1 | 2017 1 | 2017 2018 | 1

Company Presentation April 2018

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• THIS PRESENTATION (THE “PRESENTATION”) HAS BEEN PRODUCED BY FLEX LNG LTD. ("FLEX LNG" OR "THE COMPANY”), SOLELY FOR PRESENTATION PURPOSES

AND DOES NOT PURPORTE TO GIVE A COMPLETE DESCRIPTION OF THE COMPANY, ITS BUSINESS OR ANY OTHER MATTER DESCRIBED HEREIN.

• THE PRESENTATION DOES NOT CONSTITUTE AN OFFER, INVITATION OR SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE OR SELL ANY SECURTIEIS. THIS

PRESENTATION IS STRICTLY CONFIDENTIAL AND MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON.

• NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF ANY INFORMATION INCLUDED HEREIN IS GIVEN BY

THE COMPANY, AND THAT NOTHING CONTAINED IN THIS PRESENTATION IS OR CAN BE RELIED UPON AS A PROMISE OR REPRESENTATION BY THE COMPANY,

WHO DISCLAIM ALL AND ANY LIABILITY, WHETHER ARISING IN TORT OR CONTRACT OR OTHERWISE.

• THE PRESENTATION SPEAKS AS OF THE DATE SET OUT ON ITS FRONT PAGE. THE COMPANY DOES NOT INTEND TO, OR WILL ASSUME ANY OBLIGATION TO,

UPDATE THE PRESENTATION OR ANY OF THE INFORMATION INCLUDED HEREIN.

• THE CONTENTS OF THE PRESENTATION ARE NOT TO BE CONSTRUED AS FINANCIAL, LEGAL, BUSINESS, INVESTMENT, TAX OR OTHER PROFESSIONAL ADVICE.

EACH RECIPIENT SHOULD CONSULT WITH ITS OWN PROFESSIONAL ADVISORS FOR ANY SUCH MATTER AND ADVICE.

• AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE

COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY

STATEMENTS AND INFORMATION IN THIS PRESENTATION.

• THE PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS RELATING TO THE BUSINESS, FINANCIAL PERFORMANCE AND RESULTS OF THE

COMPANY AND/OR THE INDUSTRY IN WHICH IT OPERATES, SOMETIMES IDENTIFIED BY THE WORDS "BELIEVES”, "EXPECTS”, “INTENDS”, “PLANS”, “ESTIMATES” AND

SIMILAR EXPRESSIONS. THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESENTATION, INCLUDING ASSUMPTIONS, OPINIONS AND VIEWS OF THE

COMPANY OR CITED FROM THIRD PARTY SOURCES, ARE SOLELY OPINIONS AND FORECASTS WHICH ARE SUBJECT TO RISKS, UNCERTAINTIES AND OTHER

FACTORS THAT MAY CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM ANY ANTICIPATED DEVELOPMENT. THE COMPANY DOES NOT PROVIDE ANY

ASSURANCE THAT THE ASSUMPTIONS UNDERLYING SUCH FORWARD-LOOKING STATEMENTS ARE FREE FROM ERRORS NOR DOES THE COMPANY ACCEPT ANY

RESPONSIBILITY FOR THE FUTURE ACCURACY OF THE OPINIONS EXPRESSED IN THE PRESENTATION OR THE ACTUAL OCCURRENCE OF THE FORECASTED

DEVELOPMENTS. NO OBLIGATION IS ASSUMED TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR TO CONFORM THESE FORWARD-LOOKING STATEMENTS

TO ACTUAL RESULTS.

• THIS PRESENTATION IS SUBJECT TO NORWEGIAN LAW, AND ANY DISPUTE ARISING IN RESPECT OF THIS PRESENTATION IS SUBJECT TO THE EXCLUSIVE

JURISDICTION OF THE NORWEGIAN COURTS.

