Flex LNG posts loss, seeking funds for LNG newbuilds

Flex LNG, the company controlled by billionaire John Fredriksen, posted a net loss of US$0.5 million in the third quarter.

The company said in a report on Friday that its working capital raised in 2014 is enough to operate towards the end of 2016 adding that it is still on the lookout for “strategic alternatives to add value to the company and its shareholders, including considerations of opportunities across the LNG value chain.”

The company is open to alternatives after a deal with Exmar and Geveran Trading on the creation of Exmar LNG, an LNG infrastructure joint venture did not materialize.

Flex LNG said it continues with the construction of its two 174,000m cbm LNG carriers at South Korea’s Samsung Heavy Industries. The vessels are expected to be delivered in the first half of 2018.

However, it needs to raise additional funding prior to the delivery of the vessels, however, it gave no guarantees that these funds will be raised.

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LNG World News Staff; Image: Flex LNG

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