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FLNG Flex Lng

Cover Page

Cover Page6 Months Ended
Jun. 30, 2021
Cover [Abstract]
Document Type6-K
Entity File Number001-38904
Entity Registrant NameFLEX LNG Ltd.
Entity Address, Address Line OnePar-La-Ville Place
Entity Address, Address Line Two14 Par-La-Ville Road
Entity Address, City or TownHamilton
Entity Address, CountryBM
Entity Central Index Key0001772253
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ2
Amendment Flagfalse
Document Period End DateJun. 30,
2021

UNAUDITED INTERIM CONDENSED CON

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Revenues
Vessel operating revenues $ 147,103 $ 63,945
Operating expenses
Voyage expenses(2,277)(1,522)
Vessel operating expenses(29,715)(14,001)
Administrative expenses(4,252)(3,139)
Depreciation(33,361)(17,171)
Operating income77,498 28,112
Other income/(expenses)
Interest income12 143
Interest expense(27,534)(19,603)
Gain/(loss) on derivatives10,152 (28,551)
Other financial items(123)(1,618)
Income/(loss) before tax60,005 (21,517)
Income tax expense(36)(17)
Net income/(loss) $ 59,969 $ (21,534)
Earnings/(loss) per share:
Basic (in USD per share) $ 1.12 $ (0.40)
Diluted (in USD per share) $ 1.12 $ (0.40)

UNAUDITED INTERIM CONDENSED C_2

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income/(loss) $ 59,969 $ (21,534)
Total other comprehensive income/(loss)0 0
Total comprehensive income/(loss) $ 59,969 $ (21,534)

UNAUDITED INTERIM CONDENSED C_3

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Current assets
Cash and cash equivalents $ 144,151 $ 128,878
Restricted cash56 84
Inventory4,075 3,656
Receivables due from related parties522 166
Other current assets8,886 25,061
Total current assets157,690 157,845
Non-current assets
Derivative instruments3,100 109
Vessel purchase prepayment0 289,600
Vessels and equipment, net2,378,876 1,856,461
Other fixed assets4 5
Total non-current assets2,381,980 2,146,175
Total assets2,539,670 2,304,020
Current liabilities
Current portion of long-term debt(77,674)(64,466)
Derivative instruments(12,958)(23,434)
Payables due to related parties(376)(312)
Accounts payable(665)(3,373)
Other current liabilities(40,624)(40,247)
Total current liabilities(132,297)(131,832)
Non-current liabilities
Long-term debt(1,555,348)(1,337,013)
Total non-current liabilities(1,555,348)(1,337,013)
Total liabilities(1,687,645)(1,468,845)
Equity
Share capital (June 30, 2021: 54,110,584 (December 31, 2020: 54,110,584) shares issued, par value $0.10 per share)(5,411)(5,411)
Treasury shares7,297 1,661
Additional paid in capital(1,190,251)(1,190,333)
Accumulated deficit336,340 358,908
Total equity(852,025)(835,175)
Total equity and liabilities $ (2,539,670) $ (2,304,020)

UNAUDITED INTERIM CONDENSED C_4

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / sharesJun. 30, 2021Dec. 31, 2020
Statement of Financial Position [Abstract]
Shares issued (in shares)54,110,584 54,110,584
Par value (in dollars per share) $ 0.10 $ 0.10
Treasury shares (in shares)827,344 202,797

UNAUDITED INTERIM CONDENSED C_5

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Operating activities
Net income/(loss) $ 59,969 $ (21,534)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities
Depreciation33,361 17,171
Amortization of debt issuance costs.2,380 863
Share-based payments(82)137
Foreign exchange loss/(gain)43 1,582
Change in fair value of derivative instruments(13,467)28,021
Other(4,137)6,683
Changes in operating assets and liabilities, net:
Inventory(419)(552)
Trade accounts receivable, net4,050 4,726
Accrued income2,075 2,136
Prepaid expenses8,809 (9,363)
Other receivables1,241 (2,003)
Receivables due from related parties(356)(464)
Payables due to related parties64 304
Accounts payable(2,708)(290)
Accrued expenses1,100 (3,088)
Deferred charter revenue(3,735)(6,458)
Other current liabilities2,914 19
Provisions98 92
Net cash provided by operating activities91,200 17,982
Investing activities
Purchase of other fixed assets(2)0
Purchase to vessels and equipment(266,173)106
Net cash provided by (used in) investing activities(266,175)106
Financing activities
Purchase of treasury shares(5,636)0
Repayment of long- term debt(32,514)(16,875)
Proceeds of revolving credit facility181,448 48,684
Repayment of revolving credit facility(137,763)(49,342)
Proceeds from long-term debt223,290 0
Financing costs(1,269)(6,538)
Dividends paid(37,401)(5,411)
Net cash provided by (used in) financing activities190,155 (29,482)
Effect of exchange rate changes on cash65 (1,711)
Net (decrease) increase in cash, cash equivalents and restricted cash15,245 (13,105)
Cash, cash equivalents and restricted cash at the beginning of the period128,962 129,098
Cash, cash equivalents and restricted cash at the end of the period144,207 115,993
Supplemental Information
Interest paid, net of amounts capitalized21,652 19,265
Income tax paid $ 95 $ 0

UNAUDITED INTERIM CONDENSED C_6

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in ThousandsTotalShare capitalTreasury sharesAdditional paid in capitalAccumulated deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholder's equity at end of period $ 5,411 $ 0 $ 1,190,049 $ (356,195)
Number of shares outstanding at the beginning of period (in shares) at Dec. 31, 201954,110,584
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)0
Treasury shares purchased (in shares)0
Number of shares outstanding at the end of period (in shares) at Jun. 30, 202054,110,584
Stockholders' equity at beginning of period at Dec. 31, 2019 $ 5,411 0 1,190,049 (356,195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued0 0
Treasury shares purchased at cost0
Stock option expense137
Net income/(loss) $ (21,534)(21,534)
Dividends paid(5,410)
Stockholder's equity at end of period812,458 5,411 0 1,190,186 (383,139)
Stockholder's equity at end of period835,175 $ 5,411 (1,661)1,190,333 (358,908)
Number of shares outstanding at the beginning of period (in shares) at Dec. 31, 202053,907,787
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)0
Treasury shares purchased (in shares)(624,547)
Number of shares outstanding at the end of period (in shares) at Jun. 30, 202153,283,240
Stockholders' equity at beginning of period at Dec. 31, 2020835,175 $ 5,411 (1,661)1,190,333 (358,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued0 0
Treasury shares purchased at cost(5,636)
Stock option expense(82)
Net income/(loss)59,969 59,969
Dividends paid(37,401)
Stockholder's equity at end of period $ 852,025 $ 5,411 $ (7,297) $ 1,190,251 $ (336,340)

GENERAL

GENERAL6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
GeneralGENERALFLEX LNG Ltd. ("FLEX LNG" or the "Company") is a limited liability company, originally incorporated in the British Virgin Islands in September 2006 and re-domiciled to Bermuda in June 2017. The Company is currently listed on the Oslo and New York Stock Exchanges under the symbol "FLNG". The Company's activities are focused on seaborne transportation of liquefied natural gas ("LNG") through the ownership and operation of fuel efficient, fifth generation LNG carriers. As of June 30, 2021, the Company had thirteen LNG carriers in operation.

ACCOUNTING POLICIES

ACCOUNTING POLICIES6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
Accounting PoliciesACCOUNTING POLICIES Basis of accounting The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements and, in the opinion of management, include all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the Company's consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and notes included in our Annual Report on Form 20-F for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the "SEC") on March 17, 2021. The unaudited interim condensed consolidated financial statements do not include all the disclosures required in an Annual Report on Form 20-F. Significant accounting policies The accounting policies adopted in the preparation of the unaudited condensed consolidated interim financial statements are consistent with those followed in the preparation of the Company’s annual financial statements for the year ended December 31, 2020.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS6 Months Ended
Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Recent Accounting PronouncementsRECENT ACCOUNTING PRONOUNCEMENTS In March 2020, the FASB issued ASU 2020-04 (ASC 848 Reference Rate Reform ), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact of electing the expedients and exceptions for applying GAAP provided by the update on our Condensed Consolidated Financial Statements. Other recently issued accounting pronouncements are not expected to materially impact the Company.

EARNINGS PER SHARE

EARNINGS PER SHARE6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per ShareEARNINGS PER SHARE Basic earnings per share amounts are calculated by dividing the net income/(loss) by the weighted average number of ordinary shares outstanding during that period. Diluted earnings per share amounts are calculated by dividing the net income/(loss) by the weighted average number of shares outstanding during the period, plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. If in the period there was a loss then any potential ordinary shares have been excluded from the calculation of diluted loss per share, because the effects were anti-dilutive. The following reflects the net income/(loss) and share data used in the earnings per share calculation. (in thousands of $, except share data) Six months ended June 30, 2021 2020 Net income/(loss) 59,969 (21,534) Weighted average number of ordinary shares 53,487,062 54,110,584 Share options 156,000 — Weighted average number of ordinary shares, adjusted for dilution 53,643,062 54,110,584 Net income/(loss) per share: Basic and diluted 1.12 (0.40)

CASH, CASH EQUIVALENTS AND REST

CASH, CASH EQUIVALENTS AND RESTRICTED CASH6 Months Ended
Jun. 30, 2021
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted CashCASH, CASH EQUIVALENTS AND RESTRICTED CASH The following identifies the balance sheet line items included in cash, cash equivalents and restricted cash as presented in the consolidated statements of cash flows: (in thousands of $) June 30, December 31, 2021 2020 Cash and cash equivalents 144,151 128,878 Restricted cash 56 84 Cash, cash equivalents and restricted cash 144,207 128,962 Restricted cash consists of cash that is restricted by law for the Norwegian tax authorities in relation to social security of employees.

