FLEX LNG LTD ("FLEX LNG") - Announces That Talks to Join Floating Liquefaction Project Being Developed By Asian National Oil Company Have Been Suspended.

Road Town, Tortola, 7th November 2010. FLEX LNG (Oslo

Axess: FLNG) Announces that the previously

communicated talks with an Asian National Oil Company

(NOC) to join a floating liquefaction project has

been suspended.

Discussions between the parties during the last six

months have not led to further progress being made.

Commenting on the talks with the NOC, Chief Executive

Officer of FLEX LNG Management Ltd, Philip Fjeld

stated:

"We are of course disappointed that we have not been

able to bring the project to a successful conclusion.

We continue to work on developing other promising

opportunities and remain confident that the work

undertaken to date by FLEX LNG and Samsung Heavy

Industries to develop one of the world's first LNG

FPSOs will pay dividends going forward."

About FLEX LNG LTD

FLEX LNG was incorporated in 2006 and is listed in

Norway under the ticker code FLNG. The company was

incorporated with the objective of commercialising

among the world's first floating liquefaction units

(LNG Producers) and has signed four ship building

contracts with Samsung Heavy Industries for LNG

Producer hulls utilising the SPB LNG containment

system. In addition FLEX LNG on 17 September 2008

signed a contract with SHI for the Engineering,

Procurement, Construction, Integration and

Commissioning of the world's first floating

liquefaction unit. This provides the LNG industry

with a unique possibility of accessing currently

uncommitted gas reserves for LNG production from 2013

onwards.

By using the proven nitrogen expander liquefaction

cycle, the most robust and flexible liquefaction

technology in use in the LNG industry, the LNG

Producer is to source gas from numerous potential

offshore or onshore locations worldwide where natural

gas today is either left stranded or is being flared.

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