FLEX LNG (FLNG) 20-F 10 Mar 23 2022 FY Annual report (foreign) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2022 shares
Entity Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38904
Entity Registrant Name	FLEX LNG Ltd.
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	Par-La-Ville Place
Entity Address, Address Line Two	14 Par-La-Ville Road
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM08
Entity Address, Country	BM
Title of 12(b) Security	Ordinary Shares, par value $0.10 per share
Trading Symbol	FLNG
Security Exchange Name	NYSE
Common Stock, Shares, Outstanding	53,682,140
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001772253
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Emerging Growth Company	false
Business Contact
Entity Information [Line Items]
Entity Address, Address Line One	Par-La-Ville Place
Entity Address, Address Line Two	14 Par-La-Ville Road
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM08
Entity Address, Country	BM
Contact Personnel Name	James Ayers, Company Secretary
City Area Code	441
Local Phone Number	295 69 35
Contact Personnel Fax Number	295 3494

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Firm ID	1572
Auditor Location	Oslo, Norway
Auditor Name	Ernst & Young AS

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Vessel operating revenues	$ 347,917	$ 343,448	$ 164,464
Operating expenses
Voyage expenses	(2,517)	(3,334)	(3,697)
Vessel operating expenses	(63,414)	(61,237)	(36,999)
Administrative expenses	(9,147)	(7,887)	(6,302)
Depreciation	(72,224)	(69,833)	(41,846)
Operating income	200,615	201,157	75,620
Other income/(expenses)
Interest income	2,005	41	327
Interest expense	(76,596)	(56,221)	(41,805)
Extinguishment of long-term debt	(16,102)	(1,209)	0
Gain/(loss) on derivatives	79,682	18,399	(25,182)
Other financial items	(1,464)	137	(771)
Income before tax	188,140	162,304	8,189
Income tax expense	(98)	(99)	(84)
Net income	$ 188,042	$ 162,205	$ 8,105
Earnings per share:
Basic earnings per share (in dollars per share)	$ 3.53	$ 3.04	$ 0.15
Diluted earnings per share (in dollars per share)	$ 3.51	$ 3.04	$ 0.15

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income for the year	$ 188,042	$ 162,205	$ 8,105
Other comprehensive income/(loss)	0	0	0
Total comprehensive income	$ 188,042	$ 162,205	$ 8,105

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 332,329	$ 200,652
Restricted cash	72	518
Inventory	5,260	6,453
Receivables due from related parties	60	228
Other current assets	16,327	17,040
Total current assets	354,048	224,891
Non-current assets
Derivative instruments and hedges	55,515	5,862
Vessels and equipment, net	2,269,946	2,342,165
Other fixed assets	3	3
Total non-current assets	2,325,464	2,348,030
Total Assets	2,679,512	2,572,921
Current liabilities
Current portion of long-term debt	(95,507)	(81,472)
Derivative instruments	0	(4,764)
Payables due to related parties	(328)	(348)
Accounts payable	(1,794)	(2,016)
Other current liabilities	(55,569)	(42,987)
Total current liabilities	(153,198)	(131,587)
Non-current liabilities
Long-term debt	(1,619,224)	(1,551,947)
Total non-current liabilities	(1,619,224)	(1,551,947)
Total liabilities	(1,772,422)	(1,683,534)
Equity
Share capital (2022: 54,520,325 shares issued (2021: 54,110,584), par value $0.10 per share)	(5,452)	(5,411)
Treasury shares at cost (December 31, 2022: 838,185 shares repurchased (December 31, 2021: 980,000))	8,082	9,449
Additional paid in capital	(1,203,407)	(1,189,060)
Accumulated deficit	293,687	295,635
Total equity	(907,090)	(889,387)
Total Liabilities and Equity	$ (2,679,512)	$ (2,572,921)

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Shares issued (in shares)	54,520,325	54,110,584
Par value (in USD per share)	$ 0.10	$ 0.10
Treasury stock (in shares)	838,185	980,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net income	$ 188,042	$ 162,205	$ 8,105
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	72,224	69,833	41,846
Extinguishment of long-term debt	16,102	1,209	0
Amortization of debt issuance costs	4,062	4,937	2,398
Share-based payments	331	(1,273)	284
Foreign exchange (gain)/loss	(47)	179	1,246
Change in fair value of derivative instruments	(78,207)	(24,423)	21,575
Other	2,961	(4,404)	4,804
Changes in operating assets and liabilities, net:
Inventory	1,193	(2,797)	(970)
Other current assets	(713)	(8,021)	13,270
Receivables due from related parties	168	(62)	149
Payables due to related parties	(20)	36	216
Accounts payable	(222)	(1,357)	2,791
Other current liabilities	12,582	2,740	20,130
Net cash provided by operating activities	219,882	214,844	89,304
Investing activities
Purchase of other fixed assets	(5)	(4)	(3)
Vessel purchase prepayments	0	0	(125,800)
Purchase of vessels and equipment	0	(265,930)	(565,590)
Net cash used in investing activities	(5)	(265,934)	(691,393)
Financing activities
Purchase of treasury shares	0	(7,788)	(1,661)
Repayment of long-term debt	(85,255)	(72,186)	(35,600)
Drawdown of revolving credit facilities	663,421	340,266	48,684
Repayment of revolving credit facilities	(414,079)	(297,895)	(49,342)
Prepayment of long-term debt	(828,829)	(120,313)	0
Proceeds from long-term debt	745,000	383,290	669,600
Extinguishment costs paid on long-term debt	(11,125)	0	0
Proceeds from termination of derivative instruments	23,790	0	0
Financing costs	(11,014)	(3,339)	(17,542)
Proceeds from issuance of shares	14,490	0	0
Proceeds from issuance of treasury shares	934	0	0
Cash dividends paid	(186,094)	(98,932)	(10,818)
Net cash (used in)/provided by financing activities	(88,761)	123,103	603,321
Effect of exchange rate changes on cash	115	195	(1,368)
Net increase/(decrease) in cash, cash equivalents and restricted cash	131,231	72,208	(136)
Cash, cash equivalents and restricted cash at the beginning of the period	201,170	128,962	129,098
Cash, cash equivalents and restricted cash at the end of the period	332,401	201,170	128,962
Supplemental Information
Interest paid	(63,453)	(49,002)	(37,075)
Income tax paid	$ (102)	$ (145)	$ (176)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Share capital	Treasury shares	Additional paid in capital	Accumulated deficit
Balance at beginning of year (in shares) at Dec. 31, 2019		54,110,584
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)		0
Shares repurchased (in shares)		(202,797)
Distributed treasury shares (in shares)		0
Balance at end of year (in shares) at Dec. 31, 2020		53,907,787
Balance at beginning of year at Dec. 31, 2019		$ 5,411	$ 0	$ 1,190,049	$ (356,195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		0		0
Shares repurchased			(1,661)
Share-based payments				284
Distributed treasury shares			0	0
Net income	$ 8,105				8,105
Dividends paid					(10,818)
Balance at end of year at Dec. 31, 2020	835,175	$ 5,411	(1,661)	1,190,333	(358,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)		0
Shares repurchased (in shares)		(777,203)
Distributed treasury shares (in shares)		0
Balance at end of year (in shares) at Dec. 31, 2021		53,130,584
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		$ 0		0
Shares repurchased			(7,788)
Share-based payments				(1,273)
Distributed treasury shares			0	0
Net income	162,205				162,205
Dividends paid					(98,932)
Balance at end of year at Dec. 31, 2021	889,387	$ 5,411	(9,449)	1,189,060	(295,635)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)		409,741
Shares repurchased (in shares)		0
Distributed treasury shares (in shares)		141,815
Balance at end of year (in shares) at Dec. 31, 2022		53,682,140
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued		$ 41		14,449
Shares repurchased			0
Share-based payments				331
Distributed treasury shares			1,367	(433)
Net income	188,042				188,042
Dividends paid					(186,094)
Balance at end of year at Dec. 31, 2022	$ 907,090	$ 5,452	$ (8,082)	$ 1,203,407	$ (293,687)