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS6 Months Ended
Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current AssetsOTHER CURRENT ASSETS Other current assets includes the following: (in thousands of $) June 30, December 31, 2021 2020 Trade accounts receivable, net — 4,050 Accrued income 3,949 6,024 Prepaid expenses 2,535 11,344 Other receivables 2,402 3,643 Total other current assets 8,886 25,061 Trade accounts receivable are presented net of allowances for doubtful accounts amounting to $nil as of June 30, 2021 (December 31, 2020: $nil).

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES6 Months Ended
Jun. 30, 2021
Payables and Accruals [Abstract]
Other Current LiabilitiesOTHER CURRENT LIABILITIES Other current liabilities includes the following: (in thousands of $) June 30, December 31, 2021 2020 Accrued expenses (15,113) (14,013) Deferred charter revenue (21,606) (25,341) Other current liabilities (2,971) (57) Provisions (934) (836) Total other current liabilities (40,624) (40,247)

VESSEL PURCHASE PREPAYMENTS

VESSEL PURCHASE PREPAYMENTS6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Vessel Purchase PrepaymentsVESSEL PURCHASE PREPAYMENTS The table below summarizes the movement in vessel purchase prepayments applicable to the Company for the six months ended June 30, 2021 and twelve months ended December 31, 2020. (in thousands of $) June 30, December 31, 2021 2020 At beginning of period 289,600 349,472 Deposits to vessels purchase prepayments — 125,800 Transfer to vessels and equipment (289,600) (185,672) At end of period — 289,600

VESSELS AND EQUIPMENT, NET

VESSELS AND EQUIPMENT, NET6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Vessels and Equipment, NetVESSELS AND EQUIPMENT, NET Movements in the six months ended June 30, 2021 for vessels and equipment, net is summarized as follows: (in thousands of $) Vessels and equipment Dry docks Total Cost At December 31, 2020 1,919,441 25,000 1,944,441 Additions 347 — 347 Newbuildings 547,926 7,500 555,426 Disposals — — — At June 30, 2021 2,467,714 32,500 2,500,214 Accumulated depreciation At December 31, 2020 (80,370) (7,610) (87,980) Charge (30,369) (2,989) (33,358) Disposals — — — At June 30, 2021 (110,739) (10,599) (121,338) Net book value At December 31, 2020 1,839,071 17,390 1,856,461 At June 30, 2021 2,356,975 21,901 2,378,876 In January 2021, the Company successfully took delivery of its eleventh LNG carrier, Flex Freedom , which was constructed at Daewoo Ship building and Marine Engineering Co. Ltd. ("DSME") in South Korea. Flex Freedom was capitalized at a cost of $189.1 million, of which $181.6 million was reclassified from Vessel purchase prepayments. The capitalized cost includes the fixed purchase price of $186.0 million as per the purchase agreement and $3.1 million relating to change orders, pre-delivery crew expenses, fit out, spares and studies. In January 2021, the Company successfully took delivery of its twelfth LNG carrier, Flex Volunteer , which was constructed at Hyundai Samho Heavy Industries Co. Ltd. ("HSHI") in South Korea. Flex Volunteer was capitalized at a cost of $182.9 million, of which $54.0 million was reclassified from Vessel purchase prepayments. The capitalized cost includes the fixed purchase price of $180.0 million as per the purchase agreement and $2.9 million relating to change orders, pre-delivery crew expenses, fit out, spares and studies. In May 2021, the Company successfully took delivery of its thirteenth LNG carrier, Flex Vigilant , which was constructed at HSHI in South Korea. Flex Vigilant was capitalized at a cost of $183.4 million, of which $54.0 million was reclassified from Vessel purchase prepayments. The capitalized cost includes the fixed purchase price of $180.0 million as per the purchase agreement and $3.4 million relating to change orders, pre-delivery crew expenses, fit out, spares and studies. The net book value of vessels that serve as collateral for the Company's long-term debt (Note 11) was $2,378.9 million as at June 30, 2021 (December 31, 2020: $1,856.5 million). The net book value of the vessels Flex Rainbow , Flex Enterprise, Flex Endeavour and Flex Amber

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES6 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitment and Contingent LiabilitiesCOMMITMENTS AND CONTINGENT LIABILITIES Capital commitments and contingent liabilities for the Company as at June 30, 2021 are summarized in the table below. (in thousands of $) 1 year 2 years 3 years 4 years 5 years Thereafter Total Long-term debt obligations 82,522 85,375 180,002 259,653 422,473 623,692 1,653,717 Total 82,522 85,375 180,002 259,653 422,473 623,692 1,653,717

