Flex LNG Ltd. announced its unaudited financial results for the second quarter ended June 30, 2025, reporting revenues of $86 million, or $84 million excluding EUAs, with a Time Charter Equivalent (TCE) of approximately $72,000 per day. Net income for the quarter was $17.7 million, or $0.33 per share, with adjusted net income at $24.8 million, or $0.46 per share.
The company completed five-year special surveys for Flex Aurora and Flex Resolute in June and July, ahead of schedule, demonstrating efficient operational management. Flex Artemis and Flex Amber are scheduled for drydockings in the third quarter.
Flex LNG announced the completion of documentation for two new financing facilities: a $175 million JOLCO lease for Flex Resolute and a $180 million bank loan facility for Flex Constellation. These refinancings are expected to extend debt maturities, reduce financing costs, and realize approximately $132 million in proceeds from the Balance Sheet Optimization Program 3.0.
The Oslo Stock Exchange (OSE) approved the delisting of Flex LNG stock, with the last day of listing set for September 15, 2025. Following this, Flex LNG will be exclusively listed on the New York Stock Exchange (NYSE), streamlining its market presence.
The Board declared another quarterly dividend of $0.75 per share for Q2 2025, marking its sixteenth consecutive ordinary quarterly dividend of this amount. This consistent payout, along with a minimum 56-year charter backlog (potentially 85 years with options) and $413 million in cash, supports the company's strong financial position.
Additionally, Flex LNG announced the launch of a share buy-back program of up to $15 million, with a maximum limit of 900,000 shares, to be executed through November 27, 2025. This program aims to return capital to shareholders and is independent of dividend considerations.
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