May 3, 2023
Hamilton, Bermuda

Flex LNG Ltd. (OSE/NYSE: FLNG) today release its 2022 Annual ESG Report. This is the fifth edition of our ESG report after the inaugural report in 2018 and contains key information about our commitment to the Environment, Social development, and Governance (“ESG”) issues.

The report presents our material ESG performance, along with how we manage material sustainability topics, for the financial year ended December 31, 2022.

The ESG report is prepared in accordance with requirements of the Sustainability Accounting Standards Board’s (SASB) Marine Transportation Standard (2018) and the Global Reporting Initiative (GRI) Standards (2021). It is based on the NASDAQ ESG Reporting Guide 2.0 and Euronext Guidelines to issuers for ESG reporting. The report is also prepared in line with the disclosure requirements of the UN Global Compact.

The ESG report attached is also available on the company’s website www.flexlng.com. An index of disclosures responding to the Global Reporting Initiative (GRI, core option) is also available on our website.

Øystein M. Kalleklev, Chief Executive Officer of Flex LNG Management AS, commented:
“We are pleased to publish our fifth edition of the annual ESG report. ESG is an integral part of our business strategy and we will continue to broaden the scope of our initiatives and our ESG reporting. In 2022 we broadened the reporting scope with also reporting under the Climate Disclosure Project (“CDP”) where the score of B- was released in December last year. Further in 2022 we established a ESG committee and incorporated ESG as part of the executive pay considerations. Our business strategy is to transport LNG, which is primarily utilized to replace coal and to some extent diesel in power generation, in the safest way with as little impact on the environment as possible. Replacing coal with natural gas cuts CO2 emissions by about half, but also cleans up the local environment due to the clean burning properties of natural gas.”

For further queries, please contact:
Øystein M. Kalleklev, Chief Executive Officer of Flex LNG Management AS
Telephone: +47 23 11 40 00

About FLEX LNG
Flex LNG is a shipping company focused on the growing market for Liquefied Natural Gas (LNG). Our fleet consists of thirteen LNG carriers on the water and all of our vessels are state-of-the-art ships with the latest generation two-stroke propulsion (MEGI and X-DF). These modern ships offer significant improvements in fuel efficiency and thus also carbon footprint compared to the older steam and four-stroke propelled ships. We have built up a significant contract backlog, having fixed 12 of our 13 vessels on long term fixed-rate charter contracts. Flex LNG is listed both on the New York Stock Exchange (NYSE) and Oslo Stock Exchange (OSE) under the ticker "FLNG". For more information, go to: www.flexlng.com.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act