SHORT TERM AND LONG-TERM DEBT

SHORT TERM AND LONG-TERM DEBT6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]
Short Term And Long-Term DebtSHORT TERM AND LONG-TERM DEBT (in thousands of $) June 30, December 31, 2021 2020 U.S. dollar denominated floating rate debt $250 Million Term Loan Facility 226,563 232,813 $50 million term loan under $100 Million Facility 45,396 46,711 Flex Rainbow Sale and Leaseback 135,844 139,781 $629 million term loan facility 627,383 513,200 Flex Amber Sale and Leaseback 152,050 156,400 $100 million term loan under $125 Million Facility 98,438 — Total U.S. dollar floating rate debt 1,285,674 1,088,905 U.S. dollar denominated fixed rate debt Hyundai Glovis Sale and Charterback 277,647 283,643 Total U.S. dollar denominated fixed rate debt 277,647 283,643 U.S. dollar denominated revolving credit facilities $50 million revolving tranche under $100 Million Facility 65,396 46,711 $25 million revolving tranche under $125 Million Facility 25,000 — Total U.S. dollar denominated revolving credit facilities 90,396 46,711 Total debt 1,653,717 1,419,259 Less Current portion of debt (82,522) (68,340) Long-term portion of debt issuance costs (15,847) (13,906) Long-term debt 1,555,348 1,337,013 Flex Rainbow Sale and Leaseback In July 2018, the Company, through its wholly-owned subsidiary, Flex LNG Rainbow Ltd., which owned Flex Rainbow , entered into a sale and leaseback transaction (the " Flex Rainbow Sale and Leaseback"), for the vessel with a Hong Kong-based lessor for a lease period of 10 years. The gross sales price under the lease was $210 million, of which $52.5 million represented advance hire for the 10 years lease period. The agreement includes fixed price purchase options, whereby we have the option to re-purchase the vessel on or after the second anniversary of the agreement, and on each anniversary thereafter, until the end of the lease period. The bareboat rate payable under the lease has a fixed element, treated as principal repayment, and a variable element based on LIBOR plus a margin of 3.50% per annum calculated on the outstanding under the lease. The facility includes a covenant that requires us to provide additional security, by way of a deposit, as necessary to maintain the fair market value of the vessel at not less than a specified percentage of the principal amount outstanding under the lease. As of June 30, 2021, the net outstanding balance under the lease was $135.0 million (December 31, 2020: $138.8 million). $250 Million Term Loan Facility In April 2019, the Company, through two of its vessel owning subsidiaries, entered into a $250 million secured term loan facility (the "$250 Million Term Loan Facility") with a syndicate of banks for the part financing of the newbuildings Flex Constellation and Flex Courageous . The first $125 million tranche was drawn in June 2019 upon delivery of Flex Constellation , and the remaining $125 million tranche was drawn in August 2019 upon delivery of Flex Courageous . The facility has a term of five years from delivery of the last vessel, Flex Courageous , and bears interest at LIBOR plus a margin of 2.35% per annum. The facility contains a minimum value clause, and financial covenants that require the Company, on a consolidated basis, to maintain: a book equity ratio of minimum 0.25 to 1; a positive working capital; and minimum liquidity, including undrawn credit lines with a remaining term of at least six months, being the higher of $25 million and an amount equal to 5% of our total interest bearing debt net of any cash and cash equivalents. As of June 30, 2021, the net outstanding balance under the facility was $225.1 million (December 31, 2020: $230.9 million). $100 Million Facility In July 2019, the Company, through one of its vessel owning subsidiaries, entered into a $100 million term loan and revolving credit facility (the "$100 Million Facility") with a syndicate of banks to refinance the vessel Flex Range r. The new facility is divided into a $50 million term loan and a $50 million revolving credit facility. The facility has a term of five years and bears interest of LIBOR plus a margin of 2.25% per annum. The facility contains a minimum value clause, and financial covenants that require the Company, on a consolidated basis, to maintain: a book equity ratio of minimum 0.25 to 1; a positive working capital; and minimum liquidity, including undrawn credit lines with a remaining term of at least six months, being the higher of $25 million and an amount equal to 5% of our total interest bearing debt net of any cash and cash equivalents. As of June 30, 2021, the net outstanding balance under the facility was $110.7 million (December 31, 2020: $93.3 million). In March 2021, the Company signed an addendum to the $100 Million Facility, whereby the revolving tranche under the facility was increased by $20 million. The $20 million increase is non-amortizing and bears interest at LIBOR plus a margin of 2.25% per annum for any drawn amounts. As of June 30, 2021, the total available commitment under the revolving tranche of the $100 Million Facility of $65.4 million was fully drawn. This is split as $45.4 million and $20.0 million between the amortizing and non-amortizing portions, respectively. Hyundai Glovis Sale and Charterback In April 2019, the Company, through two of its vessel owning subsidiaries, entered into sale and time charter agreements with Hyundai Glovis Co. Ltd. ("Hyundai Glovis") for the vessels Flex Endeavour and Flex Enterprise (the "Hyundai Glovis Sale and Charterback"). The transactions were executed at the end of July 2019, whereby the vessels were sold for a gross consideration of $210 million per vessel, with a net consideration of $150 million per vessel adjusted for a non-amortizing and non-interest bearing seller's credit of $60 million per vessel. The vessels have been chartered back on a time-charter basis to the vessel owning subsidiaries for a period of 10 years. The agreements include fixed price purchase options, whereby the Company will have annual options to acquire the vessels during the term of the time-charters. The first option is exercisable on the third anniversary of closing of the transactions and the last option at expiry of the 10 years charter periods. At the end of the 10 years charter periods, Hyundai Glovis will have the right to sell the vessels back to the Company for a net consideration of $75 million per vessel, net of the $60 million seller's credit per vessel. As of June 30, 2021, the total net outstanding balance under the leases was $275.5 million (December 31, 2020: $281.3 million). $629 Million Term Loan Facility In February 2020, the Company, through five of its vessel owning subsidiaries, entered into a $629 million term loan facility (the "$629 Million Term Loan Facility"), with a syndicate of banks and the Export-Import Bank of Korea ("KEXIM") for five newbuildings scheduled for delivery during 2020. The facility is divided into a commercial bank loan of $250 million (the "Commercial Loan"); a KEXIM guaranteed loan, funded by commercial banks, of $189.1 million (the "KEXIM Guaranteed Loan"); and a KEXIM direct loan of $189.9 million (the "KEXIM Direct Loan"). The amount available for drawdown upon delivery of each vessel is limited to the lower of (i) 65% of the fair market value of the relevant vessel and (ii) $125.8 million. The facility includes an accordion option of up to $10 million per vessel subject acceptable long-term employment, which was utilized to increase the Commercial loan on the Flex Artemis by $10 million in July 2020. The Commercial Loan bears interest at LIBOR plus a margin of 2.35% per annum and has a final maturity date being the earlier of (i) 5 years from delivery of the final vessel or (ii) November 30, 2025. The KEXIM Guaranteed Loan bears interest at LIBOR plus a margin of 1.20% per annum and the KEXIM Direct Loan at LIBOR plus a margin of 2.25% per annum. The KEXIM Guaranteed Loan has a term of 6 years from delivery of each vessel and the KEXIM Direct Loan a term of 12 years from delivery of each vessel, provided however that these loans will mature at the same time as the Commercial Loan if the Commercial Loan has not been refinanced at terms acceptable to the lenders. The facility includes a minimum value clause, and financial covenants that will require the Company, on a consolidated basis, to maintain: a book equity ratio of minimum 0.25 to 1; a positive working capital; and minimum liquidity, including undrawn credit lines with a remaining term of at least 6 months, being the higher of $25 million and an amount equal to 5% of total interest bearing debt, net of any cash and cash equivalents. In July 2020, the Company drew down $125.8 million in connection with the delivery of our seventh vessel, Flex Aurora . In August 2020, the Company drew down $135.8 million in connection with the delivery of our eighth vessel, Flex Artemis and utilized the option under the facility to replace the newbuilding Flex Amber with the sister vessel Flex Vigilant , scheduled for delivery in the second quarter of 2021. In September 2020, the Company drew down $125.8 million in connection with the delivery of our ninth vessel, Flex Resolute . In December 2020, the Company drew down $125.8 million in connection with the delivery of our eleventh vessel, Flex Freedom , which was delivered January 1, 2021. The final payment was deposited and pre-positioned into escrow accounts in December 2020, and recognized under vessel purchase prepayments until final payment upon delivery of the vessel. In May 2021, the Company drew down $123.3 million in connection with the delivery of our thirteenth vessel, Flex Vigilant . As of June 30, 2021, the net outstanding balance under the facility was $614.6 million (December 31, 2020: $502.8 million). Flex Amber Sale and Leaseback In June 2020, the Company, through one of its vessel owning subsidiaries, entered into a sale and leaseback transaction (the " Flex Amber Sale and Leaseback") with an Asian based leasing house for the newbuilding Flex Amber , which is scheduled for delivery in 2020. Under the terms of the transaction, the vessel will be sold for a gross consideration of $206.5 million, with a net consideration of $156.4 million adjusted for an advance hire of $50.1 million. The vessel will be chartered back on a bareboat basis for a period of 10 years. The agreement includes fixed price purchase options, whereby the Company has options to re-purchase the vessel at or after the first anniversary of the agreement, and on each anniversary thereafter. At the end of the lease period, the Company has an obligation to purchase the vessel for $69.5 million. The bareboat rate payable under the lease has a fixed element, treated as principal repayment, and a variable element based on LIBOR plus a margin of 3.20% per annum calculated on the principal outstanding under the lease. The agreement includes financial covenants that require the Company, on a consolidated basis, to maintain: a book equity ratio of minimum 0.25 to 1; a positive working capital; and minimum liquidity, including undrawn credit lines with a remaining term of at least 6 months, of $25 million. As of June 30, 2021, the net outstanding balance under the lease was $150.2 million (December 31, 2020: $154.4 million). $125 Million Facility In June 2020, the Company, through one of its vessel owning subsidiaries, entered into a $125 million term loan and revolving credit facility (the "$125 Million Facility") with a syndicate of banks for the financing of the newbuilding, Flex Volunteer , which is scheduled for delivery in the first quarter 2021. The facility is divided into a $100 million term loan and a $25 million revolving credit facility. The facility bears interest at LIBOR plus a margin of 2.85% per annum and has a term of five years with an overall repayment profile of 20 years. The amount available for drawdown upon delivery of the vessel will be limited to the lower of (i) 65% of the fair market value the vessel and (ii) $125 million. The facility includes a minimum value clause, and financial covenants that require the Company, on a consolidated basis, to maintain: a book equity ratio of minimum 0.25 to 1; a positive working capital; and minimum liquidity, including undrawn credit lines with a remaining term of at least six months, being the higher of $25 million and an amount equal to 5% of our total interest bearing debt, net of any cash and cash equivalents. In January 2021, the Company drew down $100 million under the term loan tranche of the $125 Million Facility upon delivery of our twelfth newbuilding LNG carrier, Flex Volunteer . The $25 million revolving tranche under the $125 Million Facility was not drawn upon delivery of the vessel. As of June 30, 2021, the net outstanding balance under the facility was $122.0 million (December 31, 2020: $0.0 million), including the total available commitment under the revolving tranche of $25.0 million, which was fully drawn.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial InstrumentsFINANCIAL INSTRUMENTS Derivative instruments that economically hedge exposures are used for risk management purposes, but these instruments are not designated as hedges for accounting purposes. Credit risk is the failure of the counterparty to perform under the terms of the derivative instrument. When the fair value of a derivative instrument is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative instrument is negative, the Company owes the counterparty, and, therefore, the Company is not exposed to the counterparty's credit risk in those circumstances. The Company minimizes counterparty credit risk in derivative instruments by entering into transactions with major banking and financial institutions. The derivative instruments entered into by the Company do not contain credit risk-related contingent features. The Company has not entered into master netting agreements with the counterparties to its derivative financial instrument contracts. Market risk is the adverse effect on the value of a derivative instrument that results from a change in interest rates, currency exchange rates or commodity prices. The market risk associated with interest rate contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. The Company assesses interest rate risk by monitoring changes in interest rate exposures that may adversely impact expected future cash flows and by evaluating economical hedging opportunities. In order to reduce the risk associated with fluctuations in interest rates, the Company has entered into a total of 18 interest rate swap transactions, whereby LIBOR on an amortized notional principal of $722.1 million as per June 30, 2021 (December 31, 2020: $759.1 million), has been swapped to a fixed rate. Our interest rate swap contracts as of June 30, 2021, of which none are designated as hedging instruments, are summarized as follows: (in thousands of $) Notional principal Inception date Maturity date Fixed Interest Rate Receiving floating, pay fixed 25,000 June 2019 June 2024 1.38 % Receiving floating, pay fixed 50,000 June 2019 June 2024 2.15 % Receiving floating, pay fixed 50,000 August 2019 June 2024 2.15 % Receiving floating, pay fixed 25,000 September 2019 June 2024 1.40 % Receiving floating, pay fixed 50,000 July 2020 July 2025 1.38 % Receiving floating, pay fixed 25,000 July 2020 July 2025 1.22 % Receiving floating, pay fixed 25,000 July 2020 July 2025 1.22 % Receiving floating, pay fixed 75,000 July 2020 July 2025 1.39 % Receiving floating, pay fixed 48,125 August 2020 August 2025 0.35 % Receiving floating, pay fixed 24,063 August 2020 August 2025 0.35 % Receiving floating, pay fixed 25,000 September 2020 September 2025 1.38 % Receiving floating, pay fixed 35,000 September 2020 September 2025 1.03 % Receiving floating, pay fixed 75,000 September 2020 September 2025 1.43 % Receiving floating, pay fixed 25,000 September 2020 September 2025 0.37 % Receiving floating, pay fixed 48,750 October 2020 October 2025 0.41 % Receiving floating, pay fixed 41,146 February 2021 February 2026 0.45 % Receiving floating, pay fixed 25,000 March 2021 June 2024 0.35 % Receiving floating, pay fixed 50,000 June 2021 November 2025 0.74 % 722,084

