member of the Institute of Chartered Accountants of Sri Lanka (ACA) and an Associate member of the Chartered Institute of Management Accountants (ACMA). Mr. Senaratne also holds a Bachelor of Science in Economics and Finance from the London School of Economics external program.

Jannicke Eilertsen, Head of Compliance

Jannicke Eilertsen serves as the Head of Compliance for Flex LNG Management AS. She holds a Master of Laws from the University of Oslo and studied maritime laws at the University of Southampton. Ms. Eilertsen previously worked as a Senior Associate in the Compliance and Investigations department at Advokatfirmaet Wiersholm, where she advised both privately and publicly owned companies on cross-border issues related to anti-bribery and corruption, anti-money laundering, and sanctions. Her experience also includes roles in the FD&D department at Gard (UK) Ltd in London and as legal counsel at Rolls-Royce Marine AS.

• Accelerated Energy Transition and Decarbonization Policies: There is an increasingly clear and accelerating global shift away from fossil fuels, including natural gas, driven by ambitious climate policies and investments in renewable energy and alternative energy sources. While LNG is considered a transition fuel, the long-term outlook for global LNG demand is facing growing uncertainty as countries commit to aggressive net-zero targets and reduce their reliance on all fossil fuels. This emerging trend could lead to a faster-than-anticipated plateau or decline in global LNG consumption, directly impacting the demand for LNG transportation services and potentially diminishing the long-term value and utilization of Flex LNG's fleet.
• Increasingly Stringent Environmental Regulations for Shipping: The global shipping industry faces intensifying regulatory pressure to decarbonize. The European Union's inclusion of maritime transport in its Emissions Trading System (EU ETS) from January 2024 represents a concrete and emerging threat, as it will impose direct carbon costs on vessels operating in EU waters, including those using LNG as fuel. Furthermore, the International Maritime Organization (IMO) has set revised greenhouse gas reduction targets, aiming for net-zero by or around 2050, with indicative checkpoints. These regulations signal a future where even modern LNG dual-fuel vessels may face significant penalties, requiring costly retrofits or accelerated replacement with nascent zero-emission propulsion technologies that are not yet widely proven or commercially viable for large-scale LNG carriers.
• Potential Oversupply of LNG Carriers: A substantial number of new LNG carriers are currently on order and scheduled for delivery in the coming years. This significant influx of new capacity into the market, coupled with the potential for a moderation or slowing of global LNG demand growth (due to the aforementioned energy transition and other geopolitical factors), presents an emerging threat of an oversupplied market. An imbalance between vessel supply and demand could lead to downward pressure on charter rates, reduced vessel utilization, and lower asset values across the LNG shipping sector, directly impacting Flex LNG's profitability and financial performance.

The addressable market for Flex LNG's main service, the seaborne transportation of liquefied natural gas (LNG), is the global LNG transportation services market.

The global LNG transportation services market is estimated to be approximately USD 50 billion in 2025. This market is projected to grow and exceed USD 80 billion by 2033.

Flex LNG (FLNG) is poised for future revenue growth over the next two to three years, driven by a combination of its robust contract backlog, the expanding global demand for Liquefied Natural Gas (LNG), and its modern, fuel-efficient fleet.

1. Long-term Charter Contract Backlog: A primary driver of stable and predictable future revenue for Flex LNG is its strong backlog of charter contracts. The company has secured new contracts, such as those for the Flex Resolute and Flex Courageous, extending from 2029 to potentially 2039, significantly enhancing its revenue visibility for over 50 years, and potentially up to 82 years with options exercised. This extensive backlog ensures a consistent income stream for a substantial portion of its fleet.
2. Growth in Global LNG Demand and Export Capacities: The increasing global demand for LNG, fueled by the shift towards decarbonization and energy diversification, particularly in Europe replacing Russian gas, is expected to be a significant revenue driver. Flex LNG is well-positioned to benefit from what is termed the "Third Wave of LNG," which involves over 200 million tons per annum (MTPA) in new LNG export capacity coming online globally, directly increasing the demand for LNG shipping services.
3. Modern and Fuel-Efficient Fleet: Flex LNG operates a fleet of state-of-the-art LNG carriers equipped with the latest generation two-stroke propulsion systems (MEGI and X-DF). These modern vessels offer significant improvements in fuel efficiency and a reduced carbon footprint compared to older ships. This technological advantage makes Flex LNG's vessels a preferred choice for charterers, enabling the company to maintain high utilization rates and potentially secure premium charter rates, thereby sustaining and growing revenue in a competitive market.

Share Repurchases

• Flex LNG authorized a new share buyback program on August 20, 2025, allowing the company to repurchase up to $15 million of its outstanding shares, with a maximum limit of 900,000 shares. This program is set to conclude by November 27, 2025.
• The company repurchased 80,000 common stocks between August 17 and August 20, 2021, on the Oslo Stock Exchange at an average price of NOK 128.07 per share, as part of a share buyback program announced in November 2020.
• Under the same November 2020 share buyback program, Flex LNG purchased 34,000 common stocks on December 11, 2020, on the Oslo Stock Exchange at an average price of NOK 70.93 per share.

Share Issuance

• Flex LNG's shares outstanding have shown minor increases over the past few years, moving from 53.13 million at the end of 2021 to 54.08 million as of November 2025.

Capital Expenditures

• Flex LNG operates a fleet of thirteen modern LNG carriers, all equipped with the latest generation two-stroke propulsion systems (MEGI and X-DF), indicating significant past capital allocation towards acquiring and maintaining a state-of-the-art fleet.
• The company's fleet includes ten existing LNG carriers and three additional vessels that were under construction for delivery, representing ongoing capital expenditures for fleet expansion.