After 7.5 years with Flex LNG, CEO quits to pursue other opportunities

The board of directors of Bermuda-headquartered liquefied natural gas (LNG) shipping company Flex LNG has accepted the resignation of its Chief Executive Officer (CEO) and named an interim one.

The LNG firm disclosed that Øystein Kalleklev has decided to step down as CEO. After coming on board in October 2017, Kalleklev was named CEO in August 2018. Before his career at Flex, Kalleklev was CFO of Knutsen NYK Offshore Tankers and Chairman of the General Partner of the MLP KNOT Offshore Partners, among others.

Kalleklev remarked: “I would like to thank everyone involved, particularly my good colleagues, for a fantastic journey with Flex LNG. Together during the last seven and a half years, we have built from scratch a first-class LNG shipping company which is uniquely positioned with a substantial contract backlog and a fortress balance sheet. After a long stint as CEO, I do however feel it’s about time for me to move on pursuing other opportunities.”

Ola Lorentzon, the Chairman of Flex LNG’s board of directors, thanked the outgoing CEO for his leadership, noting that the company delivered strong performance and shareholder value creation under his stewardship.

Marius Foss, currently the firm’s Chief Commercial Officer (CCO), was appointed interim CEO. Foss holds a diploma in Shipping from the London School of Foreign Trade as well as a Degree in Merchant navy deck officer from Stord/Haugesund University College.

Kalleklev, who intends to remain available in an advisory capacity until the end of Q3 to ensure a smooth transition period, expressed satisfaction with Foss’ nomination, calling him “instrumental” for the development and implementation of Flex LNG’s commercial strategy. “With him at the helm, Flex LNG is in very safe and capable hands,” concluded Kalleklev.

The firm recently secured a multi-year assignment with an undisclosed company for one of its LNG carriers, the Flex Constellation.