FAIR VALUE OF FINANCIAL ASSETS

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and LiabilitiesFAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES The principal financial assets of the Company at June 30, 2021 and December 31, 2020, consist primarily of cash and cash equivalents, restricted cash, other current assets, receivables due from related parties and derivative instruments receivable. The principal financial liabilities of the Company consist of payables due to related parties, accounts payable, other current liabilities, derivative instruments payable and secured long-term debt. The fair value measurements requirement applies to all assets and liabilities that are being measured and reported on a fair value basis. The assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. The fair value of the Company's cash and cash equivalents and restricted cash approximates their carrying amounts reported in the accompanying consolidated balance sheets. The fair value of other current assets, receivables from related parties, payables due to related parties, accounts payable and other current liabilities approximate their carrying amounts reported in the accompanying consolidated balance sheets. The fair value of floating rate debt has been determined using Level 2 inputs and is considered to be equal to the carrying value since it bears variable interest rates, which are reset on a quarterly or semi-annual basis. Carrying value of the floating rate debt is shown net deduction of debt issuance cost, while fair value of floating rate debt is shown gross. The fixed rate debt has been determined using Level 2 inputs being the discounted expected cash flows of the outstanding debt. The following table includes the estimated fair value and carrying value of those assets and liabilities. (in thousands of $) June 30, December 31, 2021 2020 Fair value hierarchy level Carrying value of asset (liability) Fair value Carrying value of asset (liability) Fair value asset Cash, cash equivalents Level 1 144,151 144,151 128,878 128,878 Restricted cash Level 1 56 56 84 84 Derivative instruments receivable Level 2 3,100 3,100 109 109 Derivative instruments payable Level 2 (12,958) (12,958) (23,434) (23,434) Floating rate debt Level 2 (1,357,493) (1,376,070) (1,120,172) (1,135,616) Fixed rate debt Level 2 (275,529) (291,665) (281,307) (306,621) There have been no transfers between different levels in the fair value hierarchy during the six months ended June 30, 2021. Assets Measured at Fair Value on a Recurring Basis The fair value (Level 2) of interest rate swap derivative agreements is the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves and the credit worthiness of both us and the derivative counterparty.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party TransactionsRELATED PARTY TRANSACTIONS Related Party Balances A summary of balances due from/(to) related parties at June 30, 2021 and December 31, 2020 is as follows: (in thousands of $) June 30, December 31, 2021 2020 Seatankers Management Co. Ltd (22) — Frontline Ltd 486 135 Frontline Management (Bermuda) Limited (43) (29) Frontline Corporate Services Ltd (8) (13) Frontline Management AS (66) (33) Flex LNG Fleet Management AS (237) (234) SFL Corporation Ltd — (2) Northern Ocean Limited 36 31 Golden Ocean Management AS — (1) Related party balance 146 (146) Related Party Transactions A summary of (expenses)/income incurred from related parties is as follows: (in thousands of $) Six months ended June 30, 2021 2020 Seatankers Management Co. Ltd (22) (112) Seatankers Management Norway AS (44) (40) Frontline Management (Bermuda) Limited (133) (45) Frontline Management AS (130) (81) Flex LNG Fleet Management AS (1,666) (743) SFL Corporation Ltd — (2) Northern Ocean Limited 2 — FS Maritime SARL (257) (75) Total related party transactions (2,250) (1,098) In January 2021, the Company made a final payment of $130.5 million to a related party of Geveran Trading Company Ltd ("Geveran"), our largest shareholder, upon the delivery of our eleventh LNG carrier Flex Freedom . In December 2020, the Company pre-positioned and deposited $125.8 million of the $130.5 million final payment into escrow accounts, which were released for payment upon delivery of the vessel in January 2021. In January 2021, the Company made a final payment of $127.0 million to a related party of Geveran upon the delivery of the twelfth LNG carrier Flex Volunteer . In May 2021, the Company made a final payment of $127.0 million to a related party of Geveran upon the delivery of the thirteenth LNG carrier Flex Vigilant . For more information see Note 8: Vessel Purchase Prepayments and Note 9: Vessels and Equipment, Net. General Management Agreements We have an administrative services agreement with Frontline Management AS ("Frontline Management") under which they provide us with certain administrative support, technical supervision, purchase of goods and services within the ordinary course of business and other support services, for which we pay our allocation of the actual costs they incur on our behalf, plus a margin. Frontline Management may subcontract these services to other associated companies, including Frontline Management (Bermuda) Limited. In the six months ended June 30, 2021, we paid Frontline Management and associated companies $0.3 million for these services (June 30, 2020: $0.1 million). We also have an agreement with Seatankers Management Co. Ltd. ("Seatankers") under which it provides us with certain advisory and support services, for which we pay our allocation of the actual costs they incur on our behalf, plus a margin. In the six months ended June 30, 2021, we paid Seatankers $0.1 million for such services (June 30, 2020: $0.2 million). Technical Management and Support Services In October 2019, Flex LNG Fleet Management AS, a related party owned by Frontline Ltd., received a document of compliance under the ISM Code, qualifying it for technical ship management services. Flex LNG Fleet Management AS is responsible for the technical ship management of all of our vessels. Under the agreements between Flex LNG Fleet Management AS and our vessel owning subsidiaries, Flex LNG Fleet Management AS is paid a fixed fee of $272,500 per vessel per annum for the provision of technical management services for each of our vessels in operation. The fee is subject to annual review. During the six months ended June 30, 2021, we paid $1.7 million to Flex LNG Fleet Management AS for these services (June 30, 2020: $0.7 million). Consultancy Services In April 2020, Flex LNG Management Ltd entered into a consultancy agreement with FS Maritime SARL for the employment of our Chief Commercial Officer. The fee is set at a maximum of CHF437,995 per annum and is charged on a pro-rated basis for the time allocation of consultancy services incurred. During the six months ended June 30, 2021, we paid $0.3 million to FS Maritime SARL for these services (June 30, 2020: $0.1 million).

SHARE CAPITAL

SHARE CAPITAL6 Months Ended
Jun. 30, 2021
Equity [Abstract]
Share CapitalSHARE CAPITALThe Company had an issued share capital at June 30, 2021 of $5.4 million divided into 54,110,584 ordinary shares (December 31, 2020: $5.4 million divided into 54,110,584 ordinary shares) of $0.10 par value.ADDITIONAL PAID IN CAPITALIn June 2021, the Company reversed the previously recognized compensation cost of 30,000 share options due to forfeitures of these awards due to personnel leaving, three months after the requisite service period ended, pursuant to the Company's share option award policy.

TREASURY SHARES

TREASURY SHARES6 Months Ended
Jun. 30, 2021
Equity [Abstract]
Treasury SharesTREASURY SHARES On November 19, 2020, the Company's Board of Directors authorized a share buy-back program of up to an aggregate of 4,110,584 of the Company's ordinary shares for the purpose of increasing shareholder value. The maximum amount to be paid per share is $10.00, or equivalent in NOK if bought at the Oslo Stock Exchange. The Company is not obligated under the terms of the program to repurchase any of its ordinary shares. The program commenced on November 19, 2020 and will end on November 19, 2021. In February 2021, the Company's Board of Directors authorized to increase the maximum amount to be paid per share under the share buy-back program from $10.00 to $12.00, or equivalent in NOK if bought at the Oslo Stock Exchange. The other terms of the program remain unchanged. In May 2021, the Company's Board of Directors authorized to increase the maximum amount to be paid per share under the share buy-back program from $12.00 to $14.00, or equivalent in NOK if bought at the Oslo Stock Exchange. The other terms of the program remain unchanged. As of June 30, 2021, we have repurchased 827,344 shares at an aggregate cost of $7.3 million pursuant to the buy-back program approved on November 19, 2020. At June 30, 2021, the number of remaining shares that can be purchased under the buy-back program was 3,283,240.

ADDITIONAL PAID IN CAPITAL

ADDITIONAL PAID IN CAPITAL6 Months Ended
Jun. 30, 2021
Equity [Abstract]
Additional Paid In CapitalSHARE CAPITALThe Company had an issued share capital at June 30, 2021 of $5.4 million divided into 54,110,584 ordinary shares (December 31, 2020: $5.4 million divided into 54,110,584 ordinary shares) of $0.10 par value.ADDITIONAL PAID IN CAPITALIn June 2021, the Company reversed the previously recognized compensation cost of 30,000 share options due to forfeitures of these awards due to personnel leaving, three months after the requisite service period ended, pursuant to the Company's share option award policy.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent EventsSUBSEQUENT EVENTS Between July and September 1, 2021, the Company repurchased 152,656 shares, under its buy-back program, at an aggregate cost of $2.2 million, bringing the total aggregate amount repurchased to 980,000 shares as of September 1, 2021. In August 2021, an option was declared extending the variable rate time charter with an international energy major for Flex Amber, by an additional one year. The time charter was originally due to expire in the third quarter 2021 and will now expire in the third quarter 2022. The charterer has the option to extend the time charter by an additional one year period. On August 16, 2021, the Company’s Board of Directors declared a cash dividend for the second quarter of 2021 of $0.40 per share. The dividend will be paid on or around September 16, 2021, to shareholders on record as of September 2, 2021. The ex-dividend date was September 1, 2021. On August 16, 2021, the Board of Directors authorized to increase the maximum amount to be paid per share under the Company's buy-back program from $14.00 to $15.00, or equivalent in NOK if bought at the Oslo Stock Exchange. The other terms of the program remain unchanged. On August 16, 2021, the Company issued 585,000 share options to members of top management. The share options will have a five-year term from September 7, 2021, with a three-year vesting period, whereby: 25% will vest after one year; 35% will vest after two years; and 40% will vest after three years. The options have an exercise price of: $14.00 for those vesting after one year; $15.60 for those vesting after two years; and $17.20 for those vesting after three years. The weighted average strike price of the options is $15.84 per share. The exercise price will be adjusted for any distribution of dividends made before the relevant options expire. The following allocation of options have been made: • Øystein Kalleklev, CEO of Flex LNG Management AS, has been allocated 250,000 options; • Halfdan Marius Foss, Head of Commercial Flex LNG Management AS, has been allocated 185,000 options; • Knut Traaholt, CFO of Flex LNG Management AS, has been allocated 120,000 options; and • Fergus Bristow, CAO of Flex LNG Management Ltd, has been allocated 30,000 options.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
Basis of accountingBasis of accounting The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements and, in the opinion of management, include all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the Company's consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and notes included in our Annual Report on Form 20-F for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the "SEC") on March 17, 2021. The unaudited interim condensed consolidated financial statements do not include all the disclosures required in an Annual Report on Form 20-F.
Recent accounting pronouncementsIn March 2020, the FASB issued ASU 2020-04 (ASC 848 Reference Rate Reform ), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. We are currently evaluating the impact of electing the expedients and exceptions for applying GAAP provided by the update on our Condensed Consolidated Financial Statements. Other recently issued accounting pronouncements are not expected to materially impact the Company.
Fair value measurementThe principal financial assets of the Company at June 30, 2021 and December 31, 2020, consist primarily of cash and cash equivalents, restricted cash, other current assets, receivables due from related parties and derivative instruments receivable. The principal financial liabilities of the Company consist of payables due to related parties, accounts payable, other current liabilities, derivative instruments payable and secured long-term debt. The fair value measurements requirement applies to all assets and liabilities that are being measured and reported on a fair value basis. The assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]
Net income/(loss) and share data used in the earnings per share calculationThe following reflects the net income/(loss) and share data used in the earnings per share calculation. (in thousands of $, except share data) Six months ended June 30, 2021 2020 Net income/(loss) 59,969 (21,534) Weighted average number of ordinary shares 53,487,062 54,110,584 Share options 156,000 — Weighted average number of ordinary shares, adjusted for dilution 53,643,062 54,110,584 Net income/(loss) per share: Basic and diluted 1.12 (0.40)

