Flex LNG Looking to List on New York Stock Exchange

Flex LNG vesselIllustration; Image Courtesy: Flex LNG

Owner of LNG carriers Flex LNG has submitted its draft registration to the US regulators with the aim of listing its shares in New York.

The company, which is already listed on Norway’s Oslo Stock Exchange, said that it has “confidentially submitted a draft registration statement” on Form 20-F to the U.S. Securities and Exchange Commission (SEC) relating to the proposed listing of its ordinary shares on the NYSE.

Flex LNG added that no new securities would be issued in connection with the listing, which is expected to commence after the SEC completes its review process.

The John Fredriksen-controlled company owns a fleet of 13 LNG ships, four existing and nine under construction, built at Korean shipyards for delivery throughout 2019 to 2021. The company raised USD 300 million in equity back in October and this fully capitalized the company for its fleet.

“Flex LNG expects a further tightening of the LNG shipping market in the coming years, especially in 2019 and 2020, due to high growth in LNG production and higher demand for natural gas as utilities are switching from coal to cleaner natural gas. This is combined with increased sailing distances due to the increased supply from the U.S. and Russia in particular,” Oystein M. Kalleklev, CEO of Flex LNG, said in the company’s 2018 annual report.

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