Disclaimer

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About FLEX LNG

LNG Shipping Review

MEGI Propulsion

FSRU Market Development

Summary

Table of contents

4 | 2017 4 | 2017 2018 | 4

01

2018 | 4

About FLEX LNG

5 | 2017 5 | 2017 2018 | 5

FLEX LNG at a Glance

FLEX LNG: LNG Shipping and Regasification

FLEX LNG aims to become a leading operator in LNG

shipping and floating regasification markets

• FLEX LNG is focused on offering safe, reliable, and cost

effective solutions for the LNG shipping industry

• The Company is listed on Oslo Stock Exchange and

successfully raised over US$ 200m in 2017

FLEX’s fleet will provide Charterers with highly efficient

tonnage to lower fuel consumption and reduce boil off rate

• FLEX took delivery of their first own LNG carriers in January

2018 (FLEX ENDEAVOUR and FLEX ENTERPRISE)

• Another four 174,000 cbm MEGI* newbuildings are under

construction at DSME and SHI for delivery in 2018 and 2019

• All FLEX owned fleet have two-stroke, MEGI propulsion

which has ~30% lower fuel consumption than Tri-Fuel ships

FLEX LNG is selectively pursuing various opportunities in

the FSRU market

• FLEX LNG has a highly experienced commercial and

technical team to succeed in the FSRU market

FLEX ENTERPISE

*MEGI = M-type, Electronically Controlled, Gas Injection

6 | 2017 6 | 2017 2018 | 6

2

1

1

1

6

0

1

2

3

4

5

6

Q1 2018 Q2 2018 Q3 2018 Q2 2019 Q3 2019

# Vessels

6 173,400 173,400

174,000 174,000

2 173,400 170,000

• 2 chartered-in TFDE vessels; sub-charterered on multi-

month basis

• Building market presence, operational experience,

and establishing relationships with key LNG charterers

• 6 LNG MEGI vessels

- 2 vessels delivered in January 2018

- 4 vessels under construction delivering

between May-18 and Aug-19

173,400 173,400

Owned Fleet Deliveries

Owned Fleet Chartered-in Vessels

FLEX LNGC Fleet Development

7 | 2017 7 | 2017 2018 | 7

FLEX LNG Fleet Breakdown – Owned and Chartered-In

Status Vessel Name Builder Prop. Built Capacity Head Owner Employment

1. Owned FLEX ENDEAVOUR DSME MEGI 2018 173,400 m3 FLEX LNG Employed until Q2-19

2. Owned FLEX ENTERPRISE DSME MEGI 2018 173,400 m3 FLEX LNG Spot Market

3. Owned TBN FLEX RANGER SHI MEGI 2018 174,000 m3 FLEX LNG Available May 2018

4. Owned TBN FLEX RAINBOW SHI MEGI 2018 174,000 m3 FLEX LNG Available Jul 2018

5. Owned TBN FLEX CONSTELLATION DSME MEGI 2019 173,400 m3 FLEX LNG Available Jun 2019

6. Owned TBN FLEX COURAGEOUS DSME MEGI 2019 173,400 m3 FLEX LNG Available Aug 2019

7. Chartered-in WOODSIDE REES WITHERS DSME TFDE 2016 174,000 m3 Maran Gas Chartered-out

8. Chartered-in PSKOV STX TFDE 2014 170,000 m3 Sovcomflot Chartered-out

8 | 2017 8 | 2017 2018 | 8

Functional Organizational Chart of FLEX LNG

A highly experienced team is in charge of LNG shipping

LNGC

Owned Fleet

(FLEX LNG)

Technical Mgt

(Frontline Mgt)

Newbuild Supervision

(Seatankers)

Ship Mgt, Crewing

(Bernhard Schulte)

Newbuild Design

(Ship Construction Strategies)

Chartering

(FLEX LNG)

Commercial Operations

(FLEX LNG)

Chartered Fleet

(FLEX LNG)

Chartering

(FLEX LNG)

Commercial Operations

(FLEX LNG)

Finance & Admin

(FLEX LNG)

Finance

(FLEX LNG)

Accounting

(Frontline Mgt)

Insurance

(Frontline Mgt)

FLEX LNG

Shared Services

Third Party

Providing technical management and support

services

• 160 vessels including LNG, tankers, dry

bulk, container, offshore supply

• Vessel construction, project management,

technical management, insurance, etc.