CASH, CASH EQUIVALENTS AND RE_2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)6 Months Ended
Jun. 30, 2021
Cash and Cash Equivalents [Abstract]
Schedule of cash, cash equivalents and restricted cashThe following identifies the balance sheet line items included in cash, cash equivalents and restricted cash as presented in the consolidated statements of cash flows: (in thousands of $) June 30, December 31, 2021 2020 Cash and cash equivalents 144,151 128,878 Restricted cash 56 84 Cash, cash equivalents and restricted cash 144,207 128,962

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)6 Months Ended
Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other current assetsOther current assets includes the following: (in thousands of $) June 30, December 31, 2021 2020 Trade accounts receivable, net — 4,050 Accrued income 3,949 6,024 Prepaid expenses 2,535 11,344 Other receivables 2,402 3,643 Total other current assets 8,886 25,061

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)6 Months Ended
Jun. 30, 2021
Payables and Accruals [Abstract]
Schedule of other current liabilitiesOther current liabilities includes the following: (in thousands of $) June 30, December 31, 2021 2020 Accrued expenses (15,113) (14,013) Deferred charter revenue (21,606) (25,341) Other current liabilities (2,971) (57) Provisions (934) (836) Total other current liabilities (40,624) (40,247)

VESSEL PURCHASE PREPAYMENTS (Ta

VESSEL PURCHASE PREPAYMENTS (Tables)6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of equipment prepayment activitiesThe table below summarizes the movement in vessel purchase prepayments applicable to the Company for the six months ended June 30, 2021 and twelve months ended December 31, 2020. (in thousands of $) June 30, December 31, 2021 2020 At beginning of period 289,600 349,472 Deposits to vessels purchase prepayments — 125,800 Transfer to vessels and equipment (289,600) (185,672) At end of period — 289,600

VESSELS AND EQUIPMENT, NET (Tab

VESSELS AND EQUIPMENT, NET (Tables)6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Summary of Vessels and Equipment, NetMovements in the six months ended June 30, 2021 for vessels and equipment, net is summarized as follows: (in thousands of $) Vessels and equipment Dry docks Total Cost At December 31, 2020 1,919,441 25,000 1,944,441 Additions 347 — 347 Newbuildings 547,926 7,500 555,426 Disposals — — — At June 30, 2021 2,467,714 32,500 2,500,214 Accumulated depreciation At December 31, 2020 (80,370) (7,610) (87,980) Charge (30,369) (2,989) (33,358) Disposals — — — At June 30, 2021 (110,739) (10,599) (121,338) Net book value At December 31, 2020 1,839,071 17,390 1,856,461 At June 30, 2021 2,356,975 21,901 2,378,876

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)6 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Capital CommitmentsCapital commitments and contingent liabilities for the Company as at June 30, 2021 are summarized in the table below. (in thousands of $) 1 year 2 years 3 years 4 years 5 years Thereafter Total Long-term debt obligations 82,522 85,375 180,002 259,653 422,473 623,692 1,653,717 Total 82,522 85,375 180,002 259,653 422,473 623,692 1,653,717

SHORT TERM AND LONG-TERM DEBT (

SHORT TERM AND LONG-TERM DEBT (Tables)6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of short term and long-term debt(in thousands of $) June 30, December 31, 2021 2020 U.S. dollar denominated floating rate debt $250 Million Term Loan Facility 226,563 232,813 $50 million term loan under $100 Million Facility 45,396 46,711 Flex Rainbow Sale and Leaseback 135,844 139,781 $629 million term loan facility 627,383 513,200 Flex Amber Sale and Leaseback 152,050 156,400 $100 million term loan under $125 Million Facility 98,438 — Total U.S. dollar floating rate debt 1,285,674 1,088,905 U.S. dollar denominated fixed rate debt Hyundai Glovis Sale and Charterback 277,647 283,643 Total U.S. dollar denominated fixed rate debt 277,647 283,643 U.S. dollar denominated revolving credit facilities $50 million revolving tranche under $100 Million Facility 65,396 46,711 $25 million revolving tranche under $125 Million Facility 25,000 — Total U.S. dollar denominated revolving credit facilities 90,396 46,711 Total debt 1,653,717 1,419,259 Less Current portion of debt (82,522) (68,340) Long-term portion of debt issuance costs (15,847) (13,906) Long-term debt 1,555,348 1,337,013

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative PositionsOur interest rate swap contracts as of June 30, 2021, of which none are designated as hedging instruments, are summarized as follows: (in thousands of $) Notional principal Inception date Maturity date Fixed Interest Rate Receiving floating, pay fixed 25,000 June 2019 June 2024 1.38 % Receiving floating, pay fixed 50,000 June 2019 June 2024 2.15 % Receiving floating, pay fixed 50,000 August 2019 June 2024 2.15 % Receiving floating, pay fixed 25,000 September 2019 June 2024 1.40 % Receiving floating, pay fixed 50,000 July 2020 July 2025 1.38 % Receiving floating, pay fixed 25,000 July 2020 July 2025 1.22 % Receiving floating, pay fixed 25,000 July 2020 July 2025 1.22 % Receiving floating, pay fixed 75,000 July 2020 July 2025 1.39 % Receiving floating, pay fixed 48,125 August 2020 August 2025 0.35 % Receiving floating, pay fixed 24,063 August 2020 August 2025 0.35 % Receiving floating, pay fixed 25,000 September 2020 September 2025 1.38 % Receiving floating, pay fixed 35,000 September 2020 September 2025 1.03 % Receiving floating, pay fixed 75,000 September 2020 September 2025 1.43 % Receiving floating, pay fixed 25,000 September 2020 September 2025 0.37 % Receiving floating, pay fixed 48,750 October 2020 October 2025 0.41 % Receiving floating, pay fixed 41,146 February 2021 February 2026 0.45 % Receiving floating, pay fixed 25,000 March 2021 June 2024 0.35 % Receiving floating, pay fixed 50,000 June 2021 November 2025 0.74 % 722,084

FAIR VALUE OF FINANCIAL ASSET_2

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping(in thousands of $) June 30, December 31, 2021 2020 Fair value hierarchy level Carrying value of asset (liability) Fair value Carrying value of asset (liability) Fair value asset Cash, cash equivalents Level 1 144,151 144,151 128,878 128,878 Restricted cash Level 1 56 56 84 84 Derivative instruments receivable Level 2 3,100 3,100 109 109 Derivative instruments payable Level 2 (12,958) (12,958) (23,434) (23,434) Floating rate debt Level 2 (1,357,493) (1,376,070) (1,120,172) (1,135,616) Fixed rate debt Level 2 (275,529) (291,665) (281,307) (306,621)

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party TransactionsA summary of balances due from/(to) related parties at June 30, 2021 and December 31, 2020 is as follows: (in thousands of $) June 30, December 31, 2021 2020 Seatankers Management Co. Ltd (22) — Frontline Ltd 486 135 Frontline Management (Bermuda) Limited (43) (29) Frontline Corporate Services Ltd (8) (13) Frontline Management AS (66) (33) Flex LNG Fleet Management AS (237) (234) SFL Corporation Ltd — (2) Northern Ocean Limited 36 31 Golden Ocean Management AS — (1) Related party balance 146 (146) A summary of (expenses)/income incurred from related parties is as follows: (in thousands of $) Six months ended June 30, 2021 2020 Seatankers Management Co. Ltd (22) (112) Seatankers Management Norway AS (44) (40) Frontline Management (Bermuda) Limited (133) (45) Frontline Management AS (130) (81) Flex LNG Fleet Management AS (1,666) (743) SFL Corporation Ltd — (2) Northern Ocean Limited 2 — FS Maritime SARL (257) (75) Total related party transactions (2,250) (1,098) In January 2021, the Company made a final payment of $130.5 million to a related party of Geveran Trading Company Ltd ("Geveran"), our largest shareholder, upon the delivery of our eleventh LNG carrier Flex Freedom . In December 2020, the Company pre-positioned and deposited $125.8 million of the $130.5 million final payment into escrow accounts, which were released for payment upon delivery of the vessel in January 2021. In January 2021, the Company made a final payment of $127.0 million to a related party of Geveran upon the delivery of the twelfth LNG carrier Flex Volunteer . In May 2021, the Company made a final payment of $127.0 million to a related party of Geveran upon the delivery of the thirteenth LNG carrier Flex Vigilant . For more information see Note 8: Vessel Purchase Prepayments and Note 9: Vessels and Equipment, Net. General Management Agreements We have an administrative services agreement with Frontline Management AS ("Frontline Management") under which they provide us with certain administrative support, technical supervision, purchase of goods and services within the ordinary course of business and other support services, for which we pay our allocation of the actual costs they incur on our behalf, plus a margin. Frontline Management may subcontract these services to other associated companies, including Frontline Management (Bermuda) Limited. In the six months ended June 30, 2021, we paid Frontline Management and associated companies $0.3 million for these services (June 30, 2020: $0.1 million). We also have an agreement with Seatankers Management Co. Ltd. ("Seatankers") under which it provides us with certain advisory and support services, for which we pay our allocation of the actual costs they incur on our behalf, plus a margin. In the six months ended June 30, 2021, we paid Seatankers $0.1 million for such services (June 30, 2020: $0.2 million). Technical Management and Support Services In October 2019, Flex LNG Fleet Management AS, a related party owned by Frontline Ltd., received a document of compliance under the ISM Code, qualifying it for technical ship management services. Flex LNG Fleet Management AS is responsible for the technical ship management of all of our vessels. Under the agreements between Flex LNG Fleet Management AS and our vessel owning subsidiaries, Flex LNG Fleet Management AS is paid a fixed fee of $272,500 per vessel per annum for the provision of technical management services for each of our vessels in operation. The fee is subject to annual review. During the six months ended June 30, 2021, we paid $1.7 million to Flex LNG Fleet Management AS for these services (June 30, 2020: $0.7 million). Consultancy Services In April 2020, Flex LNG Management Ltd entered into a consultancy agreement with FS Maritime SARL for the employment of our Chief Commercial Officer. The fee is set at a maximum of CHF437,995 per annum and is charged on a pro-rated basis for the time allocation of consultancy services incurred. During the six months ended June 30, 2021, we paid $0.3 million to FS Maritime SARL for these services (June 30, 2020: $0.1 million).

