Flex LNG Posts Q1 Results

Flex LNG said its cash balances at 31 March were $0.9m (2013: $4.9m) with $0.6m net outflow (2013: $1.4m) in the quarter.

In the three months in 2014 the operating cash outflow was $0.6m. The loss before tax was $0.6m (2013: $1.6m) in the quarter. In the period there was also a $0.1m cost on the option schemes, (2013: $0.1m).

In 2014 the company and Samsung Heavy Industries have been working on the vendor selection and potential design changes on the two new 174,000 m3 LNG carriers, Flex LNG said in a statement.

The companies are in addition investigating the use of 2-stroke propulsion engines for the LNG carriers and expect to reach a conclusion on this by the end of Q2 2014.