Flex LNG (FLNG) Q3 2022

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Data released in Oslo (11/15/22 already)

  • Rev of $91M
  • Net income of $47M
  • Q3 div of 75c/sh
  • Additional vessels started their fixed term charters (only 1 LNG tanker on a variable rate)

https://ml-eu.globenewswire.com/Resource/Download/362a3031-2be8-4698-93d0-8066618b20b6

Had to have been in Flex LNG the first half of 2022, or earlier, to really enjoy the ride on this one.

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Subsequent event - a few changes afoot.

  • Oslo becomes secondary listing for some changes
  • FLNG will initiate an ATM offering of up to $100M in US
  • FLNG will offer a DRIP program

ATM offering would be 5 - 6% dilution. I wonder, for fleet expansion?

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Re-reading the Press release, the shares are valued at par 10c/share. Does that mean that Flex LNG could theoretically offer up to 1 Billion worth of shares? If that’s the case, the share count would be a lot higher than I initially calculated. With leverage, that could be a significant LNG tanker order. Would Fredriksen-backed-trusts be willing to pony up a significant amount for new equity? Would this be placement of a new order? Or, similar to the last five LNG tankers acquisition, is this something on the horizon?

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