HAMILTON, Bermuda, May 23, 2024 /PRNewswire/ -- Flex LNG Ltd. ("Flex LNG" or the "Company") today announced its unaudited financial results for the three months ended March 31, 2024. Highlights: Vessel operating revenues of $90.2 million for the first quarter 2024, compared to $97.2 million for the fourth quarter 2023. Net income of $33.2 million and basic earnings per share of $0.62 for the first quarter 2024, compared to net income of $19.4 million and basic earnings per share of $0.36 for the fourth quarter 2023. Average Time Charter Equivalent ("TCE") rate of $76,539 per day for the first quarter 2024, compared to $81,114 per day for the fourth quarter 2023. Adjusted EBITDA of $70.6 million for the first quarter 2024, compared to $76.2 million for the fourth quarter 2023. Adjusted net income of $37.9 million for the first quarter 2024, compared to $37.8 million for the fourth quarter 2023. Adjusted basic earnings per share of $0.70 for the first quarter 2024, compared to $0.70 for the fourth quarter 2024. In January and February 2024, the charterer of Flex Resolute and Flex Courageous declared their first options, under the time charters, to extend the firm period of each by an additional two years to Q1 2027. The charterer has one further option on each vessel, which would extend the firm contract period to Q1 2029. In April 2024, we successfully completed our scheduled drydocking for Flex Constellation on-time and on-budget. Flex Courageous is scheduled to complete her drydocking on-time and on-budget by end of May 2024. In April 2024, the charterer of Flex Endeavour exercised an option to extend the time charter by 500 days from the third quarter of 2030 to the first quarter of 2032. In May 2024, Flex Constellation commenced a time charter with a large Asian utility and asset backed LNG trader. The charter has a firm period ending in end of Q1 2025 and an option to extend by an additional one year to end of Q1 2026. The Company declared a dividend for the first quarter 2024 of $0.75 per share. The dividend is payable on or about June 21, 2024 to shareholders, on record as of June 10, 2024. Øystein M. Kalleklev, CEO of Flex LNG Management AS, commented: "Flex LNG's first quarter results came in as expected with Revenues of $90.2 million in line with guidance of approximately $90 million. Hence, we are delivering a Net Income of $33.2 million and Earnings per Share of $0.62. Our adjusted numbers, where we primarily adjust for unrealized gains and/or losses on derivatives, were higher with adjusted Net Income of $37.9 million equal to an adjusted Earnings per Share of $0.70. Revenues came in $7 million lower than during the fourth quarter of 2023, but this was as expected as we recorded lower earnings on the single ship, Flex Artemis, on a variable hire rate, Flex Artemis. The fourth quarter is typically the peak of the LNG freight market, so we tend to generate higher earnings for this ship during this quarter compared to first quarter. Additionally, we took one ship, Flex Constellation, out of service for scheduled drydocking. That said, the Revenues were in line with the ...