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FLEX LNG
kfo
01.09.2008 15:32
#3757

Endre
Et nytt norsk skippingeventyr eller bare en oppblåst boble? Selskapet omtales over 2 sider i Finansavisen på lørdag, men jeg blir urolig når jeg ser på hvem som sitter i styret. Her er nesten bare personer/menn med erfaring fra bank og meglerhus. Er ikke FLEX LNG et rederi som skal produsere og transportere naturgass? Flink til å hente inn penger, ja det har imidlertid selskapet vært.
aron
01.09.2008 20:44
#883

Endre
Jeg leste også artikkelen og merket meg at selskapet var gjeldfri.

Vurderer inngang, men skal innhente mer info først.
kfo
02.09.2008 14:00
#3758

Endre
Det FLEX LNG har fått til så langt er meget IMPONERENDE, og forutsatt at den kommersielle delen faller på plass kan dette bli veldig spennnede. Samsung verftet har forsøkt seg på LNG-markedet tidligere, men den gang var ikke prosjektet kommersielt regningssvarende.

Selv om naturgass er i vinden for tiden kan ting fort endre seg, og gassprisen vil være veldig avgjørende for om FLEX LNG lykkes eller ikke. Naturgass er heller ikke det som vil redde verden på miljøsiden, og gassen er slett ikke fri for farlige klimagasser slik mange tror. Naturgass har imidlertid mange miljøfordeler i forhold til andre fossile brennstoff.

Mitt stalltips (som også støttes av professor Jørgens Randers på Handelshøyskolen BI) er at verden fremover vil etterspørre langt mindre olje og gass enn i dag for å gå over til alternative energikilder (som eksempelvis vindkraft og solenergi). Kun dette kan redde oss fra en global klimakrise. I et slikt perspektiv vil ikke FLEX LNG bli en suksess.
kfo
05.09.2008 10:42
#3761

Endre
En større aktør har i dag kastet kortene i FLEX LNG. Godt og vel 1,2 millioner aksjer ble omsatt i en handel, og det er ikke ofte vi ser en dagsomsetning i en aksje på 55 millioner på den unoterte listen.
kfo
18.06.2009 22:55
#3911

Endre
Noen som følger denne aksjen. Nesten ingen omsetning og aksjekursen har falt svært mye. Børsverdien på selskapet er imidlertid fortsatt imponerende (nesten 1 milliard).
overalt
13.04.2010 10:08
#833

Endre
ESO

Flex LNG - Likely first: joint venture with Asian NOC - Buy

Confirmed status in one project:
Flex LNG has announced that it is in "advanced talks" with an Asian national oil company concerning a joint venture on gas resources that the NOC controls in Australia. The aim is to reach agreement "shortly". The project is within the parameters we expected: Asian principal, gas in Australia-South East Asia where the principal already owns the natural gas. As there is little new specific information, we interpret the release to mean that discussions are about to progress to the point where they will - directly or indirectly - become publicly known and therefore must be disclosed.

Other projects:
This project is described as a joint venture, and we assume the structure will conform to Flex LNG's initial ambitions for exposure to the LNG price. Earlier this year, we expected the first contract to be a lease for one or more ships. Our conclusion is that Flex has several projects in advanced stages.

The returns, and the proof of concept:
Relative to the current market value of equity we are confident that Flex LNG's returns in the joint venture will be excellent. Relative to the book value - the cost - of the assets, we believe the return will be satisfactory. Given Flex's EPCIC contract with Samsung on ship and topsize, we believe the prudent investors' expectation of overruns and underperformance are likely to prove excessive. We believe an initial contract in the form of a joint venture demonstrates acceptance of the FLNG concept and Flex's business model and opens the doors for future profitable projects. We reiterate our Buy rating and NOK 27 target price.
overalt
13.04.2011 17:38
#866

Endre
FLEX LNG (FLNG NO - BUY - EURm: 127): HUGE UPSIDE, LIMITED DOWNSIDE
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Conclusion: Buy ahead of FID for Elk & Antelope field project, PNG

25 years production agreement with InterOil et. al limits downside, while upside is huge

(2) FID expected before year end; the project is relatively plain and InterOil et. al have good incentives to go ahead

