FLEX LNG Ltd. is contemplating to enter into a transaction) for the acquisition of five 5th generation LNG newbuldings comprising three high-end MEGI LNG carriers currently under construction at Daewoo Shipbuilding and Marine Engineering Co. Ltd. ("DSME") with scheduled delivery in 2020 and two high-end X-DF LNG carriers currently under construction at Hyundai Samho Heavy Industries Co., Ltd. ("HHI") with scheduled delivery in 2021 (collectively the "Vessels"), from affiliates of Geveran Trading Co. Ltd. ("Geveran"), the Company's largest shareholder.

The Vessels will be acquired at a purchase price of USD 180 million per Vessel on a delivered basis, including supervision costs, plus USD 6 million for each of the DSME Vessels for the addition of Full Reliquifaction Systems. 30% of the purchase price is payable within three days from the receipt of the proceeds from the Private Placement (as described below) and the remaining part of the purchase price is payable upon delivery of the respective Vessel. The acquisitions of the Vessels are subject to the Private Placement being completed.

In connection with the Transaction, the Company is contemplating a private placement (the "Private Placement") of new ordinary shares (the "Offer Shares") for gross proceeds of the NOK equivalent of USD 300,000,000. The subscription price for the Offer Shares will be determined by the Board of the Company based on an accelerated bookbuilding process.

About FLEX LNG LTD

FLEX LNG is a high-growth Owner and Operator in LNG shipping with a fleet of next generation LNG carriers with large cargo capacity.

FLEX LNG’s fleet consists of eight modern LNG ships – four existing and four under construction – built at leading Korean shipyards for delivery throughout 2018-2020. Vessels are equipped with slow speed, two-stroke engines – MEGI or X-DF propulsion – which will provide Charterers with state of the art tonnage offering significant advantages in form of reduced fuel consumption and lowered boil off rates.