Flex LNG takes delivery of Flex Rainbow, completes sale-leaseback deal

Flex LNG takes delivery of Flex Rainbow, completes sale-leaseback deal
Illustration purposes only (Image courtesy of Flex LNG)

Oslo-listed Flex LNG, the shipping company controlled by billionaire John Fredriksen, has executed the sale-leaseback transaction of Flex Rainbow liquefied natural gas carrier.

The company took delivery of Flex Rainbow from Samsung Heavy Industries on July 9, 2018, the company said in a statement on Thursday.

The 174,000-cbm ME-GI tanker is the company’s fourth LNG carrier on the water while four LNG carriers are currently under construction.

The company said that the vessel commenced its 6+3 months time charter with a major European energy company following mobilization at the yard in South Korea.

Flex LNG added that the sale and leaseback of Flex Rainbow has been the final condition for the acquisition of two LNG carrier newbuilds with X-DF machinery from a Geveran unit.

Under the agreement, Flex LNG will acquire the two 174,000-cbm newbuilds under construction at South Korea’s Hyundai Heavy Industries, with delivery scheduled for 2020, for a price of $184 million for each carrier.

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