(3) Project is fully equity financed and no more instalments to Samsung are required before delivery
********************************************************************************************************
(1) 25 years production agreement: In 2014, Flex LNG will provide an LNG FPSO which will be moored alongside a jetty in Papua New Guinea and produce 2m tons of LNG a year. With no motion in pre-treatment and no transfer at sea, the technical risk is much reduced. For this, Flex LNG will receive 14.5% of payments for the LNG sales for the first 15 years of the 25 year contract, 12.5% for the next five years and 10% for the last five years. LNG contracts in Asia have been on oil price equivalence. The Flex LNG unit will produce 2m tons of LNG a year. We have not updated our estimates yet but a quick and dirty back of the envelope calculation point towards significant upside and limited downside here (NOK 9/sh). No brokers cover this company atm, and due to previous disappointments most investors are probably very sceptical about the case. However, this creates a unique opportunity for those who take their time for a quick look at the story. My back of the envelope calculation returns a 2011 target price of NOK 8/sh assuming a long term oil price of USD 50/bl, NOK 14.3/sh assuming a long term oil price assumption of USD 60/bl, and NOK 41/sh assuming a long term oil price of USD 100/bl (which is consensus atm). Therefore, one can argue that there is limited downside and significant upside (11% downside, 4.5x upside).

(2) FID expected before year end: InterOil will guarantee Flex LNG's obligation to Samsung: in payment it will participate in a 10% equity issue at NOK 4.5/share and another 5% issue at par (USD 0.01/ share) on delivery of the unit. Clearly InterOil sees signing with Flex LNG is likely to trigger interest in floating LNG. LNG buyers are already eyeing each other nervously: after events in Japan, securing gas at the right price is ever more important. Some of the incentives for InterOil et.al to go ahead with FID are as follows: (i) early production from Elk & Antelope, (ii) low capex requirement, (iii) low opex, (iv) off-take agreements can be signed already this year, and finally (v) InterOil's stake in FLNG is already worth USD 10m and could be worth somewhere between USD 22-83m when FID is signed (if my assumptions below are fair).

(3) Project is fully equity financed: Flex LNG has announced an agreement with Samsung to build only one, not four, LNG FPSOs. Crucially, Samsung has agreed that all payments made so far will relate to the one FPSO and the next payment will be a lump sum on delivery. Flex will not need more working capital before delivery and retains the right to build further units.

Conclusion: Buy ahead of FID for Elk & Antelope field project, PNG
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Assumptions: Gas price USD 16/mmBtu, int rate 7%, tax rate 5%, no. shares 124m, CAPEX USD 1.1bn, Debt 0.6bn, years 25, NOKUSD 5.5, opex USD 0.1m/d, liquefaction cost USD 2/mmBtu

safman
13.04.2011 18:34
#1319

Endre
For noen år siden hadde en gjeng ideen om at man kunne transportere olje billigere i lektere og bake bruke taubåter som dyttet det hele. Mange av oss uttalte at dette bare var tull og drømmerier.

Denne gangen ser det ut som det er samme jengen som har hatt fest. Nå skal de gjøre store penger på samme ideen med LNG. Problemet er bare at ideen er ennå vanskeligere å gjennomføre med alle sikkerhetstiltak som skal til i en LNG tanker. Dette er spekulasjon i pengeinnsamling. Pyramidespill er det blitt kallt ellers. Teknisk er det enda mere umulig enn oljeideen.

Som pyramidespill? Jeg setter ikke pengene på slikt. Teknisk sett? Jeg har besøkt mange LNG anlegg. Denne ideen er umulig. Ren drømming. De bør få fatt på en psykolog, -- eller annen drømmetyder.
kfo
13.04.2011 22:00
#4368

Endre
Safman:

Ja, men er ikke avtalen med InterOil så god at risikoen nå er betydelig redusert? Samsung er proffe skipsbyggere og vet hva de gjør, så rent teknisk er jeg langt fra så bekymret som deg. Kjenner mange i LNG-bransjen, blant annet i LNG-rederiet Golar. Der i gården har de ikke veldig stor tro på konseptet til Flex.
safman
13.04.2011 23:17
#1320

Endre
Det er ikke rom for nye konsepter i LNG bransjen. Nesten alle skip er på fast kontrakt. Avsender og mottager er lite eller ikke fleksible.

