Flex LNG Q1, 2020 Earnings Release
May 28 2020 - 1:00AM
May 28, 2020 - Hamilton, Bermuda
Flex LNG Ltd. ("Flex LNG" or the “Company”) today announced its
unaudited financial results for the first quarter and three months
ended March 31, 2020
Highlights:
- Revenues of $38.2 million for the first quarter 2020, compared
to $52.0 million for the fourth quarter 2019.
- Net loss of $14.9 million and loss per share of $0.27 for the
first quarter 2020, compared to a net income of $23.9 million and
earnings per share of $0.44 for the fourth quarter 2019.
- Average Time Charter Equivalent ("TCE") rate of $67,740 per day
for the first quarter 2020, compared to $94,000 per day for the
fourth quarter 2019.
- Adjusted EBITDA of $27.8 million for the first quarter 2020,
compared to $41.6 million for the fourth quarter 2019.
- Adjusted net income of $9.3 million for the first quarter 2020,
compared to $22.0 million for the fourth quarter 2019.
- Adjusted earnings per share of $0.17 for the first quarter
2020, compared to $0.41 for the fourth quarter 2019.
- In January 2020, a 12-month extension option was exercised
under the time-charter agreement for Flex Enterprise, giving a firm
period until the end of the first quarter 2021.
- In February 2020, the Company entered into a $629 million
financing with a syndicate of banks and the Export-Import Bank of
Korea ("KEXIM") for five of the newbuildings scheduled for delivery
in 2020.
- In May 2020, the Company received firm commitments from a
syndicate of banks for a $125 million financing for the newbuilding
Flex Volunteer, scheduled for delivery in the first quarter
2021.
- In May 2020, the Company received confirmation of credit
approval from an Asian based leasing house for a $156.4 million
sale and leaseback transaction for the newbuilding Flex Amber based
on a term sheet signed in early April 2020.
- On March 25, 2020 the Company paid a cash dividend of $0.10 per
share for the fourth quarter 2019.
Øystein M Kalleklev, CEO of Flex LNG
Management AS, commented:
“The LNG market has been very challenging this year due to
another mild winter and the global covid-19 pandemic. We have
witnessed unprecedented demand destruction due to shut-downs of all
major economies and more specifically shut-ins of cargoes due to
historically low gas prices. These factors have adversely affected
the demand for shipping and thus consequently freight rate levels.
Despite this turmoil, we have been able to run our ships without
any disruptions and deliver cargoes to our customers safely and on
time. Our in-house technical department and crew have been hands-on
to ensure that we deliver the first class service level that is
expected from Flex LNG even in these very challenging times.
Notwithstanding the headwinds, Flex LNG is pleased to deliver TCE
trading results for Q1 of $68kpdr, which is in line with our
guidance. Further, we are today pleased to announce $281 million of
attractive long-term financing for the two remaining newbuildings
to be financed. Flex LNG is thus well capitalized with $121 million
of cash at the bank, as well as $910 million of financing in place
for the $937 million remaining capex related to the seven
newbuildings which are scheduled for delivery over the next twelve
months. While the near term outlook for LNG shipping is
challenging, the long-term outlook for LNG remains very attractive
as the world turns towards cleaner energy with LNG offering cheap
and abundant supplies that are displacing coal and diesel.”
First Quarter 2020 Result
Presentation
In connection with the earnings release, a webcast and
conference call will be held at 3:00 p.m. CEST (9:00 a.m. EST). In
order to attend the webcast and/or conference call you may do one
of the following:
Attend by Webcast:
Use to the follow link prior to the webcast:
https://edge.media-server.com/mmc/p/g54zgfzb
Attend by Conference Call:
Applicable dial-in telephone numbers are as follows:
Norway: +47 21 56 31 62
United Kingdom: +44 (0) 203 0095710
United Kingdom (local): 0844 493 3857
United States (Toll Free): +1 866 869 2321
Confirmation Code: 3476998
The presentation material which will be used in the
teleconference/webcast can be downloaded on www.flexlng.com and
replay details will also be available at this website.
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