LNG

April 30 (LNGJ) - Flex LNG said it signed a sale-charterback transaction with Hyundai Glovis Co. of South Korea, a logistics company that normally specializes in car-shipping vessels, for the LNG carriers “Flex Endeavour” and “Flex Enterprise”. Under the agreement, Flex LNG will sell the vessels to Hyundai Glovis for a combined gross sum of $420m, with a net consideration of $300M adjusted for a non-interest bearing seller's credit of $120M in total.

   Flex explained that both carriers would then be charted back for a period of 10 years. Flex will have options to acquire the vessels during the term of the time-charters. At the end of the 10-year charter period, Flex will have the right to acquire the vessels and Hyundai Glovis will have the right to sell them back to Flex for a total consideration of $150M, net of the $120m seller's credit.