GENERAL

GENERAL	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
General	GENERALFLEX LNG Ltd. ("FLEX LNG" or the "Company") is a limited liability company incorporated in Bermuda. 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 December 31, 2022, the Company has 13 LNG carriers in operation (our "Fleet"). Our Fleet consists entirely of modern, next generation, large LNG carriers with two stroke engines: nine vessels with M-type Electronically Controlled Gas Injection ("MEGI"); and four vessels with Generation X Dual Fuel propulsion systems. Three of our MEGI vessels are equipped with Full Re-liquefaction Systems and four of our MEGI vessels are equipped with Partial Re-liquefaction Systems, which reduces the active boil off rates achieved.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of significant accounting policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis for Preparation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. Reporting Currency and Presentation Currency The Company's presentation and reporting currency is USD. The Company's primary economic environment is the international shipping market in which revenues are primarily settled in USD. The Company's most significant assets and liabilities are also paid for and settled in USD. Our expenses, however, are in the currency invoiced by each supplier. Foreign currency transactions are translated into the functional currency at the exchange rate in effect at the date of the transaction. Monetary items are translated at the period end exchange rate, non-monetary items that are measured at historical cost are translated at the rate in effect on the original transaction date, and non-monetary items that are measured at fair value are translated at the exchange rate in effect at the time when the fair value was determined. Foreign exchange gains and losses resulting from the settlement of such cash transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Basis of Consolidation The Company's consolidated financial statements comprise of FLEX LNG and its directly wholly owned subsidiaries. Details on the Company's subsidiaries are provided in Exhibit 8.1 of this filing. Intra-group transactions and balances, including internal profits and unrealized gains and losses, have been eliminated upon consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates and assumptions impact, the following: fair value of derivative instruments; initial dry-dock cost; vessel impairment assessment; and the expected useful lives of our vessels. Actual results could differ from those estimates. Fair Value Measurements The inputs to the fair value calculations are based on observable market data when available, but where this is not achievable; a degree of judgment is required in establishing fair values. Changes in these assumptions could impact the reported fair value, as detailed in Note 14. Segment Reporting Our chief operating decision maker ("CODM") measures performance based on our overall return to the shareholders based on consolidated net income. Although separate vessel financial information is available, the CODM internally evaluates the performance of the Company as a whole and not on the basis of separate business units or different types of charters. As a result, the Company has determined that it operates as one reportable segment. Since the Company's vessels regularly move between countries in international waters over many trade routes, it is neither practical nor meaningful to assign revenues or earnings from the transportation of international LNG by geographic area. For the year ended December 31, 2022, we derived our operating revenues from eight customers, with our top four customers accounting for 20.8%, 28.8%, 20.0% and 18.3% of our consolidated revenues, equivalent to 87.9% of our consolidated revenues. During this period, no other customer accounted for over 10% of our consolidated revenues. For the year ended December 31, 2021, we derived our operating revenues from fifteen customers, with our top three customers accounting for 28.6%, 28.6% and 11.9% of our consolidated revenues, equivalent to 69.1% of our consolidated revenues. During this period, no other customer accounted for over 10% of our consolidated revenues. Accounting for Revenue and Related Expenses The Company employs all of its vessels on time charter contracts, which the Company has established to contain a lease since the vessel is a specified asset, the charterer has the right to direct the use of the vessel and there are no substantive substitution rights. Revenue from time charter contracts are recognized as operating leases under ASC 842 Leases . The Company receives a fixed or variable, indexed on market rates, charter hire per day of on-hire whereby revenue is recognized and recorded on an accrual basis over the term of the charter period, including option periods if reasonably certain to be exercised. If the Company receives a lump sum re-positioning fee or fixed ballast bonus, which is probable at the commencement of the lease, this is recognized as part of the lease payments over the course of the time charter on a straight-line basis at the commencement of the lease. If the Company receives a lump sum ballast bonus, which is not probable at the commencement of the lease, then this is recognized as a variable lease payment from the date that the change in facts and circumstances occur. The variable lease payment is therefore recognized on a straight line basis from the date that the re-delivery port is declared and probability of occurrence is determined, to the date of arrival at the re-delivery port. If there is an option under a charter party for the lessee to extend the charter, the Company will assess the likelihood of the charterer exercising the extension option at inception of the lease in order to determine the lease term. If the option period is not included in the initial lease term and the charterer declares such option, the Company will consider the declaration of an option as a lease modification. The Company will remeasure the total minimum lease payments from the date of declaration of the option, adjusted for any prepaid or accrued rent from the original contract, and recognize this on a straight line basis to the date of arrival at the re-delivery port. Under a time charter agreement, the Company is responsible for both the operation and maintenance of the vessel which would be considered to be a non-lease performance obligation and generally accounted for under ASC 606 Revenue from Contracts with Customers . The Company has chosen to elect the practical expedient of ASC 842 to not separate the lease and non-lease components and instead combine these as a single performance obligation as the Company considers the lease component to be the predominant component of the contract, for which ASC 842 will be applied. Costs incurred during the leasing period for the maintenance and operation of the vessels are expensed as incurred, as the timing and pattern of transfer of the components are identical to the operating lease revenue earned from the charter hire. Trade Accounts Receivables Trade receivables are presented net of allowance for doubtful balances. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Lease The Company assesses whether a contract contains a lease at inception of the contract. The assessment involves the exercise of judgement about whether it depends on a specified asset, whether the Company obtains substantially all the economic benefits from the use of that asset, and whether the Company has the right to direct the use of the asset. The Company does not separate lease components from non-lease components as the lessee. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The standard provides practical expedients for an entity’s ongoing accounting. The Company has elected the short-term lease recognition exemption for leases that qualify, meaning that the Company does not recognize Right Of Use assets or lease liabilities for these leases where the Company is the lessee. Interest Expense Interest expenses are expensed as incurred except for interest expenses that are capitalized for qualifying assets that require a period of time to get them ready for their intended use. Interest expenses are capitalized until the qualifying asset is ready for use. The Company does not capitalize amounts beyond the actual interest expense incurred in the period. If the Company's financing plans associate a specific borrowing with a qualifying asset, the Company uses the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset that does not exceed the amount of that borrowing. If average accumulated expenditures for the asset exceed the amounts of specific new borrowings associated with the asset, the capitalization rate to be applied to such excess shall be a weighted average of the rates applicable to other borrowings of the Company. Income Taxes Income taxes are provided for based upon the tax laws and rates in effect in the countries in which the Company's ocean-going LNG carriers' operations were conducted and income was earned. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of the Company's assets and liabilities using the applicable jurisdictional tax in effect at the year end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized (Note 5). Recognition of uncertain tax positions is dependent upon whether it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the financial statements based on U.S. GAAP guidance. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. Vessels Vessels are carried at historical cost less accumulated depreciation and impairment adjustments, if any. The depreciation on vessels is reviewed annually to ensure that the method and period used reflect the pattern in which the asset's future economic benefits are expected to be consumed. The gross carrying amount of the vessel is the purchase price, including duties/taxes, borrowing costs and any other direct costs attributable to bringing it to the location and condition necessary for the vessels intended use. Capitalization of costs will cease once the vessel is in the location and condition necessary for it to be able to operate in the manner consistent with its intended design. On delivery, the total acquisition costs of the vessel will be segregated to groups of components that have different expected useful lives. The different groups of components will be depreciated over their expected useful lives. Subsequent costs, such as repair and maintenance costs, are recognized in the income statement as incurred. Each vessel is required to be dry-docked every five years. The Company capitalizes costs associated with the dry-docking in accordance with ASC Topic 360 Property, Plant and Equipment and amortizes these costs on a straight-line basis over the period to the next expected dry-docking. Amortization of dry-docking costs is included in depreciation in the Income Statement. The Company has adopted the "built in overhaul" method for when a vessel is newly acquired, or constructed, whereby a proportion of the cost of the vessel is allocated to the components expected to be replaced at the next dry-docking based on the expected costs relating to the next dry-docking. Dry-docking costs are included within operating activities on the statement of cash flows. The cost of the vessel, less their estimated residual value, is depreciated on a straight-line basis over the asset's estimated useful economic life. The residual value for owned vessels is calculated by multiplying the lightweight tonnage of the vessel by the estimated scrap value per tonne. The cost of dry-dock is depreciated on a straight-line basis over the assets estimated useful life. The following useful lives have been used: Vessels: 35 years Dry-docking: 5 years Impairment of Long-lived Assets The carrying values of long-lived assets held and used by the Company are reviewed quarterly or whenever events or circumstances indicate that the carrying amount of an asset may no longer be recoverable. If such impairment indicators are present, the Company assesses recoverability of the carrying value of each asset or newbuilding on an individual basis by estimating the future net undiscounted cash flows expected to result from the asset, including eventual disposal. In developing estimates of future undiscounted cash flows, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry-docking requirements, residual values and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations. If the future net undiscounted cash flows are less than the carrying value of the asset, or the current carrying value plus future newbuilding commitments, an impairment loss is recorded equal to the difference between the asset's carrying value and fair value. In addition, long-lived assets to be disposed of are reported at the lower of carrying amount and fair value less estimated costs to sell. Inventories Inventories comprise principally of fuel and lubricating oils and are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. Cash and Cash Equivalents Cash includes cash in hand and in the Company's bank accounts. Cash equivalents are short-term liquid investments with original maturities of three months or less. Restricted Cash Restricted cash consists of cash, which may only be used for certain purposes and is held under a contractual arrangement. The cash is restricted by law for the Norwegian tax authorities in relation to social security tax and personal income tax of employees in the Company's subsidiary, Flex LNG Management AS, and is settled every second month. Debt Issuance Costs Direct incremental costs relating to obtaining a loan are deferred and amortized over the team of the loan using the effective interest rate method. Amortization of debt issuance costs is included under interest expense. The Company has recorded debt issuance costs as a direct reduction from the carrying amount of the related debt in the balance sheet. Derivative Instruments Our derivative instruments relate to interest-rate swaps, which are considered to be an economic hedge. However, these have not been designated as hedges for accounting purposes. These transactions involve the conversion of floating rates into fixed rates over the life of the transactions without an exchange of underlying principal. The fair value of the interest rate swap contracts are recognized as assets or liabilities. Changes in the fair value of these derivatives are recorded in gain/(loss) on derivatives in our consolidated statement of operations. Cash outflows and inflows resulting from economic derivative contracts are presented as cash flows from operations in the consolidated statement of cash flows. Share-based Compensation The Company accounts for share-based payments in accordance with ASC Topic 718 Compensation - Stock Compensation , under which the fair value of issued stock options is expensed over the period in which the options vest under the simplified method. Share-based compensation represents the cost of vested and non-vested shares and share options granted to employees and directors for their services, and are included in administrative expenses in the consolidated statements of operations. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized as compensation expense over the requisite service period. Earnings Per Share Basic earnings per share ("EPS") are computed based on the income available to ordinary shareholders divided by the weighted average number of shares outstanding. Diluted EPS is computed by dividing the net income available to ordinary shareholders by the weighted average number of ordinary shares and dilutive ordinary share equivalents then outstanding. If in the period there is a loss, then any potential ordinary shares have been excluded from the calculation of diluted loss per share. Treasury Shares When the Company repurchases its share capital, the amount of the consideration paid is recognized as a deduction from equity and classified as treasury shares, pending future use. If the Company acquires and retains treasury shares, the consideration paid is directly recognized in equity. The weighted average treasury shares reduce the number of shares outstanding used in calculating earnings per share and they have a dilutive effect on the diluted earnings per share.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Recent accounting pronouncements	RECENT 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. The Company has determined that reference rate reforms will primarily impact its floating rate debt facilities and the interest rate derivatives to which it is a party. As of December 31, 2022, the Company has not made any contract modifications to replace the reference rate in any of its agreements and concluded that there was no impact to its consolidated financial statements. The Company has reviewed all other recent issued accounting pronouncements and has not identified other standards that would have a material impact on the Company's current accounting policies.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings per share	EARNINGS PER SHARE Basic earnings per share amounts are calculated by dividing the net income for the year by the weighted average number of ordinary shares issued and outstanding during the year. Diluted earnings per share amounts are calculated by dividing the net income by the weighted average number of shares issued and outstanding during the year 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 is a loss then any potential ordinary shares have been excluded from the calculation of diluted loss per share. The following reflects the net income and share data used in the earnings per share calculation. (in thousands of $, except share data) 2022 2021 2020 Net income 188,042 162,205 8,105 Weighted average number of ordinary shares 53,198,015 53,319,408 54,099,504 Share options 325,851 20,884 174,689 Weighted average number of shares, adjusted for dilution 53,523,866 53,340,292 54,274,193 Earnings per share Basic 3.53 3.04 0.15 Diluted 3.51 3.04 0.15

INCOME TAX

INCOME TAX	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax	INCOME TAX Bermuda Under current Bermuda law, the Company is not required to pay taxes in Bermuda on either income or capital gains. The Company has received written assurance from the Minister of Finance in Bermuda that, in the event of any such taxes being imposed, the Company will be exempted from taxation until March 31, 2035. United States For the years ended December 31, 2022, 2021 and 2020, the Company did not accrue U.S. income taxes because the Company was able to satisfy the requirements of the exemption from gross basis tax under Section 883 of the U.S. Internal Revenue Code. Under Section 863(c)(2)(A) of the Internal Revenue Code, 50% of all transportation revenue attributable to transportation which begins or ends in the United States shall be treated as from sources within the United States where no Section 883 exemption is available. Such revenue is subject to 4% tax. Other Jurisdictions Certain of the Company's subsidiaries in Norway and the United Kingdom are subject to income tax in their respective jurisdictions. The taxes paid by subsidiaries of the Company that are subject to income tax have been disclosed in the tables below. The Company does not have any unrecognized tax benefits, material accrued interest or penalties relating to income taxes. The Norwegian income tax returns could be subject to examination by Norwegian tax authorities going back ten years or more. In the United Kingdom, the tax authorities can investigate as far back as 20 years if they suspect tax evasion. More commonly, the United Kingdom may investigate for (i) careless tax returns for up to six years and (ii) innocent errors for up to four years. In the United States, the Internal Revenue Service ("IRS") may audit tax returns filed within the last three years. If the IRS identifies a substantial error, the IRS may add additional years, which in most cases does not extend beyond six years. None of FLEX LNG or its subsidiaries is undergoing tax audits in any applicable tax jurisdictions. The table below shows the components of income tax year ended December 31, 2022, 2021 and 2020: (in thousands of $) 2022 2021 2020 Current income tax expense (99) (71) (89) Adjustments in respect of current income tax of previous years 1 (28) 5 Income tax expense reported in the income statement (98) (99) (84) A reconciliation between the tax expense and the product of the accounting profit multiplied by the Bermuda domestic tax rate for the year ended December 31, 2022, 2021 and 2020 is as follows: (in thousands of $) 2022 2021 2020 Income before tax 188,140 162,304 8,189 Income tax at 0% (2021: 0% (2020: 0%)) — — — Effect of higher foreign tax rates (98) (99) (84) Income tax expense at effective rate of 0.1% (2021: 0.1% (2020: 1.0%)) (98) (99) (84)

VESSELS AND EQUIPMENT, NET

VESSELS AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Vessels and equipment, net	VESSELS AND EQUIPMENT, NET The table below summarizes the vessels and equipment, net applicable to the Company: (in thousands of $) Vessels and equipment Dry-docking Total Cost At December 31, 2020 1,919,441 25,000 1,944,441 Additions 180 — 180 Newbuildings 547,849 7,500 555,349 At December 31, 2021 2,467,470 32,500 2,499,970 At December 31, 2022 2,467,470 32,500 2,499,970 Accumulated depreciation At December 31, 2020 (80,370) (7,610) (87,980) Charge (63,553) (6,272) (69,825) At December 31, 2021 (143,923) (13,882) (157,805) Charge (65,724) (6,495) (72,219) At December 31, 2022 (209,647) (20,377) (230,024) Net book value At December 31, 2020 1,839,071 17,390 1,856,461 At December 31, 2021 2,323,547 18,618 2,342,165 At December 31, 2022 2,257,823 12,123 2,269,946 The net book value of vessels that serve as collateral for the Company's long-term debt (Note 13) was $2,269.9 million as of December 31, 2022 (2021: $2,342.2 million). The net book value of the leased vessels Flex Constellation, Flex Courageous, Flex Amber and Flex Volunteer

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other current assets	OTHER CURRENT ASSETS As of December 31, 2022 and 2021, other current assets within the Consolidated Balance Sheets is comprised of: (in thousands of $) 2022 2021 Trade accounts receivable, net 4,859 5,270 Accrued income 2,152 7,005 Prepaid expenses 7,888 2,487 Other receivables 1,428 2,278 Total other current assets 16,327 17,040 Trade accounts receivables are presented net of allowances for doubtful accounts amounting to $nil as of December 31, 2022 (2021: $nil).

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Other current liabilities	OTHER CURRENT LIABILITIES As of December 31, 2022 and 2021, other current liabilities within the Consolidated Balance Sheets is comprised of: (in thousands of $) 2022 2021 Accrued expenses (20,686) (12,607) Deferred charter revenue (32,963) (26,873) Other current liabilities (1,673) (2,901) Provisions (247) (606) Total other current liabilities (55,569) (42,987)

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Restricted cash	RESTRICTED CASHThe Company has $0.1 million of restricted cash as of December 31, 2022 (2021: $0.5 million). This is restricted by law for the Norwegian tax authorities in relation to social security of employees.

SHARE CAPITAL, TREASURY SHARES

SHARE CAPITAL, TREASURY SHARES AND ADDITIONAL PAID IN CAPITAL	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Share capital, treasury shares and additional paid in capital	SHARE CAPITAL, TREASURY SHARES AND ADDITIONAL PAID IN CAPITAL The Company had an issued share capital at December 31, 2022 of $5.5 million divided into 54,520,325 ordinary shares (December 31, 2021: $5.4 million divided into 54,110,584 ordinary shares). In November 2022, the Company entered into an Equity Distribution Agreement with Citigroup Global Markets Inc. and Barclays Capital Inc. for the offer and sale of up to $100.0 million of the Company’s ordinary shares, par value $0.10 per share, through an at-the-market offering ("ATM"). In December 2022, 409,741 ordinary shares were issued under the ATM. As of December 31, 2022, the Company holds an aggregate of 838,185 treasury shares at an aggregate cost of $8.1 million, with a weighted average of $9.64 per share, pursuant to the buy-back program which ceased in November 2021 (December 31, 2021: 980,000 shares at a cost of $9.4 million). As of December 31, 2022, the Company had additional paid in capital of $1,203.4 million (December 31, 2021: $1,189.1 million). In the year ended December 31, 2022, the Company issued shares under the ATM with $14.4 million recorded to additional paid in capital and recorded share-based payments of $0.3 million, as further described in Note 11. Share-Based Payments. The Company also recorded reduction in additional paid in capital of $0.4 million in relation to the distribution of treasury shares.

