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