GENERAL (Details)

GENERAL (Details)Jun. 30, 2020carrier
Accounting Policies [Abstract]
Number of carriers in operation13

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Earnings Per Share [Abstract]
Net income/(loss) $ 59,969 $ (21,534)
Weighted average number of ordinary shares (in shares)53,487,062 54,110,584
Share options (in shares)156,000 0
Weighted average number of ordinary shares (in shares)53,643,062 54,110,584
Net income/(loss) per share:
Basic (in USD per share) $ 1.12 $ (0.40)
Diluted (in USD per share) $ 1.12 $ (0.40)

CASH, CASH EQUIVALENTS AND RE_3

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents $ 144,151 $ 128,878
Restricted cash56 84
Cash, cash equivalents and restricted cash $ 144,207 $ 128,962

OTHER CURRENT ASSETS - Schedule

OTHER CURRENT ASSETS - Schedule of Other Current Assets (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Trade accounts receivable, net $ 0 $ 4,050
Accrued income3,949 6,024
Prepaid expenses2,535 11,344
Other receivables2,402 3,643
Total other current assets $ 8,886 $ 25,061

OTHER CURRENT ASSETS - Narrativ

OTHER CURRENT ASSETS - Narrative (Details) - USD ($) $ in MillionsJun. 30, 2021Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Allowance for doubtful accounts $ 0 $ 0

OTHER CURRENT LIABILITIES - Sch

OTHER CURRENT LIABILITIES - Schedule of Other Current Liabilities (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued expenses $ (15,113) $ (14,013)
Deferred charter revenue(21,606)(25,341)
Other current liabilities(2,971)(57)
Provisions(934)(836)
Total other current liabilities $ (40,624) $ (40,247)

VESSEL PURCHASE PREPAYMENTS - S

VESSEL PURCHASE PREPAYMENTS - Schedule of Vessel Purchase Prepayments (Details) - USD ($) $ in Thousands6 Months Ended12 Months Ended
Jun. 30, 2021Dec. 31, 2020
Equipment Prepayment [Roll Forward]
At beginning of period $ 289,600 $ 349,472
Deposits to vessels purchase prepayments0 125,800
Transfer to vessels and equipment(289,600)(185,672)
At end of period $ 0 $ 289,600

VESSELS AND EQUIPMENT, NET - Su

VESSELS AND EQUIPMENT, NET - Summary of Vessels and Equipment, Net (Details) - USD ($) $ in Thousands6 Months Ended12 Months Ended
Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Cost
Newbuildings $ (289,600) $ (185,672)
Accumulated depreciation
Depreciation(33,361) $ (17,171)
Vessels and equipment, net2,378,876 1,856,461
Vessels and equipment
Cost
Beginning balance, cost1,919,441
Additions347
Newbuildings547,926
Disposals0
Ending balance, cost2,467,714 1,919,441
Accumulated depreciation
Beginning balance, accumulated depreciation80,370
Depreciation(30,369)
Disposals0
Ending balance, accumulated depreciation110,739 80,370
Vessels and equipment, net2,356,975 1,839,071
Dry docks
Cost
Beginning balance, cost25,000
Additions0
Newbuildings7,500
Disposals0
Ending balance, cost32,500 25,000
Accumulated depreciation
Beginning balance, accumulated depreciation7,610
Depreciation(2,989)
Disposals0
Ending balance, accumulated depreciation10,599 7,610
Vessels and equipment, net21,901 17,390
Total
Cost
Beginning balance, cost1,944,441
Additions347
Newbuildings555,426
Disposals0
Ending balance, cost2,500,214 1,944,441
Accumulated depreciation
Beginning balance, accumulated depreciation87,980
Depreciation(33,358)
Disposals0
Ending balance, accumulated depreciation121,338 87,980
Vessels and equipment, net $ 2,378,876 $ 1,856,461

VESSELS AND EQUIPMENT, NET - Na

VESSELS AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in ThousandsJun. 30, 2021May 31, 2021Jan. 31, 2021Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Net book value of vessels serving as collateral $ 2,378,876 $ 1,856,461
Net book value of vessels737,000 748,500
Collateral Pledged
Property, Plant and Equipment [Line Items]
Net book value of vessels serving as collateral $ 2,378,900 $ 1,856,500
Flex Freedom
Property, Plant and Equipment [Line Items]
Capitalized cost $ 189,100
Capitalized cost reclassified to prepayments181,600
Capitalized cost as per the purchase agreement186,000
Capitalized cost relating to change orders, pre-delivery crew expenses, fit out, spares and studies3,100
Flex Volunteer
Property, Plant and Equipment [Line Items]
Capitalized cost182,900
Capitalized cost reclassified to prepayments54,000
Capitalized cost as per the purchase agreement180,000
Capitalized cost relating to change orders, pre-delivery crew expenses, fit out, spares and studies $ 2,900
Flex Vigilant
Property, Plant and Equipment [Line Items]
Capitalized cost $ 183,400
Capitalized cost reclassified to prepayments54,000
Capitalized cost as per the purchase agreement180,000
Capitalized cost relating to change orders, pre-delivery crew expenses, fit out, spares and studies $ 3,400

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - Schedule of Capital Commitments (Details) $ in ThousandsJun. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
1 year $ 82,522
2 years85,375
3 years180,002
4 years259,653
5 years422,473
Thereafter623,692
Total $ 1,653,717

SHORT TERM AND LONG-TERM DEBT -

SHORT TERM AND LONG-TERM DEBT - Short Term and Long-Term Debt Components (Details) - USD ($)Jun. 30, 2021Dec. 31, 2020Jun. 30, 2020Feb. 29, 2020Jul. 31, 2019Apr. 30, 2019
Debt Instrument [Line Items]
Total debt $ 1,653,717,000 $ 1,419,259,000
Current portion of debt(82,522,000)(68,340,000)
Long-term portion of debt issuance costs(15,847,000)(13,906,000)
Long-term debt1,555,348,000 1,337,013,000
$629 million term loan facility
Debt Instrument [Line Items]
Face amount $ 629,000,000
$125 Million Facility
Debt Instrument [Line Items]
Face amount $ 125,000,000
Floating Rate Debt
Debt Instrument [Line Items]
Total debt1,285,674,000 1,088,905,000
Floating Rate Debt | $250 Million Term Loan Facility
Debt Instrument [Line Items]
Total debt226,563,000 232,813,000
Maximum borrowing capacity $ 250,000,000
Floating Rate Debt | $50 million term loan under $100 Million Facility
Debt Instrument [Line Items]
Total debt45,396,000 46,711,000
Face amount $ 50,000,000
Floating Rate Debt | Flex Rainbow Sale and Leaseback
Debt Instrument [Line Items]
Total debt135,844,000 139,781,000
Floating Rate Debt | $629 million term loan facility
Debt Instrument [Line Items]
Total debt627,383,000 513,200,000
Floating Rate Debt | Flex Amber Sale and Leaseback
Debt Instrument [Line Items]
Total debt152,050,000 156,400,000
Floating Rate Debt | $100 million term loan under $125 Million Facility
Debt Instrument [Line Items]
Total debt98,438,000 0
Maximum borrowing capacity100,000,000
Fixed Rate Debt
Debt Instrument [Line Items]
Total debt277,647,000 283,643,000
Fixed Rate Debt | Hyundai Glovis Sale and Charterback
Debt Instrument [Line Items]
Total debt277,647,000 283,643,000
Line of Credit
Debt Instrument [Line Items]
Total debt90,396,000 46,711,000
Line of Credit | 100 Million Facility
Debt Instrument [Line Items]
Maximum borrowing capacity100,000,000
Line of Credit | $50 million revolving tranche under $100 Million Facility
Debt Instrument [Line Items]
Total debt65,396,000 46,711,000
Face amount $ 50,000,000
Line of Credit | $125 Million Facility
Debt Instrument [Line Items]
Maximum borrowing capacity125,000,000
Line of Credit | $25 million revolving tranche under $125 Million Facility
Debt Instrument [Line Items]
Total debt25,000,000 $ 0
Face amount $ 25,000,000