SHARE BASED PAYMENTS

SHARE BASED PAYMENTS	12 Months Ended
	Dec. 31, 2022
Share-based Payment Arrangement [Abstract]
Share based payments	SHARE-BASED PAYMENTS On September 7, 2018, the Company's Board of Directors approved a Share Option Scheme. The Share Option Scheme permits the Board of Directors, at its discretion, to grant options to acquire shares in the Company to employees and directors of the Company or its subsidiaries. The exercise price for all options granted under the scheme is reduced by the amount of all dividends declared by the Company (the "Adjusted Exercise Price") in the period from the date of grant until the date the option is exercised, provided the Adjusted Exercise Price is never reduced below the par value of the share. The vesting periods of options granted under the Share Option Scheme will be specific to each grant. There is no maximum number of shares authorized for awards of equity share options and authorized, unissued or treasury shares of the Company may be used to satisfy exercised options. When a share option is exercised, the Board of Directors can use their right, according to the Bye-laws, to issue new shares or if the Company has treasury shares these can also be used. As of December 31, 2022, the Company had the following share options outstanding: Assumptions used (1) Grant date Share options Initial Exercise Price ($) Vesting date Risk-free interest rate Expected Volatility August 2021 Tranche Aug-21 204,750 15.60 Sep-23 0.82 % 4.8 % August 2021 Tranche Aug-21 234,000 17.20 Sep-24 0.82 % 4.8 % May 2022 Tranche May-22 12,500 25.00 May-23 2.91 % 5.0 % May 2022 Tranche May-22 17,500 25.00 May-24 2.91 % 5.0 % May 2022 Tranche May-22 20,000 25.00 May-25 2.91 % 5.0 % Total 488,750 (1) The fair value of the share options was calculated using these assumptions as of the grant date using the Black-Scholes option valuation model. The risk-free interest rate was estimated using the interest rate on five-year US treasury rate. The volatility was estimated using historical volatility of share price data. The dividend yield has been estimated at 0% as the exercise price is reduced by all dividends declared by the Company from the date of grant to the exercise date. It was assumed that all of the options granted in August 2021 and May 2022 Tranches will vest and therefore no forfeitures were assumed. The effect of forfeitures is recognized as incurred. The following table summarizes the unvested option activity for the year ended December 31, 2022, 2021 and 2020: Number of non-vested options Number of vested options Weighted average exercise price per share ($) Weighted average remaining contractual term (years) Weighted average grant date fair value ($) At December 31, 2020 (1) 92,000 94,000 11.61 3.0 13.17 Granted during the year (2) 585,000 — 15.84 4.8 15.84 Exercised during the year (2) — (120,000) (11.78) 0.0 (13.15) Forfeited during the year (2) (12,000) (24,000) (16.12) 0.0 (17.05) Expired during the year (2) — — — 0.0 — Vested during the year (50,000) 50,000 — 0.0 11.54 At December 31, 2021 (1) 615,000 — 14.31 4.8 15.50 Granted during the year (2) 50,000 25.00 0.0 25.00 Exercised during the year (2) — (161,250) (9.67) 3.8 (13.40) Forfeited during the year (2) (15,000) — (7.50) 3.0 (10.20) Expired during the year (2) — — — 0.0 — Vested during the year (161,250) 161,250 — 3.9 13.40 At December 31, 2022 (1) 488,750 — 12.87 3.7 17.33 (1) The weighted average exercise price has been adjusted by the amount of all dividends declared by the Company in the period, from the date of grant until the date the option is exercised. (2) Numbers, years and per share amounts are stated as of the grant, exercise, forfeiture or expired date. In August, 2021, the Company issued 585,000 share options to members of top management. The share options 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. In November 2021, 105,000 and 15,000 share options held by management, under the September 2018 Tranche and the April 2020 Tranche, were exercised. The grant date exercise price of the September 2018 Tranche was $14.30 per share, which was adjusted to $12.90 due to $1.40 dividends paid per share since the options were granted. The grant date exercise price of the April 2020 Tranche was $5.10 per share, which was adjusted to $3.90 due to $1.20 dividends paid per share since the options were granted. The stock options were settled in cash being the difference of Adjusted Exercise Price and the closing price at the NYSE on November 17, 2021 of $22.78. In April 2022, 15,000 share options, under the April 2020 Tranche, were exercised and settled by the Company through the distribution of 12,491 treasury shares. The number of shares transferred was calculated as the difference between the Adjusted Exercise Price converted to NOK on the exercise date and the closing share price on OSE multiplied by the number of shares exercised. The Adjusted Exercise Price at the date of exercise was $4.90 (or NOK 42.84), adjusted for $2.70 of dividends. The share price on the exercise date was NOK 256.20 on OSE. In May 2022, the Company issued 50,000 share options to members of management. The share options have a five-year term and a three-year vesting schedule, 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 $25.00. The exercise price will be adjusted for any distribution of dividends before the relevant options expire. In September 2022, 146,250 share options, under the September 2021 Tranche, were exercised by holders and settled by the Company through the distribution of 129,324 treasury shares. Øystein Kalleklev, CEO of Flex LNG Management AS and our principal executive officer, exercised 62,500 share options and subsequently sold 62,500 ordinary shares. Following this exercise, Mr. Kalleklev holds 50,000 ordinary shares and 187,500 share options in the Company. Knut Traaholt, CFO of Flex LNG Management AS and our principal financial officer, exercised 30,000 share options and subsequently sold 30,000 ordinary shares. Following the exercise, Mr. Traaholt holds 90,000 share options in the Company.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial instruments	FINANCIAL 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. As of December 31, 2022 the Company has a total of 13 interest rate swap transactions (2021: 17). This is to reduce the risk associated with fluctuations in interest rates, whereby floating interest based on LIBOR and SOFR on a total amortized notional principal of $691.0 million as of December 31, 2022 (2021: $677.8 million), has been swapped to a fixed rate. In August 2022, the Company terminated three interest rate swap agreements with an amortized aggregate notional principal of $143.4 million. The terminated swaps had a weighted average fixed interest of 0.92% swapped for LIBOR and a weighted average remaining term of 2.92 years. The terminated swaps had a positive fair value position at the date of termination, resulting in cash proceeds of $9.4 million. In October 2022, the Company terminated three interest rate swap agreements with an aggregate notional principal of $150.0 million. The terminated swaps had a weighted average fixed interest of 2.31% swapped for SOFR and a weighted average remaining duration of 9.74 years. The terminated swaps had a positive fair value position at the date of termination, resulting in cash proceeds of $14.4 million. Our interest rate swap contracts as of December 31, 2022 are summarized as follows: (in thousands of $) Notional principal Inception date Maturity date Floating Rate benchmark Fixed Interest Rate Receiving floating, pay fixed 25,000 September 2019 June 2024 LIBOR 1.38 % Receiving floating, pay fixed 25,000 September 2020 September 2025 LIBOR 0.37 % Receiving floating, pay fixed 25,000 September 2020 September 2025 LIBOR 1.22 % Receiving floating, pay fixed 35,000 September 2020 September 2025 LIBOR 1.03 % Receiving floating, pay fixed 25,000 September 2020 September 2025 LIBOR 1.22 % Receiving floating, pay fixed 75,000 June 2020 June 2025 LIBOR 1.39 % Receiving floating, pay fixed 25,000 July 2020 July 2025 LIBOR 1.38 % Receiving floating, pay fixed 25,000 March 2021 June 2024 LIBOR 0.35 % Receiving floating, pay fixed 50,000 July 2022 July 2032 SOFR 2.15 % Receiving floating, pay fixed 50,000 July 2022 July 2032 SOFR 1.91 % Receiving floating, pay fixed 50,000 December 2022 December 2032 SOFR 3.28 % Receiving floating, pay fixed 181,000 October 2022 April 2025 SOFR 0.95 % Receiving floating, pay fixed 100,000 March 2026 March 2032 SOFR 1.26 % The Company's gain/(loss) on derivatives for the year ended December 31, 2022 and 2021 was comprised of the following: (in thousands of $) 2022 2021 Change in fair value of derivative instruments 78,207 24,423 Realized gain/(loss) on derivative instruments 1,475 (6,024) Gain/(loss) on derivatives 79,682 18,399 Movements in the year ended December 31, 2022 and 2021 for the derivative instrument assets and liabilities is summarized as follows: (in thousands of $) Derivative Instrument Asset Derivative Instrument Liability Total At December 31, 2020 109 (23,434) (23,325) Change in fair value of derivative instruments 5,753 18,670 24,423 At December 31, 2021 5,862 (4,764) 1,098 Change in fair value of derivative instruments 73,443 4,764 78,207 Proceeds from termination of derivative instruments (23,790) — (23,790) At December 31, 2022 55,515 — 55,515

SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Short-term and long-term debt	SHORT-TERM AND LONG-TERM DEBT Short and long-term debt for the company as of December 31, 2022 and 2021, is detailed in the table below: (in thousands of $) 2022 2021 U.S. dollar denominated floating rate debt Flex Resolute $150 Million Facility 150,000 — Flex Enterprise $150 Million Facility 147,542 — $320 Million Sale and Leaseback 305,974 — $125 million term tranche under the $375 Million Facility 119,475 — $250 Million Term Loan Facility — 220,313 $50 million term loan under $100 Million Facility — 44,080 Flex Rainbow Sale and Leaseback — 131,906 $629 Million Facility 467,865 613,512 Flex Amber Sale and Leaseback 139,022 147,712 Total U.S. dollar floating rate debt 1,329,878 1,157,523 U.S. dollar denominated fixed rate debt Hyundai Glovis Sale and Charterback — 271,381 Flex Volunteer Sale and Leaseback 152,801 159,448 Total U.S. dollar denominated fixed rate debt 152,801 430,829 U.S. dollar denominated revolving credit facilities $250 million revolving tranche under the $375 Million Facility 250,000 — $70 million revolving tranche under $100 Million Facility — 64,080 Total U.S. dollar denominated revolving credit facilities 250,000 64,080 Total debt 1,732,679 1,652,432 Less Current portion of debt (99,706) (85,879) Long-term portion of debt issuance costs (13,749) (14,606) Long-term debt 1,619,224 1,551,947 Capital commitments relating to our long-term debt obligations as of December 31, 2022 are detailed in the table below: (in thousands of $) 2023 99,706 2024 100,010 2025 308,037 2026 106,869 2027 100,417 Thereafter 1,017,640 Total 1,732,679 Flex Rainbow Sale and Leaseback In March 2022, the Company signed an agreement for the refinancing of the vessels Flex Rainbow, Flex Ranger and Flex Endeavour under the $375 Million Facility, as further described below. In May 2022, the total outstanding balance of $128.0 million under the Flex Rainbow Sale and Leaseback was prepaid in full. As of December 31, 2022, the net outstanding balance under the lease was $nil (December 31, 2021: $131.1 million). $250 Million Term Loan Facility In April 2022, the Company signed agreements for the refinancing of the vessels Flex Constellation and Flex Courageous under the $320 Million Sale and Leaseback, as further described below. In May 2022, the total outstanding balance of $217.2 million under the $250 Million Term Loan Facility was fully prepaid. As of December 31, 2022, the net outstanding balance under the facility was $nil (December 31, 2021: $219.2 million). $100 Million Facility In March 2022, the Company signed an agreement for the refinancing of the vessels Flex Rainbow, Flex Ranger and Flex Endeavour under the $375 Million Facility, as further described below. In April 2022, the total outstanding balance of $106.8 million under the $100 Million Facility, was prepaid in full. As of December 31, 2022, the net outstanding balance under the facility was $nil (December 31, 2021: $108.1 million). Hyundai Glovis Sale and Charterback In August and September 2022, in connection with the Company's exercise of its call options in June 2022, the vessels Flex Enterprise and Flex Endeavour were re-delivered to the Company. The Company paid an option price of $137.0 million per vessel on re-delivery. At the date of settlement, the long-term debt for Flex Enterprise and Flex Endeavour had net carrying values of $131.0 million and $130.4 million, respectively. As a result, the Company recorded extinguishment costs of $12.6 million, which included $10.9 million of direct costs and $1.7 million write-off of unamortized debt issuance costs. As of December 31, 2022, the total net outstanding balance under the leases was $nil (December 31, 2021: $269.5 million). $629 Million Facility In February 2020, the Company, through five of its vessel owning subsidiaries, entered into a $629 million term loan facility (the "$629 Million Facility"), with a syndicate of banks and the Export-Import Bank of Korea ("KEXIM") for five vessels. The facility is divided into a commercial bank loan of $250.0 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"). In July 2020, the Company utilized an accordion option of $10.0 million, to increase the Commercial Loan on the Flex Artemis by $10.0 million. The Commercial Loan bears interest at LIBOR plus a margin of 2.35% per annum and has a final maturity date of 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 various financial covenants, the most stringent of which are further described below. In December 2022, in connection with the drawdown of the new financing under the Flex Resolute $150 Million Facility, the Company prepaid the full amount outstanding under the Flex Resolute tranche of the $629 Million Facility of $113.8 million. As of December 31, 2022, the net outstanding balance under the facility was $460.5 million (December 31, 2021: $602.1 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 with an Asian based leasing house for the vessel, Flex Amber ( the "Flex Amber Sale and Leaseback"). Under the terms of the transaction, the vessel was sold for a gross consideration of $206.5 million, with a net consideration to the Company of $156.4 million, adjusted for an advance hire of $50.1 million. The vessel has been chartered back on a bareboat basis for a period of ten 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 ten-year lease period, the Company has an obligation to purchase the vessel for a net purchase price of $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 facility includes various financial covenants, the most stringent of which are further described below. As of December 31, 2022, the net outstanding balance under the lease was $137.6 million (December 31, 2021: $146.0 million). Flex Volunteer Sale and Leaseback In November 2021, the Company, through one of its vessel owning subsidiaries, entered into a sale and leaseback agreement with a Japanese based lessor for the vessel, Flex Volunteer (the "Flex Volunteer Sale and Leaseback"). The transaction was executed in December 2021, whereby the vessel was sold for gross consideration of $215.0 million, with a net consideration to the Company of $160.0 million adjusted for a Charterers' down payment of $55.0 million. The agreement is treated as a financing arrangement for accounting purposes, whereby the net consideration received is considered the financed amount. The vessel has been chartered back on a bareboat charter basis for a period of ten years with a fixed daily rate of hire rate, split as interest and principal repayments. At the end of the ten-year bareboat charter period, the Company has the right to buy and the lessor has the right to sell the vessel for a consideration of $80.0 million. As of December 31, 2022, the net outstanding balance under the lease was $151.1 million (December 31, 2021: $157.4 million). $375 Million Facility In March 2022, the Company signed a $375 million term and revolving credit facility with a syndicate of banks for the financing of three vessels; Flex Endeavour , Flex Rainbow and Flex Ranger (the "$375 Million Facility"). The facility is comprised of a $125.0 million term loan with a six-year repayment profile and a non-amortizing $250.0 million revolving credit facility, resulting in an average age adjusted repayment profile of 22 years. The facility bears interest at SOFR plus a margin of 2.1% per annum. As at December 31, 2022, the net outstanding balance under the facility was $368.1 million. $320 Million Sale and Leaseback In April 2022, the Company, through its vessel owning subsidiaries, signed an agreement with an Asian-based lease provider for an aggregate of $320 million for two separate sale and bareboat leaseback agreements to refinance the existing facility for Flex Constellation and Flex Courageous . Under the terms of the two sale and leaseback agreements, the vessels were sold for gross consideration equivalent to the market value of each vessel and net consideration to the Company was $160.0 million per vessel, adjusted for an advance hire per vessel. The term of each lease is ten years and the Company has options to repurchase the vessels after three years. At the expiry of the ten-year charter period the Company has an obligation to repurchase the vessels for $66.5 million per vessel reflecting an age adjusted repayment profile of 20 years. The agreement bears interest at Term SOFR plus a margin of 2.5% per annum based on the outstanding balance under the lease. In May 2022, upon closing of the transaction and delivery of the vessels Flex Constellation and Flex Courageous , the Company received net consideration, after deducting for financing costs, of $317.1 million. The Company used a portion of the proceeds to prepay the full amount outstanding of $217.2 million under the $250 Million Term Loan Facility. As at December 31, 2022, the net outstanding balance under the lease was $303.2 million. Flex Enterprise $150 Million Facility In September 2022, the Company signed a $150 million term loan facility ("Flex Enterprise $150 Million Facility") with a syndicate of banks as part of the financing of the vessel, Flex Enterprise . The amount under the facility is split into an amortizing tranche of $66.3 million ("Tranche A") and a non-amortizing tranche of $83.7 million ("Tranche B") and has a weighted average margin of approximately 171 basis points plus SOFR per annum. Tranche A will amortize in full over a 6.75 year tenor of the facility. Tranche B will be repaid on the final maturity date, resulting in an average age adjusted repayment profile of 20 years for the facility. The facility includes various financial covenants, the most stringent of which are further described below. As at December 31, 2022, the net outstanding balance under the facility was $145.8 million. Flex Resolute $150 Million Facility In December 2022, the Company entered into a $150 million term loan facility for the refinancing of Flex Resolute ("Flex Resolute $150 Million Facility"). The facility has an interest of SOFR plus a margin of 1.75% per annum and has a tenor of six years, which amortizes to reflect an age adjusted repayment profile of 21 years. In connection with the drawdown, the Company prepaid the full amount outstanding under the Flex Resolute tranche of the $629 Million Facility of $113.8 million. The facility includes various financial covenants, the most stringent of which are further described below. As at December 31, 2022, the net outstanding balance under the facility was $148.5 million. Loan covenants Certain of our financing agreements discussed above, have, amongst other things, the following financial covenants, as amended or waived, which are tested bi-annually and quarterly, the most stringent of which require us (on a consolidated basis) to maintain: • a book equity ratio of minimum 0.25 to 1.0; • a positive working capital; • minimum liquidity, including undrawn credit lines with a remaining term of at least six months, being the higher of: (i) $25 million; and (ii) an amount equal to five percent (5%) of our total interest bearing financial indebtedness net of any cash and cash equivalents; and • collateral maintenance test, ensuring that the aggregate value of the vessels making up the facility in question exceeds the aggregate value of the debt commitment outstanding. As of December 31, 2022, all financial covenants have been met accordingly.

