Flex LNG cash balances at USD 0.3 mln

Flex LNG said that its cash balances at 30 September were $0.3m (2013: $3.2m) with $0.2m net outflow in the quarter and $1.3m year to date.

The loss before tax was $0.5m (2013: $208.9m – profit) in the quarter and $1.7m year to date (2013: $206.2m – profit).

In October 2014 Geveran Trading increased its shareholding in the company to above one third of the outstanding shares and announced that it would make a mandatory offer for the remaining shares in Flex LNG.

“The Board of Directors of Flex LNG will issue a statement on the offer in due course,” the company said in a statement.

In the short term, Flex LNG is focused on the construction of the new builds; on 31 July 2014 it signed a supervision contract for the construction phase with Schulte Marine Concept.

According to Flex LNG,  the company has been working to obtain finance for the construction period and is seeking charter parties for the vessels.

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LNG World News Staff; Image: Flex LNG

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