Flex LNG - Announces contract extensions and fleet update

Rhea-AI Summary

Flex LNG (NYSE: FLNG) announced charter extension exercises for two vessels and a fleet status update dated March 18, 2026.

The charterer, a supermajor, exercised a 730-day extension for Flex Resolute and Flex Courageous, moving both to firm employment to minimum Q1 2032. Flex Constellation commenced a 15-year time charter in March 2026 to minimum 2041. The company's firm contract backlog is 53 years, potentially rising to 74 years if further options are exercised. Management noted current LNG market volatility and uncertainty around Gulf export restart and the Strait of Hormuz.

Positive

• Two vessels extended to firm contracts through minimum Q1 2032
• Flex Constellation commenced a 15-year charter, employed to minimum 2041
• Firm contract backlog of 53 years, potentially increasing to 74 years

Negative

• Three open vessels remain exposed to spot market volatility
• Ongoing conflict in Iran creates uncertainty for Gulf LNG exports
• Re-opening of the Strait of Hormuz remains highly uncertain, risking supply disruption

Key Figures

Extension option length: 730 days Original firm period: 3 years Original extension options: two 2-year options +5 more

8 metrics

Extension option length 730 days Second extension option for Flex Resolute and Flex Courageous

Original firm period 3 years Original time charter contracts firm term

Original extension options two 2-year options Original time charter extension structure

Additional firm period 3 years Added firm years Q1 2029 to Q1 2032

Further extension options up to 7 years Additional options per vessel from 2032

Firm contract backlog 53 years Current firm contract backlog after extensions

Max backlog with options 74 years Backlog if all current charter options exercised

Flex Constellation charter 15 years (to 2041) Time charter with large Asian utility and trader

Market Reality Check

Price: $29.17 Vol: Volume 381,694 vs 20-day ...

low vol

$29.17 Last Close

Volume Volume 381,694 vs 20-day average 834,656 (relative volume 0.46x). low

Technical Price 29.17, trading above 200-day MA 25.53 and within 5% of 52-week high 30.85.

Peers on Argus

Peers show mixed moves: LPG up 0.83%, GLP up 0.04%, while NVGS, DHT and TNK are ...

Peers show mixed moves: LPG up 0.83%, GLP up 0.04%, while NVGS, DHT and TNK are down between 0.38% and 3.52%, suggesting stock-specific drivers for FLNG against a flat pre-news price.

Historical Context

5 past events · Latest: Mar 05 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 05	Investor presentation	Neutral	+0.5%	Company presented at an energy and shipping investor conference with 1:1 meetings.
Feb 27	Annual report filing	Neutral	-0.5%	Filed 2025 Form 20-F and made annual report available to shareholders.
Feb 11	Earnings presentation	Neutral	-1.7%	Announced webcast details for fourth quarter 2025 results presentation and Q&A.
Feb 11	Earnings release	Positive	-1.7%	Reported Q4 and FY2025 results with dividend and strong cash position disclosure.
Jan 28	Earnings invitation	Neutral	+1.6%	Invited investors to upcoming Q4 2025 results release and webcast.

Pattern Detected

Recent FLNG news items, including earnings, filings and presentations, have been followed by relatively small single-day moves, with no clear pattern of strong rallies or selloffs around routine disclosures.

Recent Company History

Over the past few months, FLNG has focused on regular financial communication and capital markets activity. It reported Q4 2025 results with vessel operating revenues of $87.5M, net income of $21.6M and a $0.75 dividend, then filed its 2025 Form 20-F. The company has also hosted multiple quarterly presentations and an investor conference appearance. Against this backdrop of steady disclosure and dividends, the latest contract extensions and fleet update add to already-highlighted backlog visibility.

Market Pulse Summary

This announcement extends visibility on FLNG’s cash-generating assets. Two vessels are committed to ...

Analysis

This announcement extends visibility on FLNG’s cash-generating assets. Two vessels are committed to a supermajor until at least Q1 2032, lifting firm backlog to 53 years with options taking it to 74 years. Flex Constellation’s 15-year contract runs to 2041. Against volatile LNG and broader energy markets, investors may focus on how this contracted base balances exposure from three open vessels in a changing spot market.

Key Terms

time charter, firm contract, contract backlog, spot market

4 terms

time charter financial

"exercise of the second extension option of 730 days under the original time charter contracts"

A time charter is an agreement where a ship owner rents out their vessel to a customer for a set period, during which the customer has control over the ship’s use and operation. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.

firm contract financial

"both vessels will be employed on firm contract with the supermajor until minimum Q1 2032"

A firm contract is a legally binding agreement that commits the parties to specific actions, terms and timelines without leaving key points open for later negotiation. For investors, it signals a high level of certainty about future revenues, costs or obligations—similar to a signed order at a store that guarantees you will receive and pay for the item—so it reduces uncertainty about a company’s near-term business outcomes and financial forecasts.

contract backlog financial

"Following the exercise of these options, our firm contract backlog is 53 years"

A contract backlog is the total value of work or orders that a company has committed to complete but has not yet finished. It acts like a pending to-do list of projects or jobs, indicating future revenue potential. For investors, a large or growing backlog suggests steady future income, while a shrinking backlog might signal slowing business activity.

spot market financial

"We continue trading our three open vessels into what is presently a firm spot market"

The spot market is where assets—like stocks, commodities, or currencies—are exchanged for immediate delivery and payment at the current market price. It matters to investors because spot prices reflect real-time supply and demand, guide short-term trading decisions, and serve as the baseline for contracts and valuations; think of it as buying an item at the store right now instead of ordering it for later.