• HSE and Incident Response

Providing newbuild construction supervision

services

• 47 vessels under construction including

LNG, tankers, dry bulk, containers, offshore

Providing ship management and crewing

services

• 600 ships under crewing and/or technical

management

• Dedicated LNG crew for FLEX LNG vessels

Frontline

Management Ltd

Seatankers

Management Ltd

Bernhard Schulte

Shipmanagement

Comparison of LNG Ship Types on UTC Basis*

9 | 2017 9 | 2017 2018 | 9

CEO

Jonathan Cook

Business Development

Thomas Thorkildsen

SVP B.D.

VP B.D.

Kent Paulli

Manager B.D.

FSRU Design

Alan Nierenberg

Commercial

Jonathan Cook

Comm. Analyst

Sara Stahl

Comm. Operator

Andrew Niven

Comm. Operator

Marijan Glavan

Operations

Fleet Manager

Mike O’Rourke

Marine Super.

Jason Ratcliffe

Fleet Personnel

Agnieszka Murawka

Technical

Olav Eikrem

Technical Director

Head of Newbuilding

Björn Westerberg

Project Manager

JS Narayanan

DSME

Site Team (19)

SHI

Site Team (14)

Fleet Manager

Ola-Petter Dahlen

Sr. Tech. Super.

Calum Hickman

Technical Officer

Frank Shaw

Technical Officer

Adrienne Snowdon

Technical Officer

Vicky Gatherar

Electrical Super.

Finance/Admin/IR

Oystein Kalleklev

CFO

Thorolf Aurstad

VP Finance

Accounting/Tax

Tom Pryor (4)

Corp. Secretary

Georgina Sousa (2)

Insurance

Chris Walker

FLEX LNG - Organizational Chart

10 | 2017 10 | 2017 2018 | 10

Jonathan Cook (54) – Chief Executive Officer

• Previously Chief Marketing Officer for Cardiff LNG, where he managed the LNG commercial activities

• Mr. Cook was founding partner of Excelerate Energy from 2003 onwards, Mr. Cook was part of the leadership team that

pioneered new frontiers in LNG shipping and transportation, by developing and marketing floating storage and

regasification technologies to address the logistical challenges of importing and exporting LNG worldwide

• Mr. Cook has 30 years in the maritime and energy sectors with the last 16 years in the LNG sector

Øystein Kalleklev (38) - Chief Financial Officer

• Mr. Kalleklev joined FLEX LNG in October 2017, after serving as CFO of Knutsen NYK Offshore Tankers since 2013 and

Chairman of the General Partner of the MLP KNOT Offshore Partners from 2015-2017

• Previous roles include CFO of industrial investment company Umoe Group, Managing Director of Umoe Invest, Partner of

investment bank Clarksons Platou and Business Consultant at Accenture

• Mr. Kalleklev holds a MSc in Business and Administration from Norwegian School of Economics and a Bachelor in

Business and Finance from Heriot-Watt University

Thomas Thorkildsen (45) - SVP Business Development

• Previously Mr. Thorkildsen was the former head of business development at Höegh LNG. Furthermore, he was

responsible for various commercial roles such as commercial management, chartering etc.

• Mr. Thorkildsen has 20 years experience in the maritime industry with the last 14 years in LNG business development

• Prior to joining Höegh LNG he was employed by the Norwegian Ro-Ro specialist Wilh. Wilhelmsen Group. Mr.

Thorkildsen holds an MSc from Cass Business School, London

Executive Management Team

11 | 2017 11 | 2017 2018 | 11

Board of Directors

David McManus (64) – Chairman

• Mr. McManus has served on the Board since August 2011, and was elected as chairperson in September 2011

• David’s background as an international business leader in the energy industry brings exceptional experience and strong technical

and commercial skills with 39 years of at BG Group, ARCO, Ultramar, Shell and Fluor Corporation

• Mr. McManus is currently a non-executive director for a number of listed companies including Hess Corporation, Rockhopper

Exploration plc, Costain plc, and Caza Oil & Gas

Marius Hermansen (38) – Director

• Mr. Hermansen joined the Board in December 2015. Marius works for Frontline Management and is involved in S&P activities for

Frontline and all related companies

• Previously Mr. Hermansen worked for over 10 years at Fearnleys

• Mr. Hermansen was educated at the Norwegian School of Economics (NHH) in Bergen

Ola Lorentzon (68) – Director

• Mr. Lorentzon has been a Director on the Board since June 2017

• Ola served as Principal Executive Officer of Golden Ocean Group from 2010 to 2015 and held the role as Chief Executive Officer

of Frontline Management from April 2000 to 2003. He is currently a Director of Frontline Ltd.

