Flex LNG, controlled by billionaire John Fredriksen, said in its quarterly report it will seek new finance prior to the delivery of the company’s first vessels.
The company has ordered two Panamax LNG carriers, with a capacity of 174,000m cbm, at South Korea’s Samsung Heavy Industries. The vessels are expected to be delivered in the first half of 2018.
According to the report, Flex LNG believes that the working capital the company raised in 2014 will be sufficient to operate for about 18 months.
Given the current capital raising plans, Flex LNG expects to raise sufficient additional working capital to operate until delivery of the vessels, the company said.
Flex LNG’s cash balances in the first quarter were at $5.6m (2014: $0.9m) with a quarterly $1.1m net outflow (2014: $0.6m outflow).
The loss before tax was $0.5m, as compared to $0.6m in the same period a year before.
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LNG World News Staff; Image: Flex LNG