SHORT TERM AND LONG-TERM DEBT_2

SHORT TERM AND LONG-TERM DEBT - Narrative (Details)1 Months Ended6 Months Ended
May 31, 2021USD ($)Mar. 31, 2021USD ($)Dec. 31, 2020USD ($)Sep. 30, 2020USD ($)Aug. 31, 2020USD ($)Jul. 31, 2020USD ($)Jun. 30, 2020USD ($)Feb. 29, 2020USD ($)shipvesselJul. 31, 2019USD ($)vesselApr. 30, 2019USD ($)vesselJul. 31, 2018USD ($)Jun. 30, 2021USD ($)Jun. 30, 2020USD ($)shipJan. 31, 2021USD ($)Aug. 31, 2019USD ($)Jun. 30, 2019USD ($)
Debt Instrument [Line Items]
Long-term debt $ 1,653,717,000
Number of vessels owning subsidiaries | ship1
Total debt $ 1,419,259,000 1,653,717,000
Proceeds of revolving credit facility181,448,000 $ 48,684,000
Flex Amber Sale and Leaseback
Debt Instrument [Line Items]
Sale leaseback, term10 years
Gross price $ 206,500,000 206,500,000
Advance for hire50,100,000 50,100,000
Minimum liquidity requirement, amount of net interest bearing debt25,000,000 25,000,000
Net consideration156,400,000 156,400,000
Sale leaseback transaction, purchase obligation $ 69,500,000 $ 69,500,000
Minimum | Flex Amber Sale and Leaseback
Debt Instrument [Line Items]
Book equity ratio0.25
Undrawn credit lines, remaining term6 months
LIBOR | Flex Amber Sale and Leaseback
Debt Instrument [Line Items]
Sale leaseback interest rate (percent)3.20%
100 Million Facility
Debt Instrument [Line Items]
Amount outstanding $ 100,000,000
$629 million term loan facility
Debt Instrument [Line Items]
Number of vessels owning subsidiaries | vessel5
Undrawn credit lines, remaining term6 months
Minimum liquidity requirement, amount of net interest bearing debt $ 25,000,000
Minimum liquidity requirement, percent of net interest bearing debt (percent)5.00%
Face amount $ 629,000,000
Number of buildings under financing | ship5
Proceeds of revolving credit facility $ 123,300,000 125,800,000 $ 125,800,000 $ 135,800,000 $ 125,800,000
$629 million term loan facility | Minimum
Debt Instrument [Line Items]
Book equity ratio0.25
$629 million term loan facility | Maximum
Debt Instrument [Line Items]
Amount available for drawdown (percent)0.65
Amount available for drawdown $ 125,800,000
$125 Million Facility
Debt Instrument [Line Items]
Term5 years
Face amount $ 125,000,000 $ 125,000,000
Overall repayment term20 years
$125 Million Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Face amount25,000,000 $ 25,000,000
$125 Million Facility | Maximum
Debt Instrument [Line Items]
Amount available for drawdown (percent)0.65
$125 Million Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)2.85%
Floating Rate Debt
Debt Instrument [Line Items]
Total debt1,088,905,000 1,285,674,000
Floating Rate Debt | Flex Rainbow Sale and Leaseback
Debt Instrument [Line Items]
Sale leaseback, term10 years
Gross price $ 210,000,000
Advance for hire $ 52,500,000
Long-term debt138,800,000 135,000,000
Floating Rate Debt | LIBOR | Flex Rainbow Sale and Leaseback
Debt Instrument [Line Items]
Sale leaseback interest rate (percent)3.50%
Floating Rate Debt | Flex Rainbow Sale and Leaseback
Debt Instrument [Line Items]
Total debt139,781,000 135,844,000
Floating Rate Debt | $250 Million Term Loan Facility
Debt Instrument [Line Items]
Long-term debt230,900,000 $ 225,100,000
Maximum borrowing capacity $ 250,000,000
Number of vessels owning subsidiaries | vessel2
Amount outstanding $ 125,000,000 $ 125,000,000
Term5 years
Minimum liquidity requirement, amount of net interest bearing debt $ 25,000,000
Minimum liquidity requirement, percent of net interest bearing debt (percent)5.00%
Total debt232,813,000 226,563,000
Floating Rate Debt | $250 Million Term Loan Facility | Minimum
Debt Instrument [Line Items]
Book equity ratio0.25
Undrawn credit lines, remaining term6 months
Floating Rate Debt | $250 Million Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)2.35%
Floating Rate Debt | 100 Million Facility
Debt Instrument [Line Items]
Long-term debt93,300,000 110,700,000
Number of vessels owning subsidiaries | vessel1
Term5 years
Minimum liquidity requirement, amount of net interest bearing debt $ 25,000,000
Minimum liquidity requirement, percent of net interest bearing debt (percent)5.00%
Floating Rate Debt | 100 Million Facility | Minimum
Debt Instrument [Line Items]
Book equity ratio0.25
Undrawn credit lines, remaining term6 months
Floating Rate Debt | 100 Million Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)2.25%2.25%
Floating Rate Debt | $50 million term loan under $100 Million Facility
Debt Instrument [Line Items]
Face amount $ 50,000,000
Total debt46,711,000 45,396,000
Floating Rate Debt | $629 million term loan facility
Debt Instrument [Line Items]
Total debt513,200,000 627,383,000
Floating Rate Debt | Flex Amber Sale and Leaseback
Debt Instrument [Line Items]
Long-term debt154,400,000 150,200,000
Total debt156,400,000 152,050,000
Fixed Rate Debt
Debt Instrument [Line Items]
Total debt283,643,000 277,647,000
Fixed Rate Debt | Hyundai Glovis Sale and Charterback
Debt Instrument [Line Items]
Long-term debt281,300,000 275,500,000
Number of vessels owning subsidiaries | vessel2
Sale and charterback agreement, sale price $ 210,000,000
Sale and charterback agreement, consideration transferred150,000,000
Sale and charterback agreement, non-amortizing and non-interest bearing seller's credit $ 60,000,000
Sale and charterback agreement, charter period10 years
Sale and charterback agreement, sale back consideration $ 75,000,000
Total debt283,643,000 277,647,000
Commercial Loan | $629 million term loan facility
Debt Instrument [Line Items]
Term5 years
Face amount $ 250,000,000
Commercial Loan | $629 million term loan facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)2.35%
KEXIM Direct Loan | $629 million term loan facility
Debt Instrument [Line Items]
Term12 years
Face amount $ 189,900,000
KEXIM Direct Loan | $629 million term loan facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)2.25%
KEXIM Guaranteed Loan | $629 million term loan facility
Debt Instrument [Line Items]
Term6 years
Face amount $ 189,100,000
KEXIM Guaranteed Loan | $629 million term loan facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)1.20%
Accordion Option | $629 million term loan facility
Debt Instrument [Line Items]
Proceeds of revolving credit facility $ 10,000,000
Accordion Option | $629 million term loan facility | Maximum
Debt Instrument [Line Items]
Face amount $ 10,000,000
Secured Debt | $629 million term loan facility
Debt Instrument [Line Items]
Long-term debt502,800,000 614,600,000
Secured Debt | $125 Million Facility
Debt Instrument [Line Items]
Long-term debt0 122,000,000
Minimum liquidity requirement, amount of net interest bearing debt $ 25,000,000 $ 25,000,000
Minimum liquidity requirement, percent of net interest bearing debt (percent)5.00%5.00%
Face amount $ 100,000,000 $ 100,000,000
Secured Debt | $125 Million Facility | Minimum
Debt Instrument [Line Items]
Book equity ratio0.0025
Undrawn credit lines, remaining term6 months
Line of Credit
Debt Instrument [Line Items]
Total debt46,711,000 90,396,000
Line of Credit | 100 Million Facility
Debt Instrument [Line Items]
Maximum borrowing capacity100,000,000
Maximum borrowing capacity, increase $ 20,000,000
Line of Credit | $50 million revolving tranche under $100 Million Facility
Debt Instrument [Line Items]
Face amount $ 50,000,000
Total debt $ 46,711,000 65,396,000
Line of Credit | $125 Million Facility
Debt Instrument [Line Items]
Maximum borrowing capacity125,000,000
Amortizing portion | 100 Million Facility
Debt Instrument [Line Items]
Face amount45,400,000
Non-amortizing portion | 100 Million Facility
Debt Instrument [Line Items]
Face amount $ 20,000,000

FINANCIAL INSTRUMENTS - Narrati

FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands6 Months Ended
Jun. 30, 2021USD ($)derivative_instrumentJun. 30, 2020USD ($)Dec. 31, 2020USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of interest rate derivatives entered into | derivative_instrument18
Notional principal $ 722,084 $ 759,100
Derivative instruments payable(13,000)(23,400)
Derivative asset3,100 $ 100
Gain (loss) on interest swap10,200 $ (28,600)
Unrealized gain (loss) on interest swap $ 13,500 $ (28,000)

