Flex LNG Ltd. announced its unaudited financial results for the first quarter ended March 31, 2025, reporting revenues of $88.4 million, or $86.8 million excluding EUAs. Net income for the quarter was $18.7 million, translating to earnings per share of $0.35, while adjusted net income reached $29.4 million, or $0.54 per share.
The company noted a $3 million decrease in revenue compared to Q4 2024, primarily due to lower earnings from Flex Artemis, which operates on a variable index hire, and Flex Constellation, which was redelivered in late February and commenced a new spot voyage in late March. Flex Constellation is expected to remain in the spot market until its 15-year time charter begins in the first half of 2026.
Flex LNG strengthened its earnings foundation by securing up to 37 years of new contract backlog for Flex Constellation, Flex Courageous, and Flex Resolute in late 2024. This brings the total minimum firm backlog to 59 years, with a potential to expand to 88 years through charterers' extension options, providing strong earnings visibility.
The company announced receiving a credit-approved term sheet for a $175 million sale and leaseback for Flex Courageous, initiating its Balance Sheet Optimization Program 3.0. Additionally, Flex LNG commenced the refinancing process for Flex Resolute and Flex Constellation, aiming to free up liquidity, reduce debt costs, and extend debt maturities.
Flex LNG released its 2024 ESG Report, highlighting a Lost Time Injury Frequency (LTIF) of zero. The Board declared a quarterly dividend of $0.75 per share, marking its fifteenth consecutive ordinary quarterly dividend of this amount, supported by solid earnings, substantial backlog, and a strong cash balance of $410 million with no debt maturities before 2028.
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