Awilco LNG

Earnings Release • Aug 21, 2024

Second quarter 2024

August 21, 2024

Disclaimer

This presentation may include certain forward-looking statements, forecasts, estimates, predictions, influences and projections regarding the intent, opinion, belief, various assumptions or current expectations of Awilco LNG (the "Company") and it's management with respect to, among other things, (i) goals and strategies, (ii) evaluation of the Company's markets, competition and competitive position, and (iii) anticipated future performance and trends which may be expressed or implied by financial or other information or statements contained herein. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as "may", "could", "should", "would", "expect", "plan", "anticipate", "intend", "forecast", "believe", "estimate", "predict", "propose", "potential",

"continue" or the negative of these terms and similar expressions are intended to identify such forward-looking statements.

These forward-looking statements, forecasts, estimates, predictions, influences and projections are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that will occur in the future, some of which are beyond our control and difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements, and no representation is made as to the accuracy of these. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements, forecasts, estimates, predictions, influences and projections are: changes in LNG transportation market trends; changes in the supply and demand for LNG; changes in trading patterns; changes in applicable maintenance and regulatory standards; changes in applicable regulations and laws; technological developments affecting gas and LNG demand; political events affecting production and consumption of LNG; changes in the financial stability of clients of the Company; the Company's ability to secure employment for available vessels and newbuildings on order; increases in the Company's cost base; failure by yards to comply with delivery schedules; changes to vessels' useful lives and residual values; the Company's ability to obtain financing of the newbuildings and lastly unpredictable or unknown factors with material adverse effects on forward-looking statements. Neither the receipt of this presentation by any person, nor any information contained herein, constitutes, or shall be relied upon as constituting, any advice relating to the future performance of the Company. Each person should make their own independent assessment of the merits of the Company and its business and should consult their notice. Neither the Board of Directors of the Company or the Company and it's management make any representation or warranty, express or implied, as to the accuracy or completeness of this presentation or of the information contained herein and none of such parties shall have any liability for the information contained in, or any omissions from, this presentation, nor for any of the written, electronic or oral communications transmitted to the recipient in the course of the recipient's own

www.awilcolng.no - 2 own professional advisors. The information and opinions contained in this presentation relate only as of the date of this presentation and are subject to change without investigation and evaluation of the Company or its business. Unless legally required, the Company assumes no responsibility or obligation to update publicly or review any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise.

Company overview

Awilco LNG is a fully integrated pure play LNG transportation

provider, owning and operating LNG carriers. The Company currently own and operates two 2013-built 156,000 cbm TFDE LNG carriers, WilPride and WilForce, trading in the medium-term market. Awilco LNG is listed on Euronext Expand with ticker ALNG.

Agenda August 21, 2024 1. Highlights 2. Financials second quarter 2024 3. Market update 4. Summary

• www.awilcolng.no 4
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Highlights

• Awilco LNG achieved a net result of USD 8.7 million and earnings per share of USD 0.07 in the second quarter 2024, up from a net result of USD 7.2 million and USD 0.05 per share in the first quarter 2024. First half year 2024 net result ended at USD 15.8 million and USD 0.12 per share. Net freight income of USD 22.4 million in second quarter 2024, compared to USD 21.9 million in first quarter 2024. First half year 2024 net freight income EBITDA in second quarter 2024 ended at USD 18.8 million, up from USD 17.6 million in first quarter 2024. First half year 2024 EBITDA ended at USD 36.4
• ended at USD 44.3 million, up from USD 42.4 million for the same period last year.
• million, up from 35.0 million for the same period last year.
• Vessel utilization was 100% for second quarter 2024, the same as for first quarter 2024 and for first half year last year.
• www.awilcolng.no 5 Net TCE came in at USD 122,900 and USD 121,700 per day for second quarter and first half year respectively, compared to USD 120,500 and USD 117,500 per day respectively for the same periods last year. On June 13, 2024 the Company completed the refinancing of both vessels. The refinancing will reduce the Company's cash payments by approximately USD On August 20, 2024, the Board authorized a cash dividend payment of NOK 0.25 per share to be paid in September 2024. The Company has thus declared a
  • In May the Company declared a dividend of NOK 0.75 per share for the first quarter. The dividend, corresponding to USD 9.3 million was paid in July 2024.
  • 6.5 million over the next 12 months and cash break-even will be reduced by approximately USD 9,000 per day per vessel compared to the previous financing.
  • total of NOK 3.60 per share in dividends since the inception of dividends in March 2023.

1) TCE: Net freight income divided by the number of calendar days less off-hire days

Agenda August 21, 2024 1. Highlights 2. Financials second quarter 2024 3. Market update 4. Summary

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Second quarter 2024 income statement

					Second quarter 2024 income statement
USD million	Q2'24	Q1'24	Q2'23	2023
Freight income	22.8	22.1	22.1	80.7
Voyage related expenses	(0.4)	(0.2)	(0.2)	(1.3)
Net freight income	22.4	21.9	21.9	79.4
Other income	0.0	0.0	0.0	5.0
Operating expenses	(2.8)	(3.5)	(2.4)	(11.3)
Administration expenses	(0.8)	(0.9)	(1.1)	(4.2)
EBITDA	18.9	17.6	18.4	68.9
Depreciation	(3.9)	(3.9)	(3.1)	(12.9)
Net finance	(6.2)	(6.5)	(4.3)	(17.7)
Profit/(loss) before tax	8.7	7.2	11.0	38.3
Tax	-	-	-	-
Profit/(loss)	8.7	7.2	11.0	38.3
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Second quarter 2024 financial position

Second quarter 2024 financial position
USD million	30.06.24	31.03.24	31.12.23
Vessels	309.9	313.8	317.3
Other fixed assets	0.6	0.5	0.5
Total non-current assets	310.5	314.3	317.8
Trade receivables	2.8	0.0	2.8
Other short term assets	5.3	1.3	2.2
Cash and cash equivalents	36.7	38.3	27.1
Total current assets	44.8	39.6	32.1
Total assets	355.3	353.9	349.9
Total equity	139.1	139.7	144.7
Long-term interest bearing debt	184.1	168.4	170.8
Other non-current liabilities Non-current liabilities	0.6 184.7	0.6 169.0	0.5 171.3
Short-term interest bearing debt	13.0	18.8	18.8
Other current liabilities	18.4	26.4	15.1
Total current liabilities	31.4	45.2	33.9
Total equity and liabilities	355.3	353.9	349.9
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Second quarter 2024 cash flow

Second quarter 2024 cash flow
			2023
			38.3
			-
			18.8
			12.9
			(0.5)
			0.9
			70.5
			(13.1)
			(13.1)
200.0	-	-	-
12.2	(0.0)	6.1	20.0
(187.5)	(4.7)	(4.7)	(18.8)
(12.0)	(4.6)	(4.4)	(17.6)
(11.6)	(9.3)	(15.2)	(56.3)
			1.0
			26.1
			27.1
	Q2'24 8.7 - 6.4 3.9 (6.9) (2.1) 10.0 (0.0) (0.0) (1.6) 38.3 36.7	Q1'24 7.2 - 6.8 3.9 3.7 (0.6) 20.9 (0.4) (0.4) 11.2 27.1 38.3	Q2' 23 11.0 - 4.7 3.1 (0.2) (0.3) 18.4 (1.8) (1.8) 1.4 28.0 29.4

Agenda August 21, 2024 1. Highlights 2. Financials second quarter 2024 3. Market update 4. Summary

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Spot rates

• Rates stