Flex LNG Business Summary

Flex LNG Ltd. (FLNG) operates as a pure-play liquefied natural gas (LNG) shipping company, generating revenue through the seaborne transportation of LNG via a fleet of 13 state-of-the-art carriers. The company’s business model is anchored by a mix of long-term time charters—providing high earnings visibility with a firm backlog of approximately 50 vessel-years—and opportunistic spot market exposure. As of February 2026, the fleet consists of nine M-type, Electronically Controlled, Gas Injection (MEGI) and four Generation X Dual Fuel (X-DF) vessels, all featuring high-efficiency two-stroke propulsion that reduces fuel consumption and boil-off rates. Flex LNG competes directly with other specialized LNG shippers such as Golar LNG, Cool Company Ltd. (CoolCo), Dynagas LNG Partners, and Capital Clean Energy Carriers Corp. Within this landscape, Flex LNG distinguishes itself as a premium operator with one of the youngest and most fuel-efficient fleets in the industry, maintaining a robust balance sheet with no debt maturities until 2029. Originally founded in 2006 by Philip Eystein Fjeld, Trym Tveitnes, and Jostein Ueland, the company is currently led by CEO Marius Foss, who was appointed to the permanent role in December 2025 after serving as Chief Commercial Officer. The executive team includes CFO Knut Traaholt, who brings over 20 years of maritime finance experience from Swedbank and ABN AMRO, and Chief Accounting Officer Naren Senaratne, formerly of EY’s LNG audit practice. The company is heavily influenced by its largest shareholder, billionaire John Fredriksen, who controls approximately 43% of the firm through Geveran Trading Co. Ltd. Governance is overseen by Chairman Ola Lorentzon, a veteran shipping executive and former CEO of Frontline Management, alongside board member Mikkel Storm Weum, an investment director at Seatankers Management who joined the board in May 2025.