• Mr. Lorentzon is also a Director and Chairman of Golden Ocean Group, Director of Erik Thun AB and Dir. of Laurin Shipping AB

Georgina Souza (67) – Director

• Mrs. Sousa has been a Director of the Company since June 2017

• Mrs. Sousa has served as Secretary of Golden Ocean Group Limited since March 2007.

• Prior to joining Golden Ocean, Mrs. Sousa held the role as Vice President Corporate Services of Consolidated Services, a

Bermuda management company having joined that firm in 1993. From 1982 to 1993 she served as Senior Company Secretary

at the law firm Cox & Wilkinson

Nikolai Grigoriev (43) – Director

• Mr. Grigoriev joined the Board in September 2017

• From 2008 to 2016 Nikolai served as Managing Director of Shipping and Logistics at Gazprom Marketing & Trading. Prior to

Gazprom, Mr. Grigoriev worked for BG Group in senior LNG shipping, commercial and corporate finance roles. Nikolai holds a

B.Sc. in Navigation from Admiral Makarov State Maritime Academy in St. Petersburg, Russia and an MBA from INSEAD

12 | 2017 12 | 2017 2018 | 12

02

2018 | 12

LNG Shipping Review

13 | 2017 13 | 2017 2018 | 13

Key Trends in the LNG Shipping Market

Natural Gas becoming

fuel of choice

Strong growth expected

in the LNG market

• Over the next years LNG annual supply is projected to rise by at least 130 million tonnes (mt)

to ~420 mt in 2021, coming from both new liquefaction plants and existing projects ramping

up capacity

• IEA predicts global energy demand will increase by 30% by 2040. Natural gas represents

25% of the world’s energy mix

• LNG is currently growing seven times faster than pipeline gas trade and is expected to

account for 50% of globally traded gas in 2035 (up from 32% today)

• Both total consumption and the number of countries importing LNG are expected to increase

significantly over the next 10-15 years from 39 to 80+ countries

LNGC fleet

development

• The LNG shipping market is expected to tighten significantly from end 2018 as new LNG

export projects from primarily US, Australia and Russia becomes operational

• ~90% of the LNGC newbuildings on the orderbook are committed on long-term charters

• Modern two-stroke tonnage (MEGI and X-DF vessels) bring significant advantages to

Charterers in form of fuel savings and reduced boil off rates

Activity in the LNG spot

shipping market

continues to grow

• The LNG shipping market has transitioned from traditional long-term chartering contracts to

an increasingly liquid spot market led by portfolio trading and more destination flexibility in

LNG supply contracts

• The level of spot chartering in LNG topped 300 fixtures in 2017 (up from 230 in 2016), which

corresponded to ~25% of all LNG produced globally

1

2

3

14 | 2017 14 | 2017 2018 | 14

LNG Shipping Market Balance

COMPANY SNAPSHOT

Source: Affinity

(150)

(100)

(50)

-

50

100

150

200

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2018 2019 2020

# Vessels Vessel Demand Vessel Supply Shipping Balance

Note: All vessel figures normalized to 165K m3, 35 years useful life, excludes vessels in layup and FSRU/FLNG/FSU

Underfunded LNG NB Orderbook Shipping market begins to tighten

The LNG shipping market is expected to gradually tighten from the end of 2018, with Australia, the U.S. and Russia being the

driving forces for soaking up tonnage

• During Q2-Q3 2018 shipping balance is forecasted to increase due to delivery of newbuildings ahead of project start-up. On the

other hand, new volumes from e.g. Cove Point and Yamal LNG may counter this effect

• Late 2018 / Early 2019 the shipping balance starts to tighten as new export capacity comes to the market and outdated tonnage

comes off charter and will result in vessel replacement

• In 2020, additional export projects starts producing, triggering vessel demand against a thin orderbook

