The top management of John Fredriksen-backed Flex LNG offloaded shares worth around $3.9m last week.
Chief executive Oystein Kalleklev and chief financial officer Knut Traaholt exercised options before selling the stock on the New York Stock Exchange.
On 18 and 19 September, Kalleklev exercised options before selling the shares.
He exercised 100,000 options with a total exercise price of $692,500.
He sold the 100,000 shares at average price of 26.65 per share, cashing in $2.66m.
Following the sale, Kalleklev owns 50,000 common Flex LNG shares.
Traaholt exercised 48,000 options and subsequently sold the shares at the same price as Kalleklev. He cashed in $1.28m.
The Flex LNG share has fallen about 13% this year.
In connection with its earnings in August, the company announced it had secured two new facilities in a debt refinancing.
It landed a $160m sale-and-leaseback deal maturing in 2034 on the back of the charter extension of its 173,400-cbm LNG carrier Flex Endeavour (built 2018).
It also secured a $270m loan for its 174,000-cbm Flex Aurora (built 2020) and Flex Ranger (built 2018) that matures in 2030.
Kalleklev said then that the two facilities will refinance a $375m bank facility that is Flex’s first scheduled debt maturity in the second quarter of 2028.
Jefferies analyst Omar Nokta upgraded the stock after the refinancing deals, lifting his recommendation from “underperform” to “hold”.
“Its backlog remains intact and its pro forma balance sheet provides support to its dividend,” he wrote.