FAIR VALUE OF FINANCIAL ASSETS

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair value of financial assets and liabilities	FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES The principal financial assets of the Company at December 31, 2022 and 2021, 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 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. 2022 2022 2021 2021 (in thousands of $) Fair value hierarchy level Carrying value of asset (liability) Fair value Carrying value of asset (liability) Fair value asset Cash and cash equivalents Level 1 332,329 332,329 200,652 200,652 Restricted cash Level 1 72 72 518 518 Derivative instruments assets Level 2 55,515 55,515 5,862 5,862 Derivative instruments liabilities Level 2 — — (4,764) (4,764) Floating rate debt Level 2 (1,563,657) (1,579,878) (1,206,522) (1,221,603) Fixed rate debt Level 2 (151,074) (159,698) (426,897) (465,287) There have been no transfers between different levels in the fair value hierarchy during the year. 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. Concentration of Risk There is a concentration of credit risk with respect to cash and cash equivalents to the extent that substantially all of the amounts are carried with SEB (S&P Global rating: A+), Nordea (S&P Global rating: AA-), Danske Bank (S&P Global rating: A+) and DNB (S&P Global rating: AA-).

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related party transactions	RELATED PARTY TRANSACTIONS Related Party Balances A summary of receivables due from related parties as of December 31, 2022 and 2021 is as follows: (in thousands of $) 2022 2021 Seatankers Management Norway AS 16 18 Frontline plc — 162 Frontline Management AS — 1 Northern Ocean Limited 33 47 Avance Gas Trading Ltd 2 — Sloane Square Capital Holdings Ltd 9 — Receivables due from related parties 60 228 A summary of payables due to related parties as of December 31, 2022 and 2021 is as follows: (in thousands of $) 2022 2021 Frontline Management (Bermuda) Limited (30) (85) Frontline Corporate Services Ltd (4) (30) Flex LNG Fleet Management AS (293) (232) SFL Corporation Ltd (1) (1) Payables due to related parties (328) (348) Related Party Transactions A summary of income and (expenses) recorded from related parties for the years ended December 31, 2022, 2021, and 2020 are as follows: (in thousands of $) 2022 2021 2020 Administration service fees Seatankers Management Co. Ltd (225) (144) (312) Front Ocean Management AS (226) (55) — Frontline Management (Bermuda) Limited (272) (288) (122) Front Ocean Management Ltd (258) — — Golden Ocean Management AS — (1) — Technical management fees Flex LNG Fleet Management AS (3,489) (3,235) (1,795) Office facilities Seatankers Management Norway AS (58) (59) (81) Frontline plc — (2) 17 Frontline Management AS 10 (184) (154) SFL Corporation Ltd — — (2) Chartering services fees FS Maritime SARL (32) (337) (225) Accounting support income Avance Gas Trading Ltd 4 — — Sloane Square Capital Holdings Ltd 8 — — Northern Ocean Limited 6 7 — Total related party transactions (4,532) (4,298) (2,674) General Management Agreements We have a service level agreement with a Front Ocean Management AS and Front Ocean Management Ltd as part of which they will provide certain advisory and support services including human resources, shared office costs, administrative support, IT systems and services, compliance, insurance and legal assistance. In the year ended December 31, 2022, we recorded an expense, within administrative expenses, of $0.5 million for these services (2021: $0.1 million (2020: nil)). We have an administrative services agreement with Frontline Management AS ("Frontline Management") under which they provide us with certain administrative support, technical supervision, 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 year ended December 31, 2022, we recorded an expense, within administrative expenses, of $0.3 million from Frontline Management and associated companies for these services (2021: $0.5 million (2020: $0.3 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 year ended December 31, 2022, we recorded an expense, within administrative expenses, of $0.2 million from Seatankers for these services (2021: $0.1 million (2020: $0.3 million)). Technical Management The Company has ship management agreements with Flex LNG Fleet Management AS, a related party owned by Frontline plc, for which they are responsible for the technical ship management for all of our entire fleet. Under the agreements, Flex LNG Fleet Management AS is paid a fixed fee per vessel per annum, which is subject to an annual review. In the year ended December 31, 2022, we recorded an expense, within vessel operating expenses, of $3.5 million from Flex LNG Fleet Management AS for these services (2021: $3.2 million (2020: $1.8 million)).

MINIMUM COMMITTED REVENUE

MINIMUM COMMITTED REVENUE	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Minimum committed revenue	MINIMUM COMMITTED REVENUE Committed time charter revenues for the Company as of December 31, 2022 are detailed in the table below. Subsequent events, after the balance sheet date but before the financial statements were issued, could affect the value of the revenue realized due to market linked contracts and the effect of newly signed contracts, changes or options, which have been excluded. For market linked contracts only the floor rate per the contracts has been used for the purposes of calculating committed revenue whereas the actual revenue realized will only be determined at the time of invoicing. The amounts below represent committed revenue rather than the actual value in cash due in the next year. Some of the hire relating to the committed revenue for January 2023 is invoiced in advance and is included in the accounts as deferred charter revenue. (in thousands of $) 2023 353,525 2024 341,162 2025 265,203 2026 210,058 2027 160,118 Thereafter 380,557 Total 1,710,623

