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Flex LNG Gains 9% After Announcing New Long-term Contract For 3 LNG Carriers

Shares of Flex LNG Ltd. (FLNG) are gaining over 9% on Thursday morning after the company announced 24 years of new contract backlog for three LNG carriers.

FLNG is currently trading at $27.57, up $2.34 or 9.27%, on the Nasdaq. The stock has traded between $12.50 and $33.36 in the past 52-week period. The stock opened its trading at $25.01 after closing Wednesday's trading at $25.23.

Flex LNG announced new Time Charter Agreements for Flex Rainbow, Flex Enterprise and Flex Amber.

Flex LNG and the Charterer of Flex Enterprise and Flex Amber, a supermajor, have agreed to replace the existing variable Time Charters which are due October 2023 and March 2024 with new fixed hire Time Charters. The duration of each of the new Time Charters is seven years. The commencement of the new Time Charters will be in the third quarter of 2022 with expiry thus in third quarter of 2029.

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