Flex LNG Orders LNG Producer Unit from Samsung Heavy Industries

Flex LNG has signed a LOI with a LNG market participant for one of Flex LNG’s LNG Producer (LNG/P) units on order at Samsung Heavy Industries (SHI) in South Korea. The recently signed LOI also includes the possibility for one optional unit to be delivered by Flex LNG.

The vessel will have an annual production capacity of at least 1 million tonnes and will be employed under a 20-year contract. However, the specific geographical location has not yet been defined, and it is likely that the vessels could be utilized on several fields during the contract lifetime.

Final investment decision (FID) is targeted within 2008. When commenting on the signing of the LOI, Chief Executive Officer of Flex LNG, Philip Fjeld stated:

"We are very pleased with expanding our client portfolio by signing another preliminary agreement for the potential use of our LNG Producer units. This demonstrates the attractiveness of the FLEX LNG value proposition and we feel honored to be part of the ongoing liquefaction revolution".

Philip Fjeld further stated: "Flex LNG’s commercial backlog now comprises three projects located in both the Atlantic Basin and the Asia/Pacific Basin. Through Flex LNG’s excellent relationship with SHI we have the possibility to continue growing the company. The current and future new building program enables us to provide the industry with floating liquefaction units from early 2011 onwards. Given the shortage of LNG supply in this time frame we are seeing a great demand for the earliest possible delivery."

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