RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

Related Party Transactions [Abstract]

Related party transactions

RELATED PARTY TRANSACTIONS

We transact business with the following related parties and affiliated companies (and respective subsidiaries), being companies in which Geveran Trading Co. Ltd and companies associated with Geveran Trading Co. Ltd have significant influence or control: SFL Corporation Ltd, Seatankers Management Norway AS, Seatankers Management Co. Ltd, Paratus Energy Services Ltd, Frontline Plc, Avance Gas Trading Ltd, Flex LNG Fleet Management AS and Front Ocean Management AS.

Related Party Balances

A summary of receivables due from related parties as of December 31, 2025 and 2024 is as follows:

(in thousands of $)	2025	2024
Frontline (Management) Cyprus Ltd	340	686
Receivables due from related parties	340	686

A summary of payables due to related parties as of December 31, 2025 and 2024 is as follows:

(in thousands of $)	2025	2024
Frontline Corporate Services Ltd	(21)	(23)
Seatankers Management Co. Ltd	(4)	(29)
Flex LNG Fleet Management AS	(309)	(358)
Front Ocean Management Ltd	(41)	(65)
Front Ocean Management AS	(244)	—
Frontline (Management) Cyprus Ltd	(50)	(48)
SFL Corporation Ltd	(4)	—
Payables due to related parties	(673)	(523)

Related Party Transactions

A summary of expenses recorded from related parties for the years ended December 31, 2025, 2024, and 2023 are as follows:

(in thousands of $)	2025	2024	2023
Administration service fees
Seatankers Management Co. Ltd	(192)	(157)	(115)
Front Ocean Management AS	(684)	(506)	(400)
Frontline Management (Bermuda) Ltd	—	(96)	(128)
Front Ocean Management Ltd	(311)	(265)	(257)
Frontline (Management) Cyprus Ltd	(224)	(144)	—
SFL Corporation Ltd	(30)	—	—
Technical management fees
Flex LNG Fleet Management AS	(3,936)	(3,589)	(3,435)
Office facilities
Seatankers Management Norway AS	—	(17)	(85)
Frontline Corporate Services Ltd	(55)	(23)	—
Total related party transactions	(5,432)	(4,797)	(4,420)

A summary of income recorded from related parties for the years ended December 31, 2025, 2024, and 2023 are as follows:

(in thousands of $)	2025	2024	2023
Avance Gas Trading Ltd	3	15	293
Sloane Square Capital Holdings Ltd	—	—	9
Paratus Management (UK) Limited	—	—	5
Seatankers Services (UK) LLP	—	6	4
Total related party transactions	3	21	311

Service Level 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, 2025, we recorded an expense, within administrative expenses, of $1.0 million for these services (2024: $0.8 million (2023: $0.7 million)).

We have an administrative services agreement with Frontline Management AS, or 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 markup. Frontline Management may subcontract these services to other associated companies, including Frontline Management (Bermuda) Ltd and Frontline (Management) Cyprus Ltd. In the year ended December 31, 2025, we recorded an expense, within administrative expenses, of $0.3 million from Frontline Management and associated companies for these services (2024: $0.3 million (2023: $0.1 million)).

We also have an agreement with Seatankers Management Co. Ltd, or 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 markup. In the year ended December 31, 2025, we recorded an expense, within administrative expenses, of $0.2 million from Seatankers for these services (2024: $0.2 million (2023: $0.1 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 with Flex LNG Fleet Management AS, we pay our allocation of the actual costs they incur on our behalf, plus a markup. In the year ended December 31, 2025, we recorded an expense, within vessel operating expenses, of $3.9 million from Flex LNG Fleet Management AS for these services (2024: $3.6 million (2023: $3.4 million)).

Income from Related Parties

Certain of the Companies employees and management have periodically performed administrative, accounting and chartering services for related parties and these activities are billed to related parties at cost plus a markup. In the year ended December 31, 2025, we recorded an income, within administrative expenses, from related parties of $0.0 million (2024: $0.0 million (2023: $0.3 million)).