• Hertz for LNG carriers
• Prologis for floating natural gas infrastructure

• Seaborne Transportation of LNG: Flex LNG provides worldwide transportation of liquefied natural gas using its fleet of LNG carriers.
• Chartering Services: The company offers its LNG carriers for charter to clients.
• Management Services: Flex LNG also provides management services for vessels.

Flex LNG (FLNG) primarily serves other companies rather than individuals. Its major customers are large energy companies and LNG traders that charter its liquefied natural gas (LNG) carriers for seaborne transportation of LNG. Based on Flex LNG's public disclosures and charter agreements, its major customers include:

• Shell International Trading and Shipping Company Ltd. (part of Shell plc, symbol: SHEL)
• TotalEnergies Gas & Power Ltd. (part of TotalEnergies SE, symbol: TTE)
• Cheniere Marketing International LLP (part of Cheniere Energy, Inc., symbol: LNG)
• Eni S.p.A. (symbol: E)

• HD Hyundai Co., Ltd. (009540.KS)
• Hanwha Ocean Co., Ltd. (042660.KS)
• Volkswagen AG (VOW.DE)

H. Marius Foss, CEO & Chief Commercial Officer

H. Marius Foss was promoted to CEO in December 2025, after serving as Interim CEO since April 2025. He joined Flex LNG Management AS in August 2018. Prior to his current role, he served as Senior Vice President Head of Shipping at Golar Management Ltd and Cool Pool Ltd. Before Golar, Mr. Foss was the Chartering Manager of Frontline Management AS. He possesses over 25 years of experience in the shipping industry.

Knut Traaholt, Chief Financial Officer

Knut Traaholt joined Flex LNG Management AS as Chief Financial Officer in May 2021. He brings approximately 20 years of experience in international shipping, offshore, and E&P finance. His previous employment includes roles as Client Executive at Swedbank AB and Director at ABN AMRO Bank N.V., where he worked with major shipping and energy companies.

Naren Senaratne, Chief Accounting Officer

Naren Senaratne joined Flex LNG Management Ltd in September 2024 as Chief Accounting Officer. Before his tenure at Flex, he spent 13 years at EY, most recently as a Senior Manager at EY London, focusing on audits of US-listed companies, predominantly within the LNG shipping industry.

Jannicke Eilertsen, Head of Compliance

Jannicke Eilertsen serves as the Head of Compliance for Flex LNG Management AS. Her prior experience includes working as a Senior Associate in the Compliance and Investigations department at Advokatfirmaet Wiersholm, where she advised both private and public companies on cross-border matters related to anti-bribery and corruption, anti-money laundering, and sanctions. She also has experience from the FD&D department at Gard (UK) Ltd in London and as legal counsel at Rolls-Royce Marine AS.

Key Risks to Flex LNG (FLNG)

1. Exposure to the Cyclical and Volatile LNG Shipping Market: Flex LNG is heavily exposed to the highly cyclical and unpredictable LNG shipping market, where charter rates can fluctuate significantly and potentially fall below operating costs. This risk is exacerbated by a significant orderbook for new LNG carriers, which could lead to oversupply and softened spot charter rates if demand does not keep pace. Furthermore, the company faces increasing spot-market exposure as several long-term contracts are scheduled to end in early 2026.
2. Increasing Environmental and Climate Change Regulations and Decarbonization Challenges: The company faces significant long-term risks from evolving environmental and climate regulations. Stricter emissions standards, such as the inclusion of shipping in the EU Emission Trading Scheme (EU ETS) from 2024 and the introduction of well-to-wake greenhouse gas (GHG) emission requirements through FuelEU Maritime from 2025, could impact operational costs, limit the commercial useful lives of LNG tankers, and influence demand for LNG downstream. The persistent issue of methane slip from LNG-powered vessels also presents a substantial technical challenge for achieving global decarbonization targets, with continued investment in LNG shipping increasingly viewed as conflicting with climate goals and creating potential financial risks due to overcapacity and stranded assets.
3. High Customer Concentration: Flex LNG has a concentrated customer base, with four charterers accounting for 98.5% of its 2025 revenue. This high level of customer concentration poses a significant risk, as the financial distress or reduced demand from any of these major customers could have a material adverse effect on the company's business, results of operations, and financial condition.