AI-generated analysis. Not financial advice.

HAMILTON, Bermuda, March 18, 2026 /PRNewswire/ -- Flex LNG Ltd. («Flex LNG» or «Company») (NYSE: FLNG) is pleased to announce the exercise of contract extensions for two ships and provide an update on the fleet status.

Flex Resolute and Flex Courageous

The Company has received notice from the charterer, a supermajor, of the vessels Flex Resolute and Flex Courageous of the charterer's exercise of the second extension option of 730 days under the original time charter contracts for the period Q1 2027 to Q1 2029 for both ships.

As communicated on November 7, 2024, the Charterer extended the original contracts, which comprised of three firm years plus two two-year extension options, by adding a further three firm years for the period Q1 2029 to Q1 2032. The Charterer also holds additional extension options of up to seven years per vessel from 2032.

With today's announcement, both vessels will be employed on firm contract with the supermajor until minimum Q1 2032.

Following the exercise of these options, our firm contract backlog is 53 years and may increase to 74 years if the charterers exercise the extension options. Please find updated contract status enclosed.

Fleet Status

With reference to the press release of November 29, 2024, we are also pleased to inform that Flex Constellation commenced the 15-year time charter contract in March 2026 with a large Asian utility and asset backed LNG trader. Thus, Flex Constellation will now be on firm contract until minimum 2041.

Marius Foss, CEO of Flex LNG Management AS, commented:

"We are pleased that the charterer of Flex Resolute and Flex Courageous acknowledge our high-quality service of safe and reliable operation whereby the charterer has again exercised extension options for both ships. Consequently, the ships are now on firm contract to minimum 2032.

Equally, we are pleased to confirm that Flex Constellation has been delivered to the charterer and commenced the 15-year time charter contract. We look forward to providing safe and reliable transportation of LNG for the Asian based charterer until minimum 2041.

Currently, the energy markets in general, and gas markets specifically, are experiencing significant volatility following the ongoing conflict in Iran and the implications for LNG export from the Gulf States. We continue trading our three open vessels into what is presently a firm spot market, supported by natural gas price dynamics that incentivize longer sailing distances. However, the market conditions may shift rapidly. The restart of existing LNG export capacity in the Middle East and the re-opening of the Strait of Hormuz remain highly uncertain at present."

For further information, please contact:
Mr. Knut Traaholt, Chief Financial Officer of Flex LNG Management AS
Telephone: +47 23 11 40 00
Email: ir@flexlng.com

About FLEX LNG

Flex LNG is a shipping company focused on the growing market for Liquefied Natural Gas (LNG). Our fleet consists of thirteen LNG carriers on the water and all of our vessels are state-of-the-art ships with the latest generation two-stroke propulsion (MEGI and X-DF). These modern ships offer significant improvements in fuel efficiency and thus also carbon footprint compared to the older steam and four-stroke propelled ships. Flex LNG is listed on the New York Stock Exchange under the ticker FLNG.

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/flex-lng/r/flex-lng---announces-contract-extensions-and-fleet-update,c4322747

The following files are available for download:

https://mb.cision.com/Main/22886/4322747/3988350.pdf

Flex LNG - Contract Overview March 2026

 

View original content:https://www.prnewswire.com/news-releases/flex-lng--announces-contract-extensions-and-fleet-update-302717049.html

SOURCE Flex LNG

FAQ

What contract extensions did Flex LNG (FLNG) announce on March 18, 2026?

The company said both Flex Resolute and Flex Courageous had 730-day extensions exercised, securing firm contracts to minimum Q1 2032. According to the company, those extensions plus earlier amendments place both ships on firm charter with a supermajor through at least 2032.

How does the March 2026 update affect Flex LNG's (FLNG) contract backlog?

According to the company, the firm contract backlog is now 53 years and could increase to 74 years if further options are exercised. This reflects aggregated remaining firm employment across the fleet under current charter terms.

What is the status of Flex Constellation under the March 2026 announcement for FLNG?

Flex Constellation commenced a 15-year time charter in March 2026 and is employed to minimum 2041. According to the company, the charterer is a large Asian utility and asset-backed LNG trader.

How many of Flex LNG's (FLNG) vessels are trading in the spot market after this update?

The company noted it is trading three open vessels into the currently firm spot market, leaving them exposed to spot price dynamics. According to the company, spot employment is supported by natural gas price-driven longer voyage economics.

What market risks did Flex LNG (FLNG) highlight on March 18, 2026?

Management warned of significant LNG market volatility driven by the conflict in Iran and uncertain Gulf export restarts. According to the company, the re-opening of the Strait of Hormuz remains highly uncertain and could quickly shift market conditions.