Change from DFDE to MEGI on Samsung Newbuilds

| British Virgin Islands, Tortola

Flex LNG has reached an agreement with Samsung Heavy Industries (SHI) to convert the propulsion system for two LNG carriers from DFDE (Dual-Fuel Diesel-Electric) to the fuel efficient 2-stroke slow speed MEGI (main engine gas injection) main engines. The Company is constructing two Panamax LNG carriers with a capacity of 174,000m3 with SHI in 2018.

The consequence of the change is an increase in the yard price of the vessels taking into account the change in specification, including the deployment of the new engine system and exhaust gas treatment for compliance with new emissions regulations, 0.09% Boil-off Rate to maintain speed flexibility, and ballast water treatment system. The price increase is to be paid by FLEX on delivery. The expected delivery dates of the vessels have been postponed from Q1 2017 to Q1 and Q2 2018.

For a typical long haul trade, the new and more efficient twin screw LNGC design with MEGI engines will have average daily fuel consumption (gas and fuel oil) of
approximately 25% less than the DFDE LNG carrier design recently delivered into the market. This corresponds to a saving of more than 25 tons of fuel per day in
HFO equivalents. Compared to the typical Steam LNG carrier, which comprises a significant part of the current fleet, the average reduction in fuel consumption is
estimated to be more than double.

(Source: Flex LNG)

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