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent events	SUBSEQUENT EVENTS Derivatives In January 2023, the Company entered into an interest rate swap agreement with a notional principal of $50 million. The swap has a fixed interest rate of 3.26% swapped for SOFR and a duration of ten years. In March 2023, the Company entered into a interest rate swap agreement for a notional principal of $181 million to mirror and therefore offset an existing agreement with the same notional principal. The Company will receive a fixed interest of 4.80% and will pay a floating interest based on SOFR for a duration of two years. $330 Million Sale and Leaseback In January 2023, the Company signed sale and leaseback agreements with an Asian-based lease provider for the vessels, Flex Amber and Flex Artemis (the "$330 Million Sale and Leaseback"), to re-finance their existing facilities; the Flex Amber Sale and Leaseback and the Flex Artemis tranche of the $629 Million Facility, respectively. Under the terms of the agreements, the vessels were sold for a gross consideration, equivalent to the market value of each vessel, and net consideration of $170 million for the Flex Amber and $160 million for the Flex Artemis , adjusted for an advance hire per vessel. The agreements have a lease period of ten years and the Company have the option to extend for an additional two years. The bareboat rate payable under the leases have a fixed element, treated as principal repayment, and a variable element based on Term SOFR plus a margin of 215 basis points per annum calculated on the outstanding under the lease. The agreements include fixed price purchase options, whereby we have options to re-purchase the vessels at or after the third anniversary of the agreement, and on each anniversary thereafter, until the end of the lease period. The transactions were completed in February 2023. $290 Million Facility In February 2023, the Company received credit approved term sheets for a $290 million term and revolving credit facility (the "$290 Million Facility"), for the vessels, Flex Freedom and Flex Vigilant , to re-finance their remaining tranches of the $629 Million Facility. The facility has an interest rate of SOFR plus a margin of 185 basis points per annum. The facility is split as a term tranche of $140 million and a revolving tranche of $150 million. The facility has a duration of six years, with the revolving tranche being non-amortizing and the term tranche amortizing reflecting an overall age adjusted profile of 22 years. The agreement is expected to be signed in the March 2023 and is subject to final documentation and customary closing conditions. Dividend On February 13, 2023, the Company’s Board of Directors declared a cash dividend for the fourth quarter of 2022 of $0.75 per share. This dividend was paid on or around March 7, 2023, to shareholders on record as of February 23, 2023. The ex-dividend date was February 22, 2023. Also on February 13, 2023, the Company’s Board of Directors declared a cash dividend for the fourth quarter of 2022 of $0.25 per share, in addition to the dividend referenced in the immediately preceding paragraph. This dividend is a special, dividend and was paid on March 7, 2023, to shareholders on record as of February 23, 2023. The ex-dividend date was February 22, 2023. All declarations of dividends are subject to the determination and discretion of the Company’s Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that the Board of Directors may deem relevant.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis for Preparation	Basis for Preparation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries.
Reporting Currency and Presentation Currency	Reporting Currency and Presentation Currency The Company's presentation and reporting currency is USD. The Company's primary economic environment is the international shipping market in which revenues are primarily settled in USD. The Company's most significant assets and liabilities are also paid for and settled in USD. Our expenses, however, are in the currency invoiced by each supplier. Foreign currency transactions are translated into the functional currency at the exchange rate in effect at the date of the transaction. Monetary items are translated at the period end exchange rate, non-monetary items that are measured at historical cost are translated at the rate in effect on the original transaction date, and non-monetary items that are measured at fair value are translated at the exchange rate in effect at the time when the fair value was determined. Foreign exchange gains and losses resulting from the settlement of such cash transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement.
Basis of Consolidation	Basis of Consolidation The Company's consolidated financial statements comprise of FLEX LNG and its directly wholly owned subsidiaries. Details on the Company's subsidiaries are provided in Exhibit 8.1 of this filing. Intra-group transactions and balances, including internal profits and unrealized gains and losses, have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates and assumptions impact, the following: fair value of derivative instruments; initial dry-dock cost; vessel impairment assessment; and the expected useful lives of our vessels. Actual results could differ from those estimates.
Fair Value Measurements	Fair Value Measurements The inputs to the fair value calculations are based on observable market data when available, but where this is not achievable; a degree of judgment is required in establishing fair values. Changes in these assumptions could impact the reported fair value, as detailed in Note 14.
Segment Reporting	Segment Reporting Our chief operating decision maker ("CODM") measures performance based on our overall return to the shareholders based on consolidated net income. Although separate vessel financial information is available, the CODM internally evaluates the performance of the Company as a whole and not on the basis of separate business units or different types of charters. As a result, the Company has determined that it operates as one reportable segment. Since the Company's vessels regularly move between countries in international waters over many trade routes, it is neither practical nor meaningful to assign revenues or earnings from the transportation of international LNG by geographic area.
Accounting for Revenue and Related Expenses	Accounting for Revenue and Related Expenses The Company employs all of its vessels on time charter contracts, which the Company has established to contain a lease since the vessel is a specified asset, the charterer has the right to direct the use of the vessel and there are no substantive substitution rights. Revenue from time charter contracts are recognized as operating leases under ASC 842 Leases . The Company receives a fixed or variable, indexed on market rates, charter hire per day of on-hire whereby revenue is recognized and recorded on an accrual basis over the term of the charter period, including option periods if reasonably certain to be exercised. If the Company receives a lump sum re-positioning fee or fixed ballast bonus, which is probable at the commencement of the lease, this is recognized as part of the lease payments over the course of the time charter on a straight-line basis at the commencement of the lease. If the Company receives a lump sum ballast bonus, which is not probable at the commencement of the lease, then this is recognized as a variable lease payment from the date that the change in facts and circumstances occur. The variable lease payment is therefore recognized on a straight line basis from the date that the re-delivery port is declared and probability of occurrence is determined, to the date of arrival at the re-delivery port. If there is an option under a charter party for the lessee to extend the charter, the Company will assess the likelihood of the charterer exercising the extension option at inception of the lease in order to determine the lease term. If the option period is not included in the initial lease term and the charterer declares such option, the Company will consider the declaration of an option as a lease modification. The Company will remeasure the total minimum lease payments from the date of declaration of the option, adjusted for any prepaid or accrued rent from the original contract, and recognize this on a straight line basis to the date of arrival at the re-delivery port. Under a time charter agreement, the Company is responsible for both the operation and maintenance of the vessel which would be considered to be a non-lease performance obligation and generally accounted for under ASC 606 Revenue from Contracts with Customers . The Company has chosen to elect the practical expedient of ASC 842 to not separate the lease and non-lease components and instead combine these as a single performance obligation as the Company considers the lease component to be the predominant component of the contract, for which ASC 842 will be applied. Costs incurred during the leasing period for the maintenance and operation of the vessels are expensed as incurred, as the timing and pattern of transfer of the components are identical to the operating lease revenue earned from the charter hire.
Trade Accounts Receivables	Trade Accounts Receivables Trade receivables are presented net of allowance for doubtful balances. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts.
Lease	Lease The Company assesses whether a contract contains a lease at inception of the contract. The assessment involves the exercise of judgement about whether it depends on a specified asset, whether the Company obtains substantially all the economic benefits from the use of that asset, and whether the Company has the right to direct the use of the asset. The Company does not separate lease components from non-lease components as the lessee. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The standard provides practical expedients for an entity’s ongoing accounting. The Company has elected the short-term lease recognition exemption for leases that qualify, meaning that the Company does not recognize Right Of Use assets or lease liabilities for these leases where the Company is the lessee.
Interest Expense	Interest Expense Interest expenses are expensed as incurred except for interest expenses that are capitalized for qualifying assets that require a period of time to get them ready for their intended use. Interest expenses are capitalized until the qualifying asset is ready for use. The Company does not capitalize amounts beyond the actual interest expense incurred in the period. If the Company's financing plans associate a specific borrowing with a qualifying asset, the Company uses the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset that does not exceed the amount of that borrowing. If average accumulated expenditures for the asset exceed the amounts of specific new borrowings associated with the asset, the capitalization rate to be applied to such excess shall be a weighted average of the rates applicable to other borrowings of the Company.
Income Taxes	Income Taxes Income taxes are provided for based upon the tax laws and rates in effect in the countries in which the Company's ocean-going LNG carriers' operations were conducted and income was earned. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of the Company's assets and liabilities using the applicable jurisdictional tax in effect at the year end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized (Note 5). Recognition of uncertain tax positions is dependent upon whether it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the financial statements based on U.S. GAAP guidance. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.
Impairment of Long-lived Assets	Vessels Vessels are carried at historical cost less accumulated depreciation and impairment adjustments, if any. The depreciation on vessels is reviewed annually to ensure that the method and period used reflect the pattern in which the asset's future economic benefits are expected to be consumed. The gross carrying amount of the vessel is the purchase price, including duties/taxes, borrowing costs and any other direct costs attributable to bringing it to the location and condition necessary for the vessels intended use. Capitalization of costs will cease once the vessel is in the location and condition necessary for it to be able to operate in the manner consistent with its intended design. On delivery, the total acquisition costs of the vessel will be segregated to groups of components that have different expected useful lives. The different groups of components will be depreciated over their expected useful lives. Subsequent costs, such as repair and maintenance costs, are recognized in the income statement as incurred. Each vessel is required to be dry-docked every five years. The Company capitalizes costs associated with the dry-docking in accordance with ASC Topic 360 Property, Plant and Equipment and amortizes these costs on a straight-line basis over the period to the next expected dry-docking. Amortization of dry-docking costs is included in depreciation in the Income Statement. The Company has adopted the "built in overhaul" method for when a vessel is newly acquired, or constructed, whereby a proportion of the cost of the vessel is allocated to the components expected to be replaced at the next dry-docking based on the expected costs relating to the next dry-docking. Dry-docking costs are included within operating activities on the statement of cash flows. The cost of the vessel, less their estimated residual value, is depreciated on a straight-line basis over the asset's estimated useful economic life. The residual value for owned vessels is calculated by multiplying the lightweight tonnage of the vessel by the estimated scrap value per tonne. The cost of dry-dock is depreciated on a straight-line basis over the assets estimated useful life. The following useful lives have been used: Vessels: 35 years Dry-docking: 5 years Impairment of Long-lived Assets The carrying values of long-lived assets held and used by the Company are reviewed quarterly or whenever events or circumstances indicate that the carrying amount of an asset may no longer be recoverable. If such impairment indicators are present, the Company assesses recoverability of the carrying value of each asset or newbuilding on an individual basis by estimating the future net undiscounted cash flows expected to result from the asset, including eventual disposal. In developing estimates of future undiscounted cash flows, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry-docking requirements, residual values and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations. If the future net undiscounted cash flows are less than the carrying value of the asset, or the current carrying value plus future newbuilding commitments, an impairment loss is recorded equal to the difference between the asset's carrying value
Inventories	Inventories Inventories comprise principally of fuel and lubricating oils and are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents Cash includes cash in hand and in the Company's bank accounts. Cash equivalents are short-term liquid investments with original maturities of three months or less. Restricted Cash Restricted cash consists of cash, which may only be used for certain purposes and is held under a contractual arrangement. The cash is restricted by law for the Norwegian tax authorities in relation to social security tax and personal income tax of employees in the Company's subsidiary, Flex LNG Management AS, and is settled every second month.
Debt Issuance Costs	Debt Issuance Costs Direct incremental costs relating to obtaining a loan are deferred and amortized over the team of the loan using the effective interest rate method. Amortization of debt issuance costs is included under interest expense. The Company has recorded debt issuance costs as a direct reduction from the carrying amount of the related debt in the balance sheet.
Derivative Instruments	Derivative Instruments Our derivative instruments relate to interest-rate swaps, which are considered to be an economic hedge. However, these have not been designated as hedges for accounting purposes. These transactions involve the conversion of floating rates into fixed rates over the life of the transactions without an exchange of underlying principal. The fair value of the interest rate swap contracts are recognized as assets or liabilities. Changes in the fair value of these derivatives are recorded in gain/(loss) on derivatives in our consolidated statement of operations. Cash outflows and inflows resulting from economic derivative contracts are presented as cash flows from operations in the consolidated statement of cash flows.
Share-based Compensation	Share-based Compensation The Company accounts for share-based payments in accordance with ASC Topic 718 Compensation - Stock Compensation
Earnings Per Share	Earnings Per ShareBasic earnings per share ("EPS") are computed based on the income available to ordinary shareholders divided by the weighted average number of shares outstanding. Diluted EPS is computed by dividing the net income available to ordinary shareholders by the weighted average number of ordinary shares and dilutive ordinary share equivalents then outstanding. If in the period there is a loss, then any potential ordinary shares have been excluded from the calculation of diluted loss per share.
Treasury Shares	Treasury Shares When the Company repurchases its share capital, the amount of the consideration paid is recognized as a deduction from equity and classified as treasury shares, pending future use. If the Company acquires and retains treasury shares, the consideration paid is directly recognized in equity. The weighted average treasury shares reduce the number of shares outstanding used in calculating earnings per share and they have a dilutive effect on the diluted earnings per share.
Recent Accounting Pronouncements	RECENT 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. The Company has determined that reference rate reforms will primarily impact its floating rate debt facilities and the interest rate derivatives to which it is a party. As of December 31, 2022, the Company has not made any contract modifications to replace the reference rate in any of its agreements and concluded that there was no impact to its consolidated financial statements. The Company has reviewed all other recent issued accounting pronouncements and has not identified other standards that would have a material impact on the Company's current accounting policies.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	The following reflects the net income and share data used in the earnings per share calculation. (in thousands of $, except share data) 2022 2021 2020 Net income 188,042 162,205 8,105 Weighted average number of ordinary shares 53,198,015 53,319,408 54,099,504 Share options 325,851 20,884 174,689 Weighted average number of shares, adjusted for dilution 53,523,866 53,340,292 54,274,193 Earnings per share Basic 3.53 3.04 0.15 Diluted 3.51 3.04 0.15

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of components of income tax expense (benefit)	The table below shows the components of income tax year ended December 31, 2022, 2021 and 2020: (in thousands of $) 2022 2021 2020 Current income tax expense (99) (71) (89) Adjustments in respect of current income tax of previous years 1 (28) 5 Income tax expense reported in the income statement (98) (99) (84)
Schedule of effective income tax rate reconciliation	A reconciliation between the tax expense and the product of the accounting profit multiplied by the Bermuda domestic tax rate for the year ended December 31, 2022, 2021 and 2020 is as follows: (in thousands of $) 2022 2021 2020 Income before tax 188,140 162,304 8,189 Income tax at 0% (2021: 0% (2020: 0%)) — — — Effect of higher foreign tax rates (98) (99) (84) Income tax expense at effective rate of 0.1% (2021: 0.1% (2020: 1.0%)) (98) (99) (84)

VESSELS AND EQUIPMENT, NET (Tab

VESSELS AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Vessels and equipment, net	The table below summarizes the vessels and equipment, net applicable to the Company: (in thousands of $) Vessels and equipment Dry-docking Total Cost At December 31, 2020 1,919,441 25,000 1,944,441 Additions 180 — 180 Newbuildings 547,849 7,500 555,349 At December 31, 2021 2,467,470 32,500 2,499,970 At December 31, 2022 2,467,470 32,500 2,499,970 Accumulated depreciation At December 31, 2020 (80,370) (7,610) (87,980) Charge (63,553) (6,272) (69,825) At December 31, 2021 (143,923) (13,882) (157,805) Charge (65,724) (6,495) (72,219) At December 31, 2022 (209,647) (20,377) (230,024) Net book value At December 31, 2020 1,839,071 17,390 1,856,461 At December 31, 2021 2,323,547 18,618 2,342,165 At December 31, 2022 2,257,823 12,123 2,269,946

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other current assets	As of December 31, 2022 and 2021, other current assets within the Consolidated Balance Sheets is comprised of: (in thousands of $) 2022 2021 Trade accounts receivable, net 4,859 5,270 Accrued income 2,152 7,005 Prepaid expenses 7,888 2,487 Other receivables 1,428 2,278 Total other current assets 16,327 17,040

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Schedule of other current liabilities	As of December 31, 2022 and 2021, other current liabilities within the Consolidated Balance Sheets is comprised of: (in thousands of $) 2022 2021 Accrued expenses (20,686) (12,607) Deferred charter revenue (32,963) (26,873) Other current liabilities (1,673) (2,901) Provisions (247) (606) Total other current liabilities (55,569) (42,987)

SHARE BASED PAYMENTS (Tables)

SHARE BASED PAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-based payment arrangement, unvested options, activity	As of December 31, 2022, the Company had the following share options outstanding: Assumptions used (1) Grant date Share options Initial Exercise Price ($) Vesting date Risk-free interest rate Expected Volatility August 2021 Tranche Aug-21 204,750 15.60 Sep-23 0.82 % 4.8 % August 2021 Tranche Aug-21 234,000 17.20 Sep-24 0.82 % 4.8 % May 2022 Tranche May-22 12,500 25.00 May-23 2.91 % 5.0 % May 2022 Tranche May-22 17,500 25.00 May-24 2.91 % 5.0 % May 2022 Tranche May-22 20,000 25.00 May-25 2.91 % 5.0 % Total 488,750 The following table summarizes the unvested option activity for the year ended December 31, 2022, 2021 and 2020: Number of non-vested options Number of vested options Weighted average exercise price per share ($) Weighted average remaining contractual term (years) Weighted average grant date fair value ($) At December 31, 2020 (1) 92,000 94,000 11.61 3.0 13.17 Granted during the year (2) 585,000 — 15.84 4.8 15.84 Exercised during the year (2) — (120,000) (11.78) 0.0 (13.15) Forfeited during the year (2) (12,000) (24,000) (16.12) 0.0 (17.05) Expired during the year (2) — — — 0.0 — Vested during the year (50,000) 50,000 — 0.0 11.54 At December 31, 2021 (1) 615,000 — 14.31 4.8 15.50 Granted during the year (2) 50,000 25.00 0.0 25.00 Exercised during the year (2) — (161,250) (9.67) 3.8 (13.40) Forfeited during the year (2) (15,000) — (7.50) 3.0 (10.20) Expired during the year (2) — — — 0.0 — Vested during the year (161,250) 161,250 — 3.9 13.40 At December 31, 2022 (1) 488,750 — 12.87 3.7 17.33 (1) The weighted average exercise price has been adjusted by the amount of all dividends declared by the Company in the period, from the date of grant until the date the option is exercised. (2) Numbers, years and per share amounts are stated as of the grant, exercise, forfeiture or expired date.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of notional amounts of outstanding derivative positions	Our interest rate swap contracts as of December 31, 2022 are summarized as follows: (in thousands of $) Notional principal Inception date Maturity date Floating Rate benchmark Fixed Interest Rate Receiving floating, pay fixed 25,000 September 2019 June 2024 LIBOR 1.38 % Receiving floating, pay fixed 25,000 September 2020 September 2025 LIBOR 0.37 % Receiving floating, pay fixed 25,000 September 2020 September 2025 LIBOR 1.22 % Receiving floating, pay fixed 35,000 September 2020 September 2025 LIBOR 1.03 % Receiving floating, pay fixed 25,000 September 2020 September 2025 LIBOR 1.22 % Receiving floating, pay fixed 75,000 June 2020 June 2025 LIBOR 1.39 % Receiving floating, pay fixed 25,000 July 2020 July 2025 LIBOR 1.38 % Receiving floating, pay fixed 25,000 March 2021 June 2024 LIBOR 0.35 % Receiving floating, pay fixed 50,000 July 2022 July 2032 SOFR 2.15 % Receiving floating, pay fixed 50,000 July 2022 July 2032 SOFR 1.91 % Receiving floating, pay fixed 50,000 December 2022 December 2032 SOFR 3.28 % Receiving floating, pay fixed 181,000 October 2022 April 2025 SOFR 0.95 % Receiving floating, pay fixed 100,000 March 2026 March 2032 SOFR 1.26 %
Derivative instruments, gain (loss)	The Company's gain/(loss) on derivatives for the year ended December 31, 2022 and 2021 was comprised of the following: (in thousands of $) 2022 2021 Change in fair value of derivative instruments 78,207 24,423 Realized gain/(loss) on derivative instruments 1,475 (6,024) Gain/(loss) on derivatives 79,682 18,399
Schedule of derivative instruments	Movements in the year ended December 31, 2022 and 2021 for the derivative instrument assets and liabilities is summarized as follows: (in thousands of $) Derivative Instrument Asset Derivative Instrument Liability Total At December 31, 2020 109 (23,434) (23,325) Change in fair value of derivative instruments 5,753 18,670 24,423 At December 31, 2021 5,862 (4,764) 1,098 Change in fair value of derivative instruments 73,443 4,764 78,207 Proceeds from termination of derivative instruments (23,790) — (23,790) At December 31, 2022 55,515 — 55,515

