The following is a summary of the FLEX LNG Ltd. (FLNG) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 revenue of FLEX LNG was reported at $90.5 million, in line with the company's guidance. Adjusted EBITDA for Q3 was $70 million.

• Net income reported was $17.4 million, and adjusted net income was $28.7 million, reflecting a strong financial position.

• Earnings per share (EPS) was adjusted to $0.53 for the quarter.

• The company declared a Q3 dividend of $0.75 per share, maintaining a strong yield of 13% with a trailing 12 months total of $3.

• A robust cash position of $450 million was reported, approximately 35% of the company's market cap.

Business Progress:

• Two new contracts have secured the Flex Resolute and Flex Courageous from 2029 to potentially 2039, enhancing the charter backlog.

• Refinancing activities have generated net proceeds of $97 million, strengthening the financial foundation.

• FLEX CONSTELLATION was successfully fixed until March 2025 out of the spot market, with significant operational strategic moves expected to impact future revenue positively.

Opportunities:

• A strong backlog of charter contracts providing over 50 years of revenue visibility, potentially extended to 82 years.

• Recent strategic refinancings and interest rate hedging improve financial resilience and operational flexibility.

• Potential positive regulatory shifts with a new U.S. administration could significantly enhance export capacities and demand for LNG shipping.

Risks:

• The spot market for LNG transport is showing signs of softness which could impact revenues, especially affecting the ships operating on index-based pricing.

• Environmental regulations may impose additional operational costs or require further technological adaptations affecting profitability.

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