Flex LNG hammers out $175m refinancing deal for LNG carrier

June 2, 2025 Stu Turley International News, Press, Tanker
Flex LNG

John Fredriksen-backed Flex LNG has arranged a $175m lease financing for its 173,400 cu m Flex Courageous LNG carrier.

The JOLCO refinancing deal will generate net proceeds of approximately $42m and extend debt maturity to 2035. The deal will also significantly reduce the cost of debt by around 1.5% per annum.

The refinancing of the vessel follows the announcement of up to 10 years of additional backlog agreed to with BP in November last year.

This lease is the first of three planned vessel refinancing deals. The other two will be for the Flex Resolute and Flex Constellation. The decision to refinance all three vessels came after securing up to 37 years of combined contract backlog.

The other two refinancing deals should be completed in the second half of 2025, and release $120m in net proceeds, while also extending debt maturities and reducing the overall cost of debt. At the end of the first quarter of this year, Flex LNG held a cash balance of $410m.

Source: Splash247.com

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About Stu Turley 4798 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.

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