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Marine Log

FLEX SPB LNG

October 19, 2007

FLEX LNG orders third ship

FLEX LNG LTD. (Oslo OTC: FLNG) says it has ordered a third 90,000 cu.m SPB LNG vessel from Samsung Heavy Industries. (SHI). It is of identical design to the two ordered in March 2007. It is vessel is scheduled to be on station, producing LNG in the fourth quarter of 2011,

FLEX LNG was incorporated in 2006 with the objective of commercializing the world's first floating liquefaction units (LNG Producers).

It says that by using the proven nitrogen expander liquefaction cycle, an LNG Producer can source gas from hundreds of potential offshore locations world wide where natural gas today is either left stranded or is being flared.

CEO of FLEX LNG, Philip Fjeld says: "In a world where bespoke design and "mega-sizing" LNG plants has driven the construction cost of traditional liquefaction plants to levels the LNG industry has not seen before, we are convinced our generic LNG Producer design will impress both our competitors and clients by offering the most efficient unit cost CAPEX for LNG production, even when compared to projects with an annual capacity of 5-10 times our size."

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