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FLEX LNG

August 2, 2010

Flex LNG signs MOU with SAIPEM

Flex LNG has signed a Memorandum of Understanding (MoU) with SAIPEM covering development of a Floating Liquefaction (FLNG) project for the Australian offshore gas reserves of an Asian national oil company.

Flex LNG will contribute its LNG Producer concept and its construction contracts with Samsung Heavy Industries.

The Flex LNG Producers are floating liquefaction units and the company has signed four shipbuilding contracts with Samsung Heavy Industries for LNG Producer hulls utilizing the SPB LNG containment system. In September 2008, Flex LNG signed a contract with SHI for the Engineering, Procurement, Construction, Integration and Commissioning of the world's first floating liquefaction unit.

Under the MOU announced today, SAIPEM will provide its project management skills and its capabilities in the areas of Floating Production Systems and natural gas treatment and LNG liquefaction plants.

Flex LNG and SAIPEM plan to form a joint project team to manage various aspects of the project.


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