Flex LNG agrees 24 years of backlog in deal for three LNG carriers

Flex LNG said June 23 it had agreed with the charterer of its Flex Enterprise and Flex Amber tankers to renew their time charters for a term of seven years, and has also extended the charter for the Flex Rainbow tanker under a ten-year fixed rate.

The deals mean Flex LNG has added 24 years of backlog, equating to around $750mn in value. Flex LNG's minimum backlog now stands at 54 years, and the company has another 28 years in potential extensions.

The Flex Rainbow is under contract to a large global trading company, while Flex Enterprise and Flex Amber are working for an unspecified oil and gas major. The Rainbow's charter will now expire in January 2033, while Flex Enterpise and Flex Amber will expire in the third quarter of 2029, with these dates pushed back from Q3 2022 and January 2023 respectively.

Flex LNG CEO Oystein Kalleklev said: "We are today happy to announce that we have agreed three Time Charters for Flex Rainbow, Flex Enterprise and Flex Amber. 

"Not only are we agreeing long-term employment for these three ships, but we are also pleased that we are doing so with the existing charterers which have been repeating customers.

"This demonstrates the attractiveness of not only of the ships, but also the high service level of professionalism of the entire organisation from seafarers to the people onshore."