Rapid acceleration of the global energy transition away from fossil fuels, including natural gas, which could lead to a sooner-than-anticipated peak and subsequent decline in long-term demand for liquefied natural gas (LNG) transportation services.

The addressable market for Flex LNG's main products and services, which primarily involve the seaborne transportation and chartering of liquefied natural gas (LNG) carriers, is the global LNG shipping market. This market is estimated to be approximately $100 billion annually, representing the total revenue generated by LNG shipping companies worldwide.

Flex LNG (FLNG) is expected to experience future revenue growth over the next 2-3 years driven by several key factors within the liquefied natural gas (LNG) shipping market:

1. Securing and Extending Long-Term Charter Agreements: Flex LNG has consistently focused on locking in long-term charter agreements for its fleet, providing stable and predictable revenue streams. For example, the company announced a 15-year time charter for the Flex Constellation, commencing in early 2026 and maturing in 2041, with an extension option until 2043. Additionally, amendments to existing time charter agreements for Flex Courageous and Flex Resolute added a new firm period from 2029 to 2032, with potential extensions until 2039. These agreements contribute to Flex LNG's substantial contract backlog, which stood at a minimum of 50 years as of February 2026 and could expand to 75-98 years with charterer options, ensuring significant earnings visibility.
2. Growing Global LNG Demand and New Liquefaction Capacity: The increasing global demand for natural gas, particularly in Europe and Asia, and the ongoing development of new liquefaction capacity are significant tailwinds for LNG shipping. The "third wave of LNG" is expected to add over 200 million tons per annum (MTPA) in new capacity, creating substantial additional shipping demand in the coming years. ExxonMobil projects global natural gas demand to increase by more than 20% from 2024 to 2050, driven by rising electricity demand in emerging markets and the transition away from coal, directly benefiting LNG transportation companies like Flex LNG.
3. Modern and Fuel-Efficient Fleet: Flex LNG operates a modern fleet of thirteen LNG carriers equipped with state-of-the-art MEGI and X-DF two-stroke propulsion systems. These vessels are designed for maximum fuel efficiency and lower emissions compared to older ships, making them highly attractive for long-haul trades and aligning with charterers' increasing focus on environmental performance and cost reduction. This modern and efficient fleet positions Flex LNG favorably to secure desirable contracts and potentially command better rates as the industry prioritizes greener shipping solutions.
4. Scrapping of Older, Less Efficient Vessels: The LNG shipping market is experiencing a "record" high in the scrapping of older, less fuel-efficient vessels, particularly steam turbine carriers. This trend is expected to continue as approximately 30 vessels in the global fleet are over 25 years old and another 45 are over 20 years old, with little demand for older steam turbine tonnage. The removal of these less competitive ships from the market helps reduce overall fleet oversupply and increases demand for the modern, efficient vessels that comprise Flex LNG's fleet, thereby supporting charter rates and utilization.

Share Repurchases

• In August 2025, Flex LNG authorized a share buyback program to repurchase up to $15 million of its outstanding shares, with a maximum limit of 900,000 shares, through November 27, 2025.
• In August 2021, the company repurchased 80,000 of its common stocks on the Oslo Stock Exchange at an average price of NOK 128.07 per share, as part of a program announced in November 2020. This equated to approximately $1.16 million (using an average exchange rate of 0.113 USD/NOK for August 2021).
• While Flex LNG aims to distribute surplus cash to shareholders preferably as dividends, potentially combined with share buybacks, the share repurchase program and ATM program were not renewed as of November 2025, though similar programs may be reinstated.

Share Issuance

• In November 2025, the Board of Directors authorized the extension of its Dividend Reinvestment Plan (DRIP), enabling shareholders to invest cash dividends in new ordinary shares.
• In connection with the company's reorganization of its share capital approved at the 2024 Annual General Meeting, the par value of shares was reduced from USD 0.1 to USD 0.01 per share.

Capital Expenditures

• Flex LNG completed four scheduled drydockings in 2025, with an average cost per docking estimated around $5.6 million per vessel.
• The company anticipates three scheduled drydockings in 2026, which are expected to impact its financial outlook.
• Flex LNG's fleet of thirteen modern LNG carriers was delivered as newbuilds between 2018 and 2021, indicating that significant capital expenditures for new vessels largely occurred prior to or at the beginning of the last 3-5 year period. The company highlights limited capital expenditure liabilities, with no debt maturing prior to 2029.