Flex LNG Ltd, the liquefied natural gas shipping company based in Bermuda, has reported second-quarter net income of $21.8 million, a drop from the first-quarter net income of $33.2 million.

Vessel operating revenues were $84.7 million for the quarter, which compares with $90.2 million in the first quarter.

The average time charter equivalent rate was $72,385 per day, which compares with $76,539 per day for the first quarter.

The company declared a dividend of $0.75 per share, payable on or about September 12 to shareholders on record as of August 29.

Øystein M. Kalleklev, CEO of Flex LNG Management AS, said: “Flex LNG’s second quarter came in as guided with revenues of $84.7 million, which was in line with our guidance of ‘close to $85 million’.

“The second quarter is generally the weakest quarter of the year, and this was also the case this year, with spot earnings bottoming out during the first half of the quarter in line with the normal seasonal pattern.

“Seasonally low spot rates affected the quarterly earnings for Flex Artemis, our only ship on variable hire linked to the spot market, as well as Flex Constellation, which traded spot for a short period during April and May before she commenced a ten-month fixed-hire time charter in May.”

He added: “The seasonal slowdown in the market during the second quarter is also the reason why we put two ships in dry dock during the quarter. During the quarter, we completed the five-year special survey of the sister ships Flex Constellation and Flex Courageous according to plan and budget. Both ships were back in operation during the quarter, and we have no more dry docking stays planned for the rest of the year.

“We expect our revenues to increase in the second half of the year due a new fixed-hire contract for Flex Constellation, higher earnings for the ship with variable hire as spot rates have been picking up and the fact that we have no more scheduled off-hire for the year. For the third quarter, we therefore expect revenues to increase to approximately $90 million.”

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Golar LNG Ltd, the Bermudian-based owner of tankers that haul liquefied natural gas, has reported second-quarter net income attributable to Golar of $26 million, and adjusted earnings before interest, tax, depreciation and amortisation of $59 million.

That compares with a net loss of $4.5 million in the second quarter of 2023, and adjusted ebitda in that period of $83 million.

The company has an adjusted ebitda backlog of approximately $11 billion, including existing and redeployment charters for floating liquefied natural gas carriers Hilli and Gimi, before commodity exposure.

Golar said: “Golar’s offering as the only proven operator of FLNG as a service and planned available liquefaction capacity from 2027-28 continues to be met by strong prospective client interest for additional FLNG projects.

“FLNG project opportunities in West Africa, South America, the Middle East and South-East Asia are at various stages of development.”

As of June 30, the company said, 104 million shares are issued and outstanding. Of the $150 million approved share buyback scheme, $74.1 million remains available.

Golar’s board has approved a second-quarter dividend of $0.25 per share to be paid on or around September 3 to shareholders of record on August 26.

Seven directors were re-elected at the company’s annual general meeting.

Re-elected were Tor Olav Troim, Daniel W. Rabun, Thorleif Egeli, Carl E. Steen, Niels G. Stolt-Nielsen, Lori Wheeler Naess and Georgina E. Sousa.

A resolution was passed to approve remuneration of the company’s board of directors of a total amount of fees not to exceed $2.05 million for the year ended December 31.

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Seven directors have been re-elected at the annual general meeting of Borr Drilling Ltd, the Bermudian-based oilfield services company.

Re-elected were Tor Olav Trøim, Alexandra Kate Blankenship, Neil J. Glass, Mi Hong Yoon, Daniel Rabun, Jeffrey Currie and Patrick Schorn.

A resolution was passed to approve remuneration of the company’s board of directors of a total amount of fees not to exceed $1.4 million for the year ended December 31.