FLEX, Samsung Heavy Industries Change Contracts for LNG Producers

FLEX LNG has announced changes to contracts with Samsung Heavy Industries ("SHI"). The company has agreed with SHI to make certain
changes to the construction contracts for the four LNG Producer units currently on order.

The main changes agreed between the parties relate to delaying delivery dates and as a consequence the instalment profile for hulls and topside. As a result of these adjustments sail-away dates for all of the LNG Producers have been pushed back 6 to 7 months.

FLEX LNG continues to develop its project portfolio as the company believes the long-term business case for its floating LNG units remains
robust despite challenging current financial market conditions. FLEX LNG together with its engineering partners continue pre-FEED and FEED work for field-specific modules applicable to multiple locations in order to retain maximum flexibility for deployment of the units.

When commenting on the agreement reached with SHI, Chief Executive Officer of FLEX LNG Management Ltd, Philip Fjeld stated, "The amendments to the construction contracts demonstrate FLEX LNG's strong relationship with SHI. SHI has proven to be a world class industrial partner in the effort to develop FLEX’s floating LNG solution. With the amended agreements in place and no external debt, FLEX LNG is very well positioned to advance important commercial and technical milestones for its floating LNG projects during these unprecedented times."