Flex LNG CEO Jonathan Cook has resigned to pursue other interests.
The John Fredriksen-backed company said Cook took the decision on Monday.
Board member Marius Hermansen will be interim CEO while it seeks a successor.
Flex also confirmed it has brought in Golar LNG's senior vice president and head of shipping Marius Foss as head of commercial, as tipped by TradeWinds earlier this month after he resigned from Golar.
"The board has increased its focus on building a strong team around the company's modern LNGC fleet, and given the market outlook, transportation of LNG will be the company's core focus going forward," Flex said.
Newbuildings added
Flex also said it had entered into an agreement to acquire two 174,0000-cbm X-DF LNGC newbuildings under construction at Hyundai Heavy Industries (HHI) for an "attractive price" of $184m each, which includes building supervision.
It said the vessels were being sold by its "largest shareholder", John Fredriksen.
"Payment terms are favorable with 20% of the amount due following signing of such agreement while remaining 80% is due at delivery," it said.
"Hence seller is funding part of pre-delivery capex which illustrates commitment and support of the largest shareholder."
TradeWinds reported in March that four LNG carrier newbuilding berths had been secured by Fredriksen’s interests for Flex LNG.
The tycoon was said to be behind two vessels confirmed by HHI that month.
In addition, the Norwegian shipping magnate was also the name that signed up to a pair of vessels at DSME.
The orders will bring Flex's owned LNG carrier fleet to 10, with the company's chartered-in vessels adding to this tally.
Sale and leaseback revealed
The company has also announced a sale and leaseback deal for its 174,000-cbm newbuilding Flex Rainbow, due from Samsung in August.
It received credit approval for the transaction this week.
An Asian lessor will buy it for 75% of the newbuilding price.
The remaining 25% represents advance hire for the ten-year lease period.
CFO Oystein Kalleklev added: "Although we are disappointed by the financial performance in first quarter, we are pleased to be able to announce an attractive sale-leaseback of Flex Rainbow.
"This lease enables the company to grow organically based on its existing paid-in equity by the acquisition of two additional high specification LNGC newbuildings at very attractive terms and conditions.
"The newbuildings are both fitted with X-DF propulsion, giving us a broader offering to our customers once delivered from yard mid-2020."
He added: "The market for LNG transportation is cyclically recovering from lows experienced beginning of first quarter and we remain very confident about the long-term structural prospects for this market and are thus positioning for this up-turn with this accretive fleet expansion."
Loss grows in first quarter
The company also announced a net loss of $1.8m for the first quarter, compared to a deficit of $1m in 2017.
This was blamed on weak utilisation of one of its first two newbuildings delivered in January, which has been operating spot.
There were also increased financing costs related to a $315m term loan facility.
Revenue grew to $15.1m compared to $1.3m after the vessels were handed over.
EBITDA turned positive at $2.4m, versus a loss of $2.4m a year ago.
