The following is a summary of the FLEX LNG Ltd. (FLNG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• FLEX LNG reported Q1 revenue of $90.2 million, net income and adjusted net income were $33.2 million and $37.9 million respectively.

• Earnings per share and adjusted earnings per share were reported as $0.62 and $0.70 respectively.

• For Q2, Time Charter equivalent earnings are expected to be around $72,000 to $74,000, with an expectation of revenues of $85 million.

• A per-share dividend of $0.75 was announced for Q1.

• Their total cash stands at $383 million, facilitating the comfortable payout of dividends, totaling $510 million over the past 3 years.

Business Progress:

• Significant backlog was added during the year with extensions of two ships with a supermajor and one with Cheniere along with a new contract for Flex Constellation.

• FLEX LNG intends to enhance investment in fleet portfolio with more ship contracts maturing in 2029/2030.

• The company is committed to emission reduction across the value chain, with their ships being among the most efficient in reducing emissions.

• Despite geopolitical uncertainties surrounding Russian LNG, the company believes the trade will continue, potentially leading to longer sailing distances and more ship-to-ship transfers.

• A strong Q3 is expected due to all ships being operational, and it is predicted that rates will be higher in August compared to May.

More details: Flex LNG IR

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