SHORT-TERM AND LONG-TERM DEBT (

SHORT-TERM AND LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of debt	Short and long-term debt for the company as of December 31, 2022 and 2021, is detailed in the table below: (in thousands of $) 2022 2021 U.S. dollar denominated floating rate debt Flex Resolute $150 Million Facility 150,000 — Flex Enterprise $150 Million Facility 147,542 — $320 Million Sale and Leaseback 305,974 — $125 million term tranche under the $375 Million Facility 119,475 — $250 Million Term Loan Facility — 220,313 $50 million term loan under $100 Million Facility — 44,080 Flex Rainbow Sale and Leaseback — 131,906 $629 Million Facility 467,865 613,512 Flex Amber Sale and Leaseback 139,022 147,712 Total U.S. dollar floating rate debt 1,329,878 1,157,523 U.S. dollar denominated fixed rate debt Hyundai Glovis Sale and Charterback — 271,381 Flex Volunteer Sale and Leaseback 152,801 159,448 Total U.S. dollar denominated fixed rate debt 152,801 430,829 U.S. dollar denominated revolving credit facilities $250 million revolving tranche under the $375 Million Facility 250,000 — $70 million revolving tranche under $100 Million Facility — 64,080 Total U.S. dollar denominated revolving credit facilities 250,000 64,080 Total debt 1,732,679 1,652,432 Less Current portion of debt (99,706) (85,879) Long-term portion of debt issuance costs (13,749) (14,606) Long-term debt 1,619,224 1,551,947
Schedule of capital commitments	Capital commitments relating to our long-term debt obligations as of December 31, 2022 are detailed in the table below: (in thousands of $) 2023 99,706 2024 100,010 2025 308,037 2026 106,869 2027 100,417 Thereafter 1,017,640 Total 1,732,679

FAIR VALUE OF FINANCIAL ASSET_2

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of estimated fair value and carrying value of assets and liabilities	The following table includes the estimated fair value and carrying value of those assets and liabilities. 2022 2022 2021 2021 (in thousands of $) Fair value hierarchy level Carrying value of asset (liability) Fair value Carrying value of asset (liability) Fair value asset Cash and cash equivalents Level 1 332,329 332,329 200,652 200,652 Restricted cash Level 1 72 72 518 518 Derivative instruments assets Level 2 55,515 55,515 5,862 5,862 Derivative instruments liabilities Level 2 — — (4,764) (4,764) Floating rate debt Level 2 (1,563,657) (1,579,878) (1,206,522) (1,221,603) Fixed rate debt Level 2 (151,074) (159,698) (426,897) (465,287)

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of related party transactions	A summary of receivables due from related parties as of December 31, 2022 and 2021 is as follows: (in thousands of $) 2022 2021 Seatankers Management Norway AS 16 18 Frontline plc — 162 Frontline Management AS — 1 Northern Ocean Limited 33 47 Avance Gas Trading Ltd 2 — Sloane Square Capital Holdings Ltd 9 — Receivables due from related parties 60 228 A summary of payables due to related parties as of December 31, 2022 and 2021 is as follows: (in thousands of $) 2022 2021 Frontline Management (Bermuda) Limited (30) (85) Frontline Corporate Services Ltd (4) (30) Flex LNG Fleet Management AS (293) (232) SFL Corporation Ltd (1) (1) Payables due to related parties (328) (348) A summary of income and (expenses) recorded from related parties for the years ended December 31, 2022, 2021, and 2020 are as follows: (in thousands of $) 2022 2021 2020 Administration service fees Seatankers Management Co. Ltd (225) (144) (312) Front Ocean Management AS (226) (55) — Frontline Management (Bermuda) Limited (272) (288) (122) Front Ocean Management Ltd (258) — — Golden Ocean Management AS — (1) — Technical management fees Flex LNG Fleet Management AS (3,489) (3,235) (1,795) Office facilities Seatankers Management Norway AS (58) (59) (81) Frontline plc — (2) 17 Frontline Management AS 10 (184) (154) SFL Corporation Ltd — — (2) Chartering services fees FS Maritime SARL (32) (337) (225) Accounting support income Avance Gas Trading Ltd 4 — — Sloane Square Capital Holdings Ltd 8 — — Northern Ocean Limited 6 7 — Total related party transactions (4,532) (4,298) (2,674)

MINIMUM COMMITTED REVENUE (Tabl

MINIMUM COMMITTED REVENUE (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Committed time charter revenues	The amounts below represent committed revenue rather than the actual value in cash due in the next year. Some of the hire relating to the committed revenue for January 2023 is invoiced in advance and is included in the accounts as deferred charter revenue. (in thousands of $) 2023 353,525 2024 341,162 2025 265,203 2026 210,058 2027 160,118 Thereafter 380,557 Total 1,710,623

GENERAL (Details)

GENERAL (Details)	12 Months Ended
	Dec. 31, 2022 carrier stoke_engine	Dec. 31, 2022 m_type carrier	Dec. 31, 2022 xd_f carrier	Dec. 31, 2022 megi_frs carrier	Dec. 31, 2022 carrier megi_prs
Accounting Policies [Abstract]
Number of carriers in operation	13	13	13	13	13
Number of vessels	2	9	4	3	4

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2022 customer segment	Dec. 31, 2021 customer
Revenue, Major Customer [Line Items]
Number of reportable segments | segment	1
Number of customers	8	15
Number of top customers	4	3
Revenue benchmark | Top Customers | Customer concentration risk
Revenue, Major Customer [Line Items]
Customer revenue as a percentage of total revenue (percent)	87.90%	69.10%
Revenue benchmark | Customer one | Customer concentration risk
Revenue, Major Customer [Line Items]
Customer revenue as a percentage of total revenue (percent)	20.80%	28.60%
Revenue benchmark | Customer two | Customer concentration risk
Revenue, Major Customer [Line Items]
Customer revenue as a percentage of total revenue (percent)	28.80%	28.60%
Revenue benchmark | Customer three | Customer concentration risk
Revenue, Major Customer [Line Items]
Customer revenue as a percentage of total revenue (percent)	20%	11.90%
Revenue benchmark | Customer four | Customer concentration risk
Revenue, Major Customer [Line Items]
Customer revenue as a percentage of total revenue (percent)	18.30%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vessels (Details)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Dry-dock requirement	5 years
Vessels
Property, Plant and Equipment [Line Items]
Estimated useful life	35 years
Dry-docking
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 188,042	$ 162,205	$ 8,105
Weighted average number of ordinary shares (in shares)	53,198,015	53,319,408	54,099,504
Share options (in shares)	325,851	20,884	174,689
Weighted average number of shares, adjusted for dilution (in shares)	53,523,866	53,340,292	54,274,193
Basic earnings per share (in dollars per share)	$ 3.53	$ 3.04	$ 0.15
Diluted earnings per share (in dollars per share)	$ 3.51	$ 3.04	$ 0.15

INCOME TAX - Schedule of Compon

INCOME TAX - Schedule of Components of Income Tax Credit (Expense) Reported in Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Current income tax expense	$ (99)	$ (71)	$ (89)
Adjustments in respect of current income tax of previous years	1	(28)	5
Income tax expense reported in the income statement	$ (98)	$ (99)	$ (84)

INCOME TAX - Effective Income T

INCOME TAX - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Effective income tax rate (percent)	0.10%	0.10%	1%
Income before tax	$ 188,140	$ 162,304	$ 8,189
Income tax at 0% (2021: 0% (2020: 0%))	0	0	0
Effect of higher foreign tax rates	(98)	(99)	(84)
Income tax expense reported in the income statement	$ (98)	$ (99)	$ (84)
UNITED STATES
Operating Loss Carryforwards [Line Items]
Income tax rate (percent)	0%	0%	0%

VESSELS AND EQUIPMENT, NET - Sc

VESSELS AND EQUIPMENT, NET - Schedule of Vessels and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward]
Charge	$ (72,224)	$ (69,833)	$ (41,846)
Vessels and equipment, net book value	2,269,946	2,342,165
Vessels and equipment
Movement in Property, Plant and Equipment [Roll Forward]
Beginning balance, cost	2,499,970	1,944,441
Additions		180
Newbuildings		555,349
Ending balance, cost	2,499,970	2,499,970	1,944,441
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward]
Beginning balance	(157,805)	(87,980)
Charge	(72,219)	(69,825)
Ending balance	(230,024)	(157,805)	(87,980)
Vessels and equipment, net book value	2,269,946	2,342,165	1,856,461
Vessels and equipment
Movement in Property, Plant and Equipment [Roll Forward]
Beginning balance, cost	2,467,470	1,919,441
Additions		180
Newbuildings		547,849
Ending balance, cost	2,467,470	2,467,470	1,919,441
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward]
Beginning balance	(143,923)	(80,370)
Charge	(65,724)	(63,553)
Ending balance	(209,647)	(143,923)	(80,370)
Vessels and equipment, net book value	2,257,823	2,323,547	1,839,071
Dry-docking
Movement in Property, Plant and Equipment [Roll Forward]
Beginning balance, cost	32,500	25,000
Additions		0
Newbuildings		7,500
Ending balance, cost	32,500	32,500	25,000
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward]
Beginning balance	(13,882)	(7,610)
Charge	(6,495)	(6,272)
Ending balance	(20,377)	(13,882)	(7,610)
Vessels and equipment, net book value	$ 12,123	$ 18,618	$ 17,390

VESSELS AND EQUIPMENT, NET - Na

VESSELS AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Vessels and equipment, net	$ 2,269,946	$ 2,342,165
Vessels and equipment
Property, Plant and Equipment [Line Items]
Vessels and equipment, net	2,257,823	2,323,547	$ 1,839,071
Collateral pledged
Property, Plant and Equipment [Line Items]
Vessels and equipment, net	2,269,900	$ 2,342,200
Flex Rainbow, Flex Enterprise, and Flex Endeavour | Vessels and equipment
Property, Plant and Equipment [Line Items]
Vessels and equipment, net	$ 675,500

OTHER CURRENT ASSETS - Schedule

OTHER CURRENT ASSETS - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Trade accounts receivable, net	$ 4,859	$ 5,270
Accrued income	2,152	7,005
Prepaid expenses	7,888	2,487
Other receivables	1,428	2,278
Total other current assets	$ 16,327	$ 17,040

OTHER CURRENT ASSETS - Narrativ

OTHER CURRENT ASSETS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Allowance for doubtful accounts	$ 0	$ 0

OTHER CURRENT LIABILITIES - Rec

OTHER CURRENT LIABILITIES - Reconciliation of other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued expenses	$ (20,686)	$ (12,607)
Deferred charter revenue	(32,963)	(26,873)
Other current liabilities	(1,673)	(2,901)
Provisions	(247)	(606)
Total other current liabilities	$ (55,569)	$ (42,987)

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Restricted cash	$ 72	$ 518

SHARE CAPITAL, TREASURY SHARE_2

SHARE CAPITAL, TREASURY SHARES AND ADDITIONAL PAID IN CAPITAL - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2022	Nov. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock, value issued	$ 5,452		$ 5,452	$ 5,411
Shares issued (in shares)	54,520,325		54,520,325	54,110,584
Par value (in USD per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.10
Treasury stock (in shares)	838,185		838,185	980,000
Treasury shares at cost (December 31, 2022: 838,185 shares repurchased (December 31, 2021: 980,000))	$ (8,082)		$ (8,082)	$ (9,449)
Treasury stock (in NOK and USD per share)			$ 9.64
Additional paid in capital	$ 1,203,407		$ 1,203,407	1,189,060
Options
Class of Stock [Line Items]
Stock compensation expense			$ 300	$ 0	$ 300
Share capital
Class of Stock [Line Items]
Maximum stock issue under ATM		$ 100,000
Shares issued (in shares)	409,741		409,741	0	0
Shares issued			$ 41	$ 0	$ 0
Additional paid in capital
Class of Stock [Line Items]
Shares issued			14,449	0	0
Distributed treasury shares			$ (433)	$ 0	$ 0

SHARE BASED PAYMENTS - Summary

SHARE BASED PAYMENTS - Summary of Shares Outstanding (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share options (in dollars per share)	488,750
15.6
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share options (in dollars per share)	204,750
Initial exercise price (in dollars per share) | $ / shares	$ 15.60
Risk-free interest rate	0.82%
Expected Volatility	4.80%
17.2
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share options (in dollars per share)	234,000
Initial exercise price (in dollars per share) | $ / shares	$ 17.20
Risk-free interest rate	0.82%
Expected Volatility	4.80%
25
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share options (in dollars per share)	12,500
Initial exercise price (in dollars per share) | $ / shares	$ 25
Risk-free interest rate	2.91%
Expected Volatility	5%
25
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share options (in dollars per share)	17,500
Initial exercise price (in dollars per share) | $ / shares	$ 25
Risk-free interest rate	2.91%
Expected Volatility	5%
25
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share options (in dollars per share)	20,000
Initial exercise price (in dollars per share) | $ / shares	$ 25
Risk-free interest rate	2.91%
Expected Volatility	5%

SHARE BASED PAYMENTS - Narrativ

SHARE BASED PAYMENTS - Narrative (Details) $ / shares in Units, $ in Millions

1 Months Ended

12 Months Ended

Nov. 17, 2021 $ / shares

Apr. 02, 2020 $ / shares

Sep. 07, 2018 $ / shares

Sep. 30, 2022 shares

May 31, 2022 $ / shares shares

Apr. 30, 2022 $ / shares shares

Apr. 30, 2022 kr / shares shares

Nov. 30, 2021 $ / shares shares

Aug. 31, 2021 $ / shares shares

Apr. 30, 2020 $ / shares

Nov. 30, 2018

Dec. 31, 2022 USD ($) $ / shares shares

Dec. 31, 2021 USD ($) $ / shares shares

Dec. 31, 2020 USD ($)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Expected dividend yield (percentage)

0%

Number of options granted (in shares)

50,000

585,000

Granted during the year (in dollars per share) | $ / shares

$ 22.78

$ 25

$ 15.84

Options granted, weighted average grant date fair value (in dollars per share) | $ / shares

$ 25

$ 15.84

Exercised during the year (in shares)

0

0

Treasury stock (in shares)

838,185

980,000

Compensation expense not yet recognized | $

$ 0.4

$ 0.6

$ 0.2

Options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock compensation expense | $

$ 0.3

$ 0

$ 0.3

August 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of options granted (in shares)

585,000

Options granted, contractual term

5 years

Options granted, vesting period

3 years

Options granted, weighted average grant date fair value (in dollars per share) | $ / shares

$ 15.84

August 2021 | Year one

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option annual vesting percentage (in percent)