15 | 2017 15 | 2017 2018 | 15

Right Ships at the Right Time

MEGI/XDF Available for Long-Term Chartering

Source: FLEX LNG

# Vessels

Vast majority of LNGC orderbook is committed to long

term charters

• Currently, there are 94 LNGC under construction

• ~90% of the LNGC newbuildings on order have long-term

employment to dedicated projects or portfolios

FLEX LNG owns 6 out of the 15 LNG vessels available

for long-term chartering from H2 2019

• Limited ordering – only 20 LNGC contracted over the last

two years, record-low NB prices have not triggered

speculative orders

• Ramp up of global LNG volumes is expected to drive

strong demand for modern tonnage

• Incremental LNGC demand 30-50 vessels by 2020

• Fleet renewals likely to add to demand for modern

efficient LNGCs

• Charterers prefer larger & more efficient LNGCs

• Most of the recent long-term charters have been

MEGI or X-DF vessels

52

20

10

2

6

4

3

0

10

20

30

40

50

60

2018 2019 2020

Long Term Employment

Uncommitted

Existing

16 | 2017 16 | 2017 2018 | 16

03 03 03

2018 | 16

MEGI Propulsion

17 | 2017 17 | 2017 2018 | 17

A Three Tier Market is Emerging that Favors Modern LNGCs

MEGI and X-DF vessels are the most fuel-efficient and technically advanced LNG ships

USD/day

COMPANY SNAPSHOT Three Tier Broker Assessments

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

ST TFDE MEGI/X-DF Assessment

Introducing Two Stroke Propulsion for LNG Carriers

• For many years steam turbines was the only propulsion

system available for LNG ships, even though its efficiency

was considerably lower than diesel engines

• However, with the introduction of the reliquefaction plant

and gas-driven diesel engines, it is today possible to install

high-efficiency diesel engines as prime movers, and

thereby significantly cut fuel costs

• Owners and Charterers are provided with maximum fuel

flexibility and, depending on the relative price and

availability of gas and fuel oil, are free to choose the most

competitive fuel as the engine operates with the same

efficiency on both gas and fuel.

• The Diesel-cycle ensures stable gas combustion under all

weather conditions, such as heavy weather and high

ambient temperatures, without any risk of misfiring or

knocking.

• For a typical long-haul trade the new and more efficient

twin screw LNGC design with MEGI engines will have an

average daily fuel consumption [gas and fuel oil] of ~30%

less than the TFDE LNG carriers. This corresponds to a

saving of more than 35 tonnes of fuel per day in HFO

equivalents at 16 knots.

18 | 2017 18 | 2017 2018 | 18

-

10

20

30

40

50

'72

'73

'74

'75

'76

'77

'78

'79

'80

'81

'82

'83

'84

'85

'86

'87

'88

'89

'90

'91

'92

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'95

'96

'97

'98

'99

'00

'01

'02

'03

'04

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'07

'08

'09

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'11

'12

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'15

'16

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'18

'19

'20

ST DFDE/TFDE Other XD-F MEGI

0

0.2

0.4

0.6

0.8

1

ST 138k TFDE 160k X-DF 174k MEGI 174k

$ / mmbtu

Ship Fuel Consumption Comparison

Transition Towards Modern Vessels is Visible in the Orderbook

LNGC Existing Fleet and Orderbook by Propulsion

Comparison of LNG Ship Types on UTC Basis*

Tons of FOE / Day (Laden)

Speed (knots) MEGI

174k

X-DF

174k

TFDE

160k

ST

145k

19.5 91.2 106.0 136 190

16.0 52.4 71.1 88 145

13.5 33.6 45.2 68 112

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MEGI / X-DF Leads LNG Fleet Evolution on Size and Efficiency

COMPANY SNAPSHOT

Source: Affinity LNG

120

160

200

240

280

- 5 10 15 20 25 30 35 40 45

Siz

e (

‘00

0 c

bm

)

Age (years)

ST TFDE & Other MEGI & X-DF

324

vessels

71 vessels

Existing LNGC Fleet:

450 vessels

20 | 2017 20 | 2017 2018 | 20

U.S. Gulf - Far East via

Panama 9,279 nm

U.S. Gulf -

Northwest Europe

4,961 nm

Arabian Gulf –

East Asia

5,760 nm

Arabian Gulf - Northwest

Europe

via Suez 6,377 nm

US$ / mmbtu

N.B. US$70,000 per day applied as charter hire across vessel classes, LNG boil-off priced at US$5.50 / mmbtu