FINANCIAL INSTRUMENTS - Schedul

FINANCIAL INSTRUMENTS - Schedule of Derivative Notional Amounts (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Derivative [Line Items]
Notional principal $ 722,084 $ 759,100
Derivative Instrument 1.38% Fixed Rate
Derivative [Line Items]
Notional principal $ 25,000
Fixed Interest Rate (percent)1.38%
Derivative Instrument 2.15%, Fixed Rate
Derivative [Line Items]
Notional principal $ 50,000
Fixed Interest Rate (percent)2.15%
Derivative Instrument 2.15%, Fixed Rate
Derivative [Line Items]
Notional principal $ 50,000
Fixed Interest Rate (percent)2.15%
Derivative Instrument 1.40%, Fixed Rate
Derivative [Line Items]
Notional principal $ 25,000
Fixed Interest Rate (percent)1.40%
Derivative Instrument 1.38%, Fixed Rate
Derivative [Line Items]
Notional principal $ 50,000
Fixed Interest Rate (percent)1.38%
Derivative Instrument 1.22%, Fixed Rate
Derivative [Line Items]
Notional principal $ 25,000
Fixed Interest Rate (percent)1.22%
Derivative Instrument 1.22%, Fixed Rate
Derivative [Line Items]
Notional principal $ 25,000
Fixed Interest Rate (percent)1.22%
Derivative Instrument 1.39%, Fixed Rate
Derivative [Line Items]
Notional principal $ 75,000
Fixed Interest Rate (percent)1.39%
Derivative Instrument 0.35%, Fixed Rate
Derivative [Line Items]
Notional principal $ 48,125
Fixed Interest Rate (percent)0.35%
Derivative Instrument 0.35%, Fixed Rate
Derivative [Line Items]
Notional principal $ 24,063
Fixed Interest Rate (percent)0.35%
Derivative Instrument 1.38%, Fixed Rate
Derivative [Line Items]
Notional principal $ 25,000
Fixed Interest Rate (percent)1.38%
Derivative Instrument 1.03%, Fixed Rate
Derivative [Line Items]
Notional principal $ 35,000
Fixed Interest Rate (percent)1.03%
Derivative Instrument 1.43%, Fixed Rate
Derivative [Line Items]
Notional principal $ 75,000
Fixed Interest Rate (percent)1.43%
Derivative Instrument 0.37%, Fixed Rate
Derivative [Line Items]
Notional principal $ 25,000
Fixed Interest Rate (percent)0.37%
Derivative Instrument 0.41% Fixed Rate
Derivative [Line Items]
Notional principal $ 48,750
Fixed Interest Rate (percent)0.41%
Derivative Instrument 0.45% Fixed Rate
Derivative [Line Items]
Notional principal $ 41,146
Fixed Interest Rate (percent)0.45%
Derivative Instrument 0.35% Fixed Rate
Derivative [Line Items]
Notional principal $ 25,000
Fixed Interest Rate (percent)0.35%
Derivative Instrument 0.74% Fixed Rate
Derivative [Line Items]
Notional principal $ 50,000
Fixed Interest Rate (percent)0.74%

FAIR VALUE OF FINANCIAL ASSET_3

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Derivative instruments receivable $ 3,100 $ 100
Derivative instruments payable(13,000)(23,400)
Carrying value of asset (liability)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Cash, cash equivalents144,151 128,878
Restricted cash56 84
Derivative instruments receivable3,100 109
Derivative instruments payable(12,958)(23,434)
Carrying value of asset (liability) | Floating Rate Debt
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Debt(1,357,493)(1,120,172)
Carrying value of asset (liability) | Fixed Rate Debt
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Debt(275,529)(281,307)
Fair value asset (liability)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Cash, cash equivalents144,151 128,878
Restricted cash56 84
Derivative instruments receivable3,100 109
Derivative instruments payable(12,958)(23,434)
Fair value asset (liability) | Floating Rate Debt
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Debt(1,376,070)(1,135,616)
Fair value asset (liability) | Fixed Rate Debt
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Debt $ (291,665) $ (306,621)

RELATED PARTY TRANSACTIONS - Sc

RELATED PARTY TRANSACTIONS - Schedule of Related Party Balances (Details) - Affiliated Entity - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Related Party Transaction [Line Items]
Related party balance $ 146 $ (146)
Seatankers Management Co. Ltd
Related Party Transaction [Line Items]
Related party balance(22)0
Frontline Ltd
Related Party Transaction [Line Items]
Related party balance486 135
Frontline Management (Bermuda) Limited
Related Party Transaction [Line Items]
Related party balance(43)(29)
Frontline Corporate Services Ltd
Related Party Transaction [Line Items]
Related party balance(8)(13)
Frontline Management AS
Related Party Transaction [Line Items]
Related party balance(66)(33)
Flex LNG Fleet Management AS
Related Party Transaction [Line Items]
Related party balance(237)(234)
SFL Corporation Ltd
Related Party Transaction [Line Items]
Related party balance0 (2)
Northern Ocean Limited
Related Party Transaction [Line Items]
Related party balance36 31
Golden Ocean Management AS
Related Party Transaction [Line Items]
Related party balance $ 0 $ (1)

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - Affiliated Entity - Transactions With Other Affiliates Of Geveran - USD ($) $ in Thousands6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Related Party Transaction [Line Items]
Total related party transactions $ (2,250) $ (1,098)
Seatankers Management Co. Ltd
Related Party Transaction [Line Items]
Total related party transactions(22)(112)
Seatankers Management Norway AS
Related Party Transaction [Line Items]
Total related party transactions(44)(40)
Frontline Management (Bermuda) Limited
Related Party Transaction [Line Items]
Total related party transactions(133)(45)
Frontline Management AS
Related Party Transaction [Line Items]
Total related party transactions(130)(81)
Flex LNG Fleet Management AS
Related Party Transaction [Line Items]
Total related party transactions(1,666)(743)
SFL Corporation Limited
Related Party Transaction [Line Items]
Total related party transactions0 (2)
Northern Ocean Limited
Related Party Transaction [Line Items]
Total related party transactions2 0
FS Maritime SARL
Related Party Transaction [Line Items]
Total related party transactions $ (257) $ (75)

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details)1 Months Ended6 Months Ended
May 31, 2021USD ($)Jan. 31, 2021USD ($)Dec. 31, 2020USD ($)Jun. 30, 2021USD ($)Jun. 30, 2021CHF (SFr)Jun. 30, 2020USD ($)Jun. 30, 2020CHF (SFr)
Shipbuilding Contracts | Transactions With Other Affiliates Of Geveran | Flex Freedom
Related Party Transaction [Line Items]
Related party transaction, amount $ 130,500,000
Related party transaction, pre-positioned and deposited, amount $ 125,800,000
Shipbuilding Contracts | Transactions With Other Affiliates Of Geveran | Flex Volunteer
Related Party Transaction [Line Items]
Related party transaction, amount $ 127,000,000
Shipbuilding Contracts | Transactions With Other Affiliates Of Geveran | Flex Vigilant
Related Party Transaction [Line Items]
Related party transaction, amount $ 127,000,000
Technical Management Supervision And Other Support Services | Flex LNG Fleet Management AS
Related Party Transaction [Line Items]
Annual fee paid per vessel $ 272,500
Technical Management | Flex LNG Fleet Management AS
Related Party Transaction [Line Items]
Related party transaction, amount1,700,000 $ 700,000
General Management Agreements | Seatankers Management Co. Ltd
Related Party Transaction [Line Items]
Related party transaction, amount100,000 200,000
General Management Agreements | Frontline Management
Related Party Transaction [Line Items]
Related party transaction, amount $ 300,000 $ 100,000
Consultancy Services | Flex LNG Fleet Management AS
Related Party Transaction [Line Items]
Related party transaction, amount | SFr SFr 300,000 SFr 100,000
Consultancy Services | Flex LNG Fleet Management AS | Maximum
Related Party Transaction [Line Items]
Related party transaction, amount | SFr SFr 437,995

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) - USD ($) $ / shares in Units, $ in ThousandsJun. 30, 2021Dec. 31, 2020
Equity [Abstract]
Share capital $ (5,411) $ (5,411)
Ordinary shares issued (in shares)54,110,584 54,110,584
Par value (in dollars per share) $ 0.10 $ 0.10

TREASURY SHARES (Details)

TREASURY SHARES (Details) - USD ($) $ / shares in Units, $ in Millions1 Months Ended6 Months Ended
Nov. 30, 2020Jun. 30, 2021May 31, 2021Feb. 28, 2021
Equity, Class of Treasury Stock [Line Items]
Shares repurchased827,344
Aggregate cost $ 7.3
Total aggregate amount3,283,240
Maximum
Equity, Class of Treasury Stock [Line Items]
Amount to be paid per share $ 10 $ 14 $ 12
Minimum
Equity, Class of Treasury Stock [Line Items]
Amount to be paid per share $ 12 $ 10
Share Buy-Back
Equity, Class of Treasury Stock [Line Items]
Stock issued4,110,584

ADDITIONAL PAID IN CAPITAL (Det

ADDITIONAL PAID IN CAPITAL (Details)6 Months Ended
Jun. 30, 2021shares
Equity [Abstract]
Share options granted (in shares)30,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in MillionsAug. 16, 2021Aug. 31, 2021Sep. 01, 2021Jun. 30, 2021Sep. 01, 2021
Subsequent Event [Line Items]
Shares repurchased827,344
Aggregate cost $ 7.3
Share options granted (in shares)30,000
Share option vesting schedule33.33%
Minimum
Subsequent Event [Line Items]
Maximum amount to be paid under the buy-back program $ 14
Subsequent Event
Subsequent Event [Line Items]
Shares repurchased152,656 980,000
Aggregate cost $ 2.2 $ 2.2
Time charter, in years1 year
Cash dividend $ 0.40
Share options granted (in shares)585,000
Stock option term5 years
Stock option vesting period3 years
Exercise price $ 15.84
Subsequent Event | CEO Flex LNG Management AS
Subsequent Event [Line Items]
Share options granted (in shares)250,000
Subsequent Event | Head Of Commercial Flex LNG Management AS
Subsequent Event [Line Items]
Share options granted (in shares)185,000
Subsequent Event | CFO Flex LNG Management AS
Subsequent Event [Line Items]
Share options granted (in shares)120,000
Subsequent Event | CAO Flex LNG Management Ltd
Subsequent Event [Line Items]
Share options granted (in shares)30,000
Subsequent Event | Tranche one
Subsequent Event [Line Items]
Stock option vesting period1 year
Share option vesting schedule25.00%
Exercise price $ 14
Subsequent Event | Tranche two
Subsequent Event [Line Items]
Stock option vesting period2 years
Share option vesting schedule35.00%
Exercise price $ 15.60
Subsequent Event | Tranche three
Subsequent Event [Line Items]
Stock option vesting period3 years
Share option vesting schedule40.00%
Exercise price $ 17.20
Subsequent Event | Maximum
Subsequent Event [Line Items]
Maximum amount to be paid under the buy-back program $ 15