25%

Granted during the year (in dollars per share) | $ / shares

$ 14

August 2021 | Year two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option annual vesting percentage (in percent)

35%

Granted during the year (in dollars per share) | $ / shares

$ 15.60

August 2021 | Year three

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option annual vesting percentage (in percent)

40%

Granted during the year (in dollars per share) | $ / shares

$ 17.20

September 2018

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options granted, weighted average grant date fair value (in dollars per share) | $ / shares

$ 14.30

Exercised during the year (in shares)

105,000

Options granted, weighted average grant date fair value, adjusted (in dollars per share) | $ / shares

$ 12.90

Dividends declared (in dollars per share) | $ / shares

$ 1.40

April 2020

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options granted, weighted average grant date fair value (in dollars per share) | (per share)

kr 256.20

$ 5.10

Exercised during the year (in shares)

15,000

15,000

15,000

Options granted, weighted average grant date fair value, adjusted (in dollars per share) | (per share)

$ 3.90

$ 4.90

kr 42.84

Dividends declared (in dollars per share) | $ / shares

$ 1.20

$ 2.70

Treasury stock (in shares)

12,491

12,491

May 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options granted, contractual term

5 years

Options granted, vesting period

3 years

Options granted, weighted average grant date fair value (in dollars per share) | $ / shares

$ 25

Exercised during the year (in shares)

50,000

May 2022 | Year one

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option annual vesting percentage (in percent)

25%

May 2022 | Year two

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option annual vesting percentage (in percent)

35%

May 2022 | Year three

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option annual vesting percentage (in percent)

40%

September 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Exercised during the year (in shares)

146,250

Treasury stock (in shares)

129,324

September 2021 | Chief executive officer

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Exercised during the year (in shares)

62,500

Options sold (in shares)

62,500

Shares, outstanding (in shares)

50,000

Share options outstanding (in shares)

187,500

September 2021 | Chief financial officer

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Exercised during the year (in shares)

30,000

Options sold (in shares)

30,000

Share options outstanding (in shares)

90,000

SHARE BASED PAYMENTS - Unvested

SHARE BASED PAYMENTS - Unvested Option Activity (Details) - $ / shares			12 Months Ended
	Dec. 31, 2022	Nov. 17, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of non-vested options
Number of non-vested options, beginning of period (in shares)			615,000	92,000
Granted during the year (in shares)			50,000	585,000
Exercised during the year (in shares)			0	0
Forfeited during the year (in shares)			(15,000)	(12,000)
Expired during the year (in shares)			0	0
Number of vested options (in shares)			(161,250)	(50,000)
Number of non-vested options, end of period (in shares)	488,750		488,750	615,000	92,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Number of vested options, beginning of period (in shares)			0	94,000
Number of vested options, exercised during the year (in shares)			(161,250)	(120,000)
Number of vested options, forfeited during the year (in shares)				(24,000)
Number of vested options (in shares)			161,250	50,000
Number of vested options, ending of period (in shares)	0		0	0	94,000
Weighted average exercise price per share ($)
Number of non-vested options (in dollars per share)	$ 12.87		$ 12.87	$ 14.31	$ 11.61
Granted during the year (in dollars per share)		$ 22.78	25	15.84
Exercised during the year (in dollars per share)			(9.67)	(11.78)
Forfeited during the year (in dollars per share)			(7.50)	(16.12)
Expired during the year (in dollars per share)			0	0
Vested during the year (in dollars per share)			$ 0	$ 0
Weighted average remaining contractual term (years)
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1	3 years 8 months 12 days			4 years 9 months 18 days	3 years
Weighted average remaining contractual term, granted during the year				4 years 9 months 18 days
Weighted average contractual term, exercised during the year			3 years 9 months 18 days
Weighted average contractual term, forfeited during the year			3 years
Weighted average contractual term, vested during the year			3 years 10 months 24 days
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1	3 years 8 months 12 days			4 years 9 months 18 days	3 years
Weighted average grant date fair value ($)
Weighted average grant date fair value (in dollars per share)	$ 17.33		$ 17.33	$ 15.50	$ 13.17
Weighted average grant date fair value, options granted in period (in dollars per share)			25	15.84
Weighted average grant date fair value, options exercises in period (in dollars per share)			(13.40)	(13.15)
Weighted average grant date fair value, options forfeited in period (in dollars per share)			(10.20)	(17.05)
Weighted average grant date fair value, options expired in period (in dollars per share)			0	0
Weighted average grant date fair value, options vested in period (in dollars per share)			$ 13.40	$ 11.54

FINANCIAL INSTRUMENTS - Narrati

FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2022 USD ($) interest_rate_swap_transaction	Aug. 31, 2022 USD ($) interest_rate_swap_transaction	Dec. 31, 2022 USD ($) interest_rate_swap_transaction	Dec. 31, 2021 USD ($) interest_rate_swap_transaction	Dec. 31, 2020 USD ($)
Derivative [Line Items]
Proceeds from termination of derivative instruments			$ 23,790	$ 0	$ 0
Interest rate swap
Derivative [Line Items]
Number of interest rate swap transactions (in interest rate swap transactions) | interest_rate_swap_transaction			13	17
Notional principal			$ 691,000	$ 677,800
Terminated interest rate swap agreements
Derivative [Line Items]
Number of interest rate swap transactions (in interest rate swap transactions) | interest_rate_swap_transaction	3	3
Notional principal	$ 150,000	$ 143,400
Weighted average interest rate (percent)	2.31%	0.92%
Term of swaps	9 years 8 months 26 days	2 years 11 months 1 day
Proceeds from termination of derivative instruments	$ 14,400	$ 9,400

FINANCIAL INSTRUMENTS - Schedul

FINANCIAL INSTRUMENTS - Schedule of Derivative Notional Amounts (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Derivative instrument 1.38% fixed rate
Derivative [Line Items]
Notional principal	$ 25,000
Fixed Interest Rate	1.38%
Derivative instrument 0.37% fixed rate
Derivative [Line Items]
Notional principal	$ 25,000
Fixed Interest Rate	0.37%
Derivative instrument 1.22% fixed rate
Derivative [Line Items]
Notional principal	$ 25,000
Fixed Interest Rate	1.22%
Derivative instrument 1.03% fixed rate
Derivative [Line Items]
Notional principal	$ 35,000
Fixed Interest Rate	1.03%
Derivative instrument 1.22% fixed rate
Derivative [Line Items]
Notional principal	$ 25,000
Fixed Interest Rate	1.22%
Derivative instrument 1.39% fixed rate
Derivative [Line Items]
Notional principal	$ 75,000
Fixed Interest Rate	1.39%
Derivative instrument 1.38% fixed rate
Derivative [Line Items]
Notional principal	$ 25,000
Fixed Interest Rate	1.38%
Derivative instrument 0.35% fixed rate
Derivative [Line Items]
Notional principal	$ 25,000
Fixed Interest Rate	0.35%
Derivative instrument 2.15% fixed rate
Derivative [Line Items]
Notional principal	$ 50,000
Fixed Interest Rate	2.15%
Derivative instrument 1.91% fixed rate
Derivative [Line Items]
Notional principal	$ 50,000
Fixed Interest Rate	1.91%
Derivative instrument 3.28% fixed rate
Derivative [Line Items]
Notional principal	$ 50,000
Fixed Interest Rate	3.28%
Derivative instrument 0.95% fixed rate
Derivative [Line Items]
Notional principal	$ 181,000
Fixed Interest Rate	0.95%
Derivative instrument 1.26% fixed rate
Derivative [Line Items]
Notional principal	$ 100,000
Fixed Interest Rate	1.26%

FINANCIAL INSTRUMENTS - Gain_(l

FINANCIAL INSTRUMENTS - Gain/(loss) on derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Change in fair value of derivative instruments	$ 78,207	$ 24,423
Realized gain/(loss) on derivative instruments	1,475	(6,024)
Gain/(loss) on derivatives	$ 79,682	$ 18,399	$ (25,182)

FINANCIAL INSTRUMENTS - Movemen

FINANCIAL INSTRUMENTS - Movements in Derivative Instruments, Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative instruments , assets, start of the period	$ 5,862	$ 109
Derivative instruments , liabilities, start of the period	(4,764)	(23,434)
Derivative instruments and hedges, net value, period start	1,098	(23,325)
Change in fair value of derivative instruments	78,207	24,423
Proceeds from termination of derivative instruments	(23,790)	0	$ 0
Derivative instruments , assets,end of the period	55,515	5,862	109
Derivative instruments , liabilities, end of the period	0	(4,764)	(23,434)
Derivative instruments and hedges, net value, period end	55,515	1,098	$ (23,325)
Derivative Instrument Asset
Derivative [Line Items]
Change in fair value of derivative instruments	73,443	5,753
Proceeds from termination of derivative instruments	(23,790)
Derivative Instrument Liability
Derivative [Line Items]
Change in fair value of derivative instruments	4,764	$ 18,670
Proceeds from termination of derivative instruments	$ 0

SHORT-TERM AND LONG-TERM DEBT -

SHORT-TERM AND LONG-TERM DEBT - Components (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 2022	Apr. 30, 2022	Dec. 31, 2021	Feb. 29, 2020	Jul. 31, 2019
Debt Instrument [Line Items]
Total debt	$ 1,732,679,000			$ 1,652,432,000
Current portion of debt	(99,706,000)			(85,879,000)
Long-term portion of debt issuance costs	(13,749,000)			(14,606,000)
Long-term debt	1,619,224,000			1,551,947,000
$320 Million Sale and Leaseback
Debt Instrument [Line Items]
Gross price			$ 320,000,000
Flex Resolute $150 Million Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	150,000,000
Flex Enterprise $150 Million Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 150,000,000
$100 million secured term loan and revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 100,000,000
Face amount						$ 100,000,000
$629 Million Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 629,000,000
Floating rate debt
Debt Instrument [Line Items]
Total debt	1,329,878,000			1,157,523,000
Floating rate debt | $320 Million Sale and Leaseback
Debt Instrument [Line Items]
Gross price	320,000,000
Total debt	305,974,000			0
Floating rate debt | Flex Resolute $150 Million Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	150,000,000
Total debt	150,000,000			0
Floating rate debt | Flex Enterprise $150 Million Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	150,000,000
Total debt	147,542,000			0
Floating rate debt | $125 revolving credit facility
Debt Instrument [Line Items]
Face amount	125,000,000
Total debt	119,475,000			0
Floating rate debt | $250 Million Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	250,000,000
Total debt	0			220,313,000
Floating rate debt | $100 million secured term loan and revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	100,000,000
Floating rate debt | $50 million term loan under $100 Million Facility
Debt Instrument [Line Items]
Face amount	50,000,000
Total debt	0			44,080,000
Floating rate debt | Flex Rainbow Sale and Leaseback
Debt Instrument [Line Items]
Total debt	0			131,906,000
Floating rate debt | $629 Million Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	629,000,000
Total debt	467,865,000			613,512,000
Floating rate debt | Flex Amber Sale and Leaseback
Debt Instrument [Line Items]
Total debt	139,022,000			147,712,000
Fix rate debt
Debt Instrument [Line Items]
Total debt	152,801,000			430,829,000
Fix rate debt | Hyundai Glovis Sale and Charterback
Debt Instrument [Line Items]
Total debt	0			271,381,000
Fix rate debt | Flex Volunteer Sale and Leaseback
Debt Instrument [Line Items]
Total debt	152,801,000			159,448,000
Line of credit
Debt Instrument [Line Items]
Total debt	250,000,000			64,080,000
Line of credit | $375 million revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	375,000,000
Line of credit | $100 million secured term loan and revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	100,000,000
Line of credit | $70 million revolving tranche under $100 Million Facility
Debt Instrument [Line Items]
Face amount	70,000,000
Total debt	0			64,080,000
Line of credit | $250 million revolving tranche under the $375 Million Facility
Debt Instrument [Line Items]
Face amount	250,000,000
Total debt	$ 250,000,000			$ 0

SHORT-TERM AND LONG-TERM DEBT_2

SHORT-TERM AND LONG-TERM DEBT - Capital Commitments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 99,706
2024	100,010
2025	308,037
2026	106,869
2027	100,417
Thereafter	1,017,640
Total	$ 1,732,679

SHORT-TERM AND LONG-TERM DEBT_3

SHORT-TERM AND LONG-TERM DEBT - Narrative (Details)

1 Months Ended

2 Months Ended

12 Months Ended

Dec. 31, 2022 USD ($)

Sep. 30, 2022 USD ($)

May 31, 2022 USD ($)

Apr. 30, 2022 USD ($)

Mar. 31, 2022 USD ($)

Jun. 30, 2020 USD ($) subsidiary

Feb. 29, 2020 USD ($)

Sep. 30, 2022 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($)

Aug. 31, 2022 USD ($)

Jul. 31, 2019 USD ($)

Apr. 30, 2019 USD ($)

Debt Instrument [Line Items]

Total debt

$ 1,732,679,000

$ 1,732,679,000

$ 1,652,432,000

Long-term debt, outstanding balance

1,732,679,000

1,732,679,000

Extinguishment costs paid on long-term debt

11,125,000

0

$ 0

Extinguishment of long-term debt

$ 16,102,000

1,209,000

$ 0

Maximum

Debt Instrument [Line Items]

Book equity ratio

1

Minimum

Debt Instrument [Line Items]

Book equity ratio

0.25

Floating rate debt

Debt Instrument [Line Items]

Total debt

1,329,878,000

$ 1,329,878,000

1,157,523,000

Fix rate debt

Debt Instrument [Line Items]

Total debt

152,801,000

152,801,000

430,829,000

Line of credit

Debt Instrument [Line Items]

Total debt

250,000,000

250,000,000

64,080,000

Loan covenant

Debt Instrument [Line Items]

Face amount

25,000,000

$ 25,000,000

Term

6 months

Loan covenant (in percent)

5%

Flex Rainbow Sale and Leaseback | Floating rate debt

Debt Instrument [Line Items]

Total debt

0

$ 0

131,906,000

$375 million sale and leaseback

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 375,000,000

$250 million secured term loan facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 250,000,000

$250 million secured term loan facility | Floating rate debt

Debt Instrument [Line Items]

Total debt

$ 217,200,000

$250 million secured term loan facility | Secured debt

Debt Instrument [Line Items]