UTC Breakdown by Trade Route

Source: Poten & Partners

Unit Transportation Cost (UTC) Analysis - Critical Trade Route Summary

Critical Trade Routes Summary

0.50 0.30

0.18 0.26 0.16 0.10

0.34 0.20 0.13

0.30 0.18 0.11

0.19

0.17

0.15 0.18

0.16 0.14

0.19 0.16

0.14

0.19

0.16 0.14

1.09

0.95

0.83 0.58

0.52 0.45

0.74

0.66

0.58

0.67

0.59

0.52

0.02

0.01

0.01

0.01

0.01

0.01

0.01

0.01 0.01

0.01

0.01

0.21

0.20

0.20

0.21

0.20

0.19

0.0

0.5

1.0

1.5

2.0

2.5

145k ST 160k TFDE 180k MEGI / X-DF 145k ST 160k TFDE 180k MEGI / X-DF 145k ST 160k TFDE 180k MEGI / X-DF 145k ST 160k TFDE 180k MEGI / X-DF

U.S. Gulf - Far East via Panama U.S. Gulf - NW Europe Arabian Gulf - Northwest Europe via Suez Arabian Gulf - East Asia

Boil Off Port Charges Charter Hire Fuel Canal Fees2.01

1.63

1.37

1.23

0.85

0.70

1.49

1.17 1.05 1.04

0.79

0.95

21 | 2017 21 | 2017 2018 | 21

04

2018 | 21

FSRU Market Development

22 | 2017 22 | 2017 2018 | 22

The FSRU market is poised to grow substantially over the

next five years

• Growth of LNG supply, low LNG prices, energy deficits,

security of supply issues and fuel switching due to mandated

emissions reductions are prime drivers

• NB FSRU are flexible, efficient and cost competitive

compared to conversions (with current yard prices)

• Based on the current supply-demand outlook, there is

potential for 12-15 new FSRU projects contracted by 2021

FLEX LNG has a highly experienced commercial and

technical team to succeed in the FSRU market

• FLEX LNG is actively pursuing FSRU opportunities and plan

to establish a presence in the FSRU market

• FLEX LNG will consider placing orders for NB FSRU to meet

the demand of fast track projects

• FSRU newbuildings can be delivered in 27-30 months

FLEX FSRU newbuildings will have state of the art design

incorporating latest technologies and lessons learned

• Newbuilding prices of FSRUs have fallen and compete

favourably with conversion economics

LNG Imports: FSRUs vs. Land-Based Terminals

FSRU Gaining Market Share Over Traditional Import Terminals

Sources: Reuters, Affinity Shipping

Market Share: FSRU vs. Onshore Terminals

10% 10% 10%

10% 13% 14%

14% 16%

17% 19% 20%

(100)

100

300

500

700

900

1,100

2010 '11 '12 '13 '14 '15 '16 '17 (E) '18 (E) '19 (E) '20 (E)

Mtpa

Onshore Regas Capacity Floating Regas Capacity

23 | 2017 23 | 2017 2018 | 23

The improved pricing and liquidity of the LNG market keeps

stimulating downstream gas demand and opens new markets

• Recent countries joining the club of LNG imports include

Colombia, Pakistan, Jordan, Dubai, Abu Dhabi, Turkey,

Lithuania, Kuwait

• Key FSRU drivers include security of supply, fuel switching, and

the global energy balance

• Global macro economic outlook remains positive; fundamental

to further growth in both mature and new markets

FLEX LNG selection criteria for FSRU projects:

