Flex LNG Ltd.

Regulatory Filings • Dec 22, 2010

FLEX LNG LTD ("FLEX LNG") - Announces That Talks are Progressing With Samsung Heavy Industries (SHI) to Restructure the Commercial Relationship Between FLEX LNG and SHI

Road Town, Tortola, 22 December 2010. FLEX LNG (Oslo

Axess: FLNG) Announces that the company is in

discussions with SHI to restructure the commercial

relationship between the two companies.

FLEX LNG and SHI have in December 2010 completed

initial discussions to agree upon a process with a

target to sign binding amended terms to the

commercial relationship between FLEX LNG and SHI by

the end of February 2011. Instalments from FLEX LNG

and SHI have been deferred temporarily until the end

of February 2011.

Commenting on the talks with SHI, Chief Executive

Officer of FLEX LNG Management Ltd, Philip Fjeld

stated:

"As a result of delays in project development FLEX

LNG and SHI have decided to try to adapt the

commercial relationship to the change in

circumstances.

FLEX LNG continues to pursue an attractive portfolio

of potential FLNG projects and we remain confident

that 2011 will be an exciting year for the FLNG

segment and that FLEX LNG will be at the forefront of

these developments"