Men nye konsepter kan gi noen penger i kassa til oppfinnerne, og ganske blakke aksjonærer.
Larz
02.09.2013 09:25
#126

Endre
Godt opp i dag, avtale om bygging av to TFDE LNG-skip, levert 2017. Noen som har fulgt denne?
Larz
05.09.2013 17:09
#127

Endre
Geveran Trading Co Ltd, which is indirectly
controlled by trusts established by John Fredriksen
for the benefit of his immediate family, has on 5th
September 2013 purchased 9.922.105 shares in FLEX LNG
LTD at a price of NOK 5,59 per share.
Geveran Trading's affiliated ownership in Flex Lng
Ltd is following this transaction 9.922.105 shares,
constituting 7.8% percent of the issued share
capital.

This information is subject of the disclosure
requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act

Ekstern link: http://www.newsweb.no/index.jsp?messageId=335316



Nyheten er levert av OBI.
entery
28.02.2014 08:43
#402

Endre
In October 2013 the Board announced that it had
commenced a process to explore the strategic
alternatives that are available to the Company. The
outcome of such a process may be, inter alia, FLEX
LNG being part of a business combination; a full or
partial sale of the Company or its assets; or FLEX
LNG entering into a strategic partnership with a
third party. The Company has reviewed a number of
possible alternatives and ascertained that there is
interest in the assets under construction, however at
present there is an element of uncertainty in the
market due to the timing of a number of key LNG
export projects causing deferrals in the ordering
and/or chartering of new vessels. The Company
believes that interest in the assets will continue to
increase as the timeline of these projects become
clearer and the supply and demand balance is
improved. In the short term the Company is focused on
the construction of the new builds and seeking
charter parties for the vessels. The Company will
continue to monitor the strategic alternatives to
assess if any of these alternatives can add to
shareholder value. Meanwhile the Company is in discussions to secure
debt finance to cover all costs during the
construction phase, until delivery of the vessels and
hopes to conclude this process in the near future.
highlander
30.09.2015 16:37
#4943

Endre
DNB Markets nedgraderer anbefalingen på det John Fredriksen-dominerte Flex LNG til hold fra tidligere kjøp, med et nytt kursmål på 11,9 kroner per aksje.

- Sammenslåingen med Exmar ble kansellert og dette innebærer at selskapet i første omgang fortsatt vil være basert på de to LNG-fartøyene under bygging, skriver meglerhuset i en aksjerapport.

Der vises det til at fartøyene vil bli levert i første halvår 2018. Meglerhusets estimerte netto underliggende verdi er i dag på 13,2 kroner per aksje.

- Etter vårt syn ser infrastrukturprosjektene innen denne sektoren mer kommersielt attraktive ut enn rene transportrettede eksponeringer og vi vil nå avvente videre signaler fra selskapet vedrørende strategisk retning.
highlander
08.12.2016 17:06
#6672

Endre
Nordea Markets shippinganalytikere mener at LNG-området antas å få mest gunstig utvikling av alle shippingsegmentene i 2017.

Følgelig anbefaler meglerhuset kjøp av Awilco LNG, Flex LNG og Høegh LNG. Kursmålene oppgis til henholdsvis 12, 13 og 111 kr.
highlander
23.03.2017 15:53
#7075

Endre
Arctic Securities har startet analysedekning av det John Fredriksen-kontrollerte gassrederiet Flex LNG.

Meglerhuset tror etterspørselsveksten vil overstige flåteveksten i kommende år, og opererer med et kursmål på 20 kr.
Kjell T. Ringen
23.03.2017 17:24
#13273

Endre
High

da kan jeg bidra med Paretos start av analysedekning fra mandag:

FLNG - We initiate coverage of Flex LNG with a BUY-rating and target price of NOK 17. The four-ship company is small today, but with Fredriksen-backing and market-momentum over the next 12-18 months we expect heavy growth ahead.
LNG spot rates are slowly recovering from historical low levels, and a return towards 2011 - 2014 averages could imply a doubling of the current share price - even without any further accretive activity. Fredriksen has recently shown why his shipping companies command significant premiums to both peers and steel values - and we expect FLNG to start benefitting from this as well. BUY TP NOK 17.



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