Restructuring the Commercial Relationship Between FLEX LNG and SHIDecember 22, 2010
Talks are Progressing to Restructure the Commercial Relationship Between FLEX LNG and SHI
FLEX LNG LTD (“FLEX LNG”) – Announces That Talks are Progressing
With Samsung Heavy Industries (SHI) to Restructure the Commercial Relationship
Between FLEX LNG and SHI
Road Town, Tortola, 22 December 2010. FLEX LNG (Oslo Axess: FLNG) Announces that
the company is in discussions with SHI to restructure the commercial relationship
between the two companies.
FLEX LNG and SHI have in December 2010 completed initial discussions to agree
upon a process with a target to sign binding amended terms to the commercial relationship
between FLEX LNG and SHI by the end of February 2011.
Instalments from FLEX LNG and SHI have been deferred temporarily until the end
of February 2011.
Commenting on the talks with SHI, Chief Executive Officer of FLEX LNG Management
Ltd, Philip Fjeld stated:
“As a result of delays in project development FLEX LNG and SHI have decided to
try to adapt the commercial relationship to the change in circumstances. FLEX
LNG continues to pursue an attractive portfolio of potential FLNG projects and
we remain confident that 2011 will be an exciting year for the FLNG segment and
that FLEX LNG will be at the forefront of these developments"