Flex LNG Ltd.

Share Issue/Capital Change • Feb 24, 2010

Flex LNG - notification of allotment of shares

This is to inform that Mr. Scott Pearl, a board

member of FLEX LNG Ltd, has today been allotted

11,593 ordinary shares to be issued by Flex LNG Ltd

as part of his remuneration for the second half of

2009, in addition to 10,081 shares previously

allotted for the first half of 2009. The shares

constitute a total remuneration of USD 25,000, based

on a price per share of NOK 7.54 for the first half

of 2009 and NOK 6.14 for the second half of 2009. The

price per share is calculated on the basis of the

volume weighted average trading price of the

Company's shares over a period of ten consecutive

trading days ending on the day of the settlement,

being 19 August 2009 and 5 January 2010.

After the issue of these shares, Mr. Pearl will have

a holding of 449,671 shares in the Company,

representing approximately 0.4% of the total shares

outstanding.