FLEX LNG - Share capital increase in connection with Board remuneration

Road Town, Tortola, 3 February 2011. FLEX LNG (Oslo

Axess: FLNG) is pleased to announce that in

accordance with the resolution by the shareholders at

the annual shareholders meeting of FLEX LNG Ltd

("Flex LNG" or the "Company") held on 25 May 2010,

the Board of Directors of FLEX LNG has resolved to

issue 118,879 new shares to the members of the Board

of Directors, as part of their remuneration for the

second half of 2010. The shares will be issued and

registered as soon as possible.

The shares resolved to be issued to the members of

the Board of Directors constitute a total

remuneration of USD 95,000, based on a price per

share of NOK 4.7690. 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 remuneration settlement, being 10 January

After the issue of shares in accordance with the

resolutions described above, the share capital of

FLEX LNG will be USD 1,131,621.22, divided into

113,162,122 shares, each with a par value of USD 0.01.

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