Long-term debt, outstanding balance

0

0

219,200,000

$100 million secured term loan and revolving credit facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 100,000,000

Face amount

$ 100,000,000

$100 million secured term loan and revolving credit facility | Revolving credit facility

Debt Instrument [Line Items]

Credit facility, outstanding balance

0

0

108,100,000

$100 million secured term loan and revolving credit facility | Floating rate debt

Debt Instrument [Line Items]

Maximum borrowing capacity

100,000,000

100,000,000

$100 million secured term loan and revolving credit facility | Line of credit

Debt Instrument [Line Items]

Maximum borrowing capacity

100,000,000

100,000,000

$50 Million term loan facility | Floating rate debt

Debt Instrument [Line Items]

Total debt

$ 106,800,000

$629 Million Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 629,000,000

$629 Million Facility | Floating rate debt

Debt Instrument [Line Items]

Maximum borrowing capacity

629,000,000

629,000,000

Total debt

467,865,000

467,865,000

613,512,000

$629 Million Facility | Secured debt

Debt Instrument [Line Items]

Long-term debt, outstanding balance

460,500,000

460,500,000

602,100,000

$629 Million Facility | Commercial loan

Debt Instrument [Line Items]

Face amount

$ 250,000,000

$629 Million Facility | Commercial loan | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

2.35%

$629 Million Facility | Accordion option | Maximum

Debt Instrument [Line Items]

Face amount

$ 10,000,000

$629 Million Facility | Guaranteed loan

Debt Instrument [Line Items]

Face amount

$ 189,100,000

Term

6 years

$629 Million Facility | Guaranteed loan | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

1.20%

$629 Million Facility | Direct loan

Debt Instrument [Line Items]

Face amount

$ 189,900,000

Term

12 years

$629 Million Facility | Direct loan | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

2.25%

$375 million revolving credit facility

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

2.10%

Age adjusted term

22 years

$375 million revolving credit facility | Line of credit

Debt Instrument [Line Items]

Maximum borrowing capacity

375,000,000

375,000,000

Long-term debt, outstanding balance

368,100,000

368,100,000

$250 million revolving tranche under the $375 Million Facility | Line of credit

Debt Instrument [Line Items]

Total debt

250,000,000

250,000,000

0

Face amount

250,000,000

250,000,000

$125 million term loan facility

Debt Instrument [Line Items]

Term

6 years

$250 million term loan facility | Floating rate debt

Debt Instrument [Line Items]

Maximum borrowing capacity

250,000,000

$629 million term loan facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 150,000,000

$ 629,000,000

$ 150,000,000

Flex Enterprise $150 Million Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 150,000,000

150,000,000

Basis spread on variable rate (percent)

1.71%

Flex Enterprise $150 Million Facility | Tranche A

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 66,300,000

66,300,000

Term

6 years 9 months

Flex Enterprise $150 Million Facility | Tranche B

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 83,700,000

83,700,000

Term

20 years

Flex Enterprise $150 Million Facility | Floating rate debt

Debt Instrument [Line Items]

Maximum borrowing capacity

150,000,000

150,000,000

Total debt

147,542,000

147,542,000

0

Flex Enterprise $150 Million Facility | Line of credit

Debt Instrument [Line Items]

Long-term debt, outstanding balance

145,800,000

145,800,000

Flex Resolute $150 Million Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 150,000,000

150,000,000

Basis spread on variable rate (percent)

1.75%

Term

21 years

Tenor

6 years

Flex Resolute $150 Million Facility | Floating rate debt

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 150,000,000

150,000,000

Total debt

150,000,000

150,000,000

0

Flex Resolute $150 Million Facility | Line of credit

Debt Instrument [Line Items]

Long-term debt, outstanding balance

148,500,000

148,500,000

$113.8 million facility

Debt Instrument [Line Items]

Total debt

113,800,000

113,800,000

$125 revolving credit facility | Floating rate debt

Debt Instrument [Line Items]

Total debt

119,475,000

119,475,000

0

Face amount

125,000,000

125,000,000

Flex Rainbow Sale and Leaseback

Debt Instrument [Line Items]

Repayments of unsecured debt

128,000,000

Net balance under the sale and leaseback agreement

0

0

131,100,000

$320 Million Sale and Leaseback

Debt Instrument [Line Items]

Gross price

$ 320,000,000

Basis spread on variable rate (percent)

2.50%

Sale and leaseback agreement, consideration transferred

$ 317,100,000

Net outstanding balance under the sale and leaseback lease agreement

303,200,000

303,200,000

Age adjusted term

20 years

Sale and leaseback, consideration paid

$ 160,000,000

Sale and charterback agreement, charter period

10 years

Sale leaseback transaction, repurchase period

3 years

Sale and leaseback agreement, option to repurchase vessel

$ 66,500,000

$320 Million Sale and Leaseback | Floating rate debt

Debt Instrument [Line Items]

Gross price

320,000,000

320,000,000

Total debt

305,974,000

305,974,000

0

Hyundai Glovis Sale and Charterback

Debt Instrument [Line Items]

Long-term debt, outstanding balance

$ 130,400,000

130,400,000

$ 131,000,000

Sale and charterback agreement, consideration transferred

$ 137,000,000

137,000,000

$ 137,000,000

Extinguishment costs paid on long-term debt

12,600,000

Extinguishment of debt, direct costs

10,900,000

Extinguishment of long-term debt

$ 1,700,000

Net outstanding balance under the sale and charterback lease agreement

0

0

269,500,000

Flex Amber Sale and Leaseback

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

3.20%

Number of vessel owning subsidiaries | subsidiary

1

Sale and leaseback agreement, sale price

$ 206,500,000

Sale and leaseback agreement, consideration transferred

156,400,000

Sale and leaseback agreement, advance hire adjustment

$ 50,100,000

Sale and leaseback agreement, charter period

10 years

Sale and leaseback agreement, lease period

10 years

Sale and leaseback agreed purchase price

$ 69,500,000

Net outstanding balance under the sale and leaseback lease agreement

137,600,000

$ 137,600,000

146,000,000

Flex volunteer sale and leaseback

Debt Instrument [Line Items]

Term

10 years

Sale and leaseback agreement, sale price

215,000,000

Sale and leaseback agreement, consideration transferred

80,000,000

$ 80,000,000

160,000,000

Net outstanding balance under the sale and leaseback lease agreement

$ 151,100,000

$ 151,100,000

157,400,000

Sale and leaseback agreement, charterers down payment

$ 55,000,000

FAIR VALUE OF FINANCIAL ASSET_3

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Schedule of Estimated Fair Value and Carrying Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Carrying value of asset (liability) | Level 1
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Cash and cash equivalents	$ 332,329	$ 200,652
Restricted cash	72	518
Carrying value of asset (liability) | Level 2
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Derivative instruments assets	55,515	5,862
Derivative instruments liabilities	0	(4,764)
Carrying value of asset (liability) | Level 2 | Floating rate debt
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Rate debt	(1,563,657)	(1,206,522)
Carrying value of asset (liability) | Level 2 | Fixed rate debt
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Rate debt	(151,074)	(426,897)
Fair value asset (liability) | Level 1
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Cash and cash equivalents	332,329	200,652
Restricted cash	72	518
Fair value asset (liability) | Level 2
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Derivative instruments assets	55,515	5,862
Derivative instruments liabilities	0	(4,764)
Fair value asset (liability) | Level 2 | Floating rate debt
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Rate debt	(1,579,878)	(1,221,603)
Fair value asset (liability) | Level 2 | Fixed rate debt
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Rate debt	$ (159,698)	$ (465,287)

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Related Party Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due from related parties	$ 60	$ 228
Affiliate
Related Party Transaction [Line Items]
Due to related parties	(328)	(348)
Affiliate | Seatankers Management Norway AS
Related Party Transaction [Line Items]
Due from related parties	16	18
Affiliate | Frontline plc
Related Party Transaction [Line Items]
Due from related parties	0	162
Affiliate | Frontline Management AS
Related Party Transaction [Line Items]
Due from related parties	0	1
Affiliate | Northern Ocean Limited
Related Party Transaction [Line Items]
Due from related parties	33	47
Affiliate | Avance Gas Trading Ltd
Related Party Transaction [Line Items]
Due from related parties	2	0
Affiliate | Sloane Square Capital Holdings Ltd
Related Party Transaction [Line Items]
Due from related parties	9	0
Affiliate | Frontline Management (Bermuda) Limited
Related Party Transaction [Line Items]
Due to related parties	(30)	(85)
Affiliate | Frontline Corporate Services Ltd
Related Party Transaction [Line Items]
Due to related parties	(4)	(30)
Affiliate | Flex LNG Fleet Management AS
Related Party Transaction [Line Items]
Due to related parties	(293)	(232)
Affiliate | SFL Corporation Ltd
Related Party Transaction [Line Items]
Due to related parties	$ (1)	$ (1)

RELATED PARTY TRANSACTIONS - Tr

RELATED PARTY TRANSACTIONS - Transactions with Other Affiliates of Geveran (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Front Ocean Management AS
Related Party Transaction [Line Items]
Total related party transactions	$ (500)	$ (100)	$ 0
Frontline Management AS
Related Party Transaction [Line Items]
Total related party transactions	(300)	(500)	(300)
Affiliate
Related Party Transaction [Line Items]
Total related party transactions	(4,532)	(4,298)	(2,674)
Affiliate | Seatankers Management Co. Ltd
Related Party Transaction [Line Items]
Total related party transactions	(225)	(144)	(312)
Affiliate | Front Ocean Management AS
Related Party Transaction [Line Items]
Total related party transactions	(226)	(55)	0
Affiliate | Frontline Management (Bermuda) Limited
Related Party Transaction [Line Items]
Total related party transactions	(272)	(288)	(122)
Affiliate | Front Ocean Management Ltd
Related Party Transaction [Line Items]
Total related party transactions	(258)	0	0
Affiliate | Golden Ocean Management AS
Related Party Transaction [Line Items]
Total related party transactions	0	(1)	0
Affiliate | Flex LNG Fleet Management AS
Related Party Transaction [Line Items]
Total related party transactions	(3,489)	(3,235)	(1,795)
Affiliate | Seatankers Management Norway AS
Related Party Transaction [Line Items]
Total related party transactions	(58)	(59)	(81)
Affiliate | Frontline plc
Related Party Transaction [Line Items]
Total related party transactions	0	(2)
Related party revenue			17
Affiliate | Frontline Management AS
Related Party Transaction [Line Items]
Total related party transactions		(184)	(154)
Related party revenue	10
Affiliate | SFL Corporation Ltd
Related Party Transaction [Line Items]
Total related party transactions	0	0	(2)
Affiliate | FS Maritime SARL
Related Party Transaction [Line Items]
Total related party transactions	(32)	(337)	(225)
Affiliate | Avance Gas Trading Ltd
Related Party Transaction [Line Items]
Related party revenue	4	0	0
Affiliate | Sloane Square Capital Holdings Ltd
Related Party Transaction [Line Items]
Related party revenue	8	0	0
Affiliate | Northern Ocean Limited
Related Party Transaction [Line Items]
Related party revenue	$ 6	$ 7	$ 0

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Affiliate
Related Party Transaction [Line Items]
Related party transactions, costs	$ 4,532	$ 4,298	$ 2,674
Front Ocean Management AS
Related Party Transaction [Line Items]
Related party transactions, costs	500	100	0
Front Ocean Management AS | Affiliate
Related Party Transaction [Line Items]
Related party transactions, costs	226	55	0
Frontline Management AS
Related Party Transaction [Line Items]
Related party transactions, costs	300	500	300
Frontline Management AS | Affiliate
Related Party Transaction [Line Items]
Related party transactions, costs		184	154
Seatankers Management Co. Ltd | Affiliate
Related Party Transaction [Line Items]
Related party transactions, costs	225	144	312
Seatankers Management Co. Ltd | Advisory and support services | Affiliate
Related Party Transaction [Line Items]
Related party transactions, costs	200	100	300
Flex LNG Fleet Management AS | Affiliate
Related Party Transaction [Line Items]
Related party transactions, costs	3,489	3,235	1,795
Flex LNG Fleet Management AS | Technical management and support services | Affiliate
Related Party Transaction [Line Items]
Related party transactions, costs	$ 3,500	$ 3,200	$ 1,800

MINIMUM COMMITTED REVENUE - Com

MINIMUM COMMITTED REVENUE - Committed Time Charter Revenues (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 353,525
2024	341,162
2025	265,203
2026	210,058
2027	160,118
Thereafter	380,557
Total	$ 1,710,623

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Mar. 09, 2023	Feb. 28, 2023	Jan. 31, 2023	Feb. 13, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Feb. 29, 2020
$629 million term loan facility
Subsequent Event [Line Items]
Non-amortizing revolving credit facility						$ 150		$ 629
Interest rate swap
Subsequent Event [Line Items]
Notional principal					$ 691		$ 677.8
Subsequent event
Subsequent Event [Line Items]
Fixed Interest Rate	4.80%		3.26%
Subsequent event | Dividends declared, fourth quarter 2022
Subsequent Event [Line Items]
Dividends per share (USD per share)				$ 0.75
Subsequent event | Dividends declared, special dividend, fourth quarter 2022
Subsequent Event [Line Items]
Dividends per share (USD per share)				$ 0.25
Subsequent event | $330 million sale and leaseback
Subsequent Event [Line Items]
Gross price			$ 330
Sale leaseback transaction, lease term			10 years
Sale leaseback transaction, additional lease term			2 years
Basis spread on variable rate (percent)			2.15%
Subsequent event | Flex Amber
Subsequent Event [Line Items]
Sale and leaseback agreement, consideration transferred			$ 170
Subsequent event | Flex Artemis
Subsequent Event [Line Items]
Sale and leaseback agreement, consideration transferred			160
Subsequent event | $290 million facility
Subsequent Event [Line Items]
Non-amortizing revolving credit facility		$ 290
Basis spread on variable rate (percent)		1.85%
Term		6 years
Age adjusted term		22 years
Subsequent event | 140$ million revolving credit facility | Line of credit
Subsequent Event [Line Items]
Face amount		$ 140
Subsequent event | 150$ million revolving credit facility | Line of credit
Subsequent Event [Line Items]
Face amount		$ 150
Subsequent event | Interest rate swap
Subsequent Event [Line Items]
Notional principal	$ 181		$ 50
Term of swaps	2 years		10 years