Flex LNG

Flex LNG has agreed to purchase liquefied natural gas (LNG) assets and infrastructure from Geveran Trading and Exmar, respectively, in exchange for company shares. After the transaction Flex LNG will change its name to Exmar LNG and will have an enterprise value of USD 2.3 billion. The new company will own interests in six LNG carriers, five floating storage and regasification units, two floating liquefaction units, and a total of 80 years of firm time charters. Geveran will own 30.7% of the company shares and Exmar will own 64.6% of the shares. The transaction is expected to close in the third quarter of the year, at which time Exmar is obligated to make a mandatory offer for the remaining shares in the company within 4 weeks to comply with the Norwegian securities trading act.