FLEX LNG Ltd. is contemplating to enter into a transaction for the acquisition of five 5th generation LNG newbuldings comprising three high-end MEGI LNG carriers currently under construction at Daewoo Shipbuilding and Marine Engineering Co. Ltd. (DSME).

FLEX LNG Ltd. to buy five 5th generation LNG newbuildings
Caption: LNG Tanker FLEX ENDEAVOUR - (Image for illustrative purposes only) - Photo credits: Flex LNG 

The vessels are with scheduled delivery in 2020 and two high-end X-DF LNG carriers currently under construction at Hyundai Samho Heavy Industries Co., Ltd. (HHI) with scheduled delivery in 2021, from affiliates of Geveran Trading Co. Ltd. (Geveran), the Company's largest shareholder.  

The Vessels will be acquired at a purchase price of USD 180 million per Vessel on a delivered basis, including supervision costs, plus USD 6 million for each of the DSME Vessels for the addition of Full Reliquefaction Systems. 30% of the purchase price is payable within three days from the receipt of the proceeds from the Private Placement and the remaining part of the purchase price is payable upon delivery of the respective Vessel.

The acquisitions of the Vessels are subject to the Private Placement being completed.

Advokatfirmaet BAHR AS acts as legal advisor in connection with the Private Placement.

Source: Flex LNG