• Tangible project with strong counterparts/aggregator

• Non-speculative projects based on newbuilding

• Contract tenor of 10+ years

• Right type of contract in terms of risk

• Bankable for project financing

FLEX FSRU Strategy

Image source: Gazprom

24 | 2017 24 | 2017 2018 | 24

Growth of FSRU Regas Capacity by Country

FLEX Collective Team Experience and Expertise in FSRUs

FLEX LNG has a highly experienced commercial and

technical team to succeed in the FSRU market

• Jonathan Cook (founding partner at Excelerate Energy and

ex-Chief Marketing Officer for Cardiff LNG) was appointed

CEO in March 2017

• Thomas Thorkildsen (formerly head of business development

at Höegh LNG, responsible for FSRU opportunities) joined in

February 2017 to lead business development efforts

• Øystein Kalleklev (formerly CFO at Knutsen NYK Offshore

Tankers involved in e.g. financing of FPSOs) joined FLEX in

September 2017

The FLEX team can draw on extensive technical FSRU

knowledge within the group

• Management has been involved in 13 of the existing 21

FSRU projects worldwide (19 FSRUs including

decommissioned projects)

Escobar FSRU, Argentina

0

20

40

60

80

100

2017E 2018E 2019E

mtpa India Chile Bangladesh Puerto Rico Uruguay

Brazil Russia Pakistan Turkey Ghana

Source: Reuters

25 | 2017 25 | 2017 2018 | 25

Up to 34 FSRU Projects Expected Operational by 2020

There are 21 active FSRU projects globally and 13 awarded projects (expected to begin operations in the next 3 years)

FLEX LNG team has

been involved in 13 of

the 21 existing FSRU

projects globally

Sources: FLEX LNG, Affinity Shipping

Awarded FRSU projects:

2017: Russia, Pakistan

2018: Pakistan (2), Bangladesh,

Ghana, Uruguay, Puerto Rico

2019: Chile, Turkey, India

2020: Brazil

Existing

Awarded

Existing &

Active:

21

Awarded:

13

Proposed:

50+

26 | 2017 26 | 2017 2018 | 26

FLEX LNG – NextDecade Alliance About NextDecade

Strategic Partnership with NextDecade

FLEX LNG and NextDecade signed an HoA in Dec 2016 to

create a full value chain solution for LNG to end customers

• FLEX LNG will provide FSRU and dockside solutions to assist

LNG importing customers

In July 2017, NextDecade signed a MoU with the Port of

Cork for a new FSRU and associated LNG terminal

infrastructure

• As Owners of the FSRU, FLEX LNG would charter out the unit

under a long-term contract FLEX LNG will provide FSRU and

dockside solutions to assist LNG importing customers

NextDecade is a leading US-based development and

management company of onshore and floating LNG

projects

• NextDecade’s key project is the Rio Grande LNG export

project under development in Brownsville, Texas

• The Rio Grande LNG export project is expected to have a

capacity of six liquefaction trains, each with a nominal LNG

capacity of 4.5 mtpa, yielding a total capacity of 27 mtpa

• FERC approval application filed in 2015, FID targeted for Q2

2018 with first cargo expected in 2022

Next Decade’s proposed Rio Grande liquefaction terminal, Brownsville, Texas Port of Cork, Ireland

27 | 2017 27 | 2017 2018 | 27

05

2018 | 27

Summary

28 | 2017 28 | 2017 2018 | 28

FLEX LNG has a modern and efficient fleet of LNGCs available from 2018 offering

Charterers significant fuel savings and reduced boil-off rate over older vessels

• FLEX LNG has established proven operational capabilities and developed relationships with

key Charterers in the LNG market by chartering in and trading third party LNGCs

• LNG market has recovered to a 3-year high in TC rates and further tightening is expected on

the back of new supply

Majority shareholder Geveran Trading has a long history in the LNG industry and is

committed to building FLEX LNG into a major provider of LNGCs and FSRUs

• As part of the Fredriksen Group, FLEX LNG benefits from a wide range of commercial and

technical expertise, strong financial backing and access to competitive financing

The FSRU market is forecasted to grow substantially over the coming years, driven by

growth in LNG supply, low LNG prices and fuel switching driven by emission cuts

• Based on the current LNG supply-demand outlook, there is potential for 12-15 new FSRU

projects contracted by 2021

The FLEX team has significant experience in developing and operating FSRU projects

• FLEX LNG is actively pursuing opportunities in the FSRU market and is engaged in

discussions with multiple counterparties across various projects

LNG Carriers

FSRUs

Summary

The LNG market could experience significant shortage of tonnage from the end of 2018

29 | 2017 29 | 2017 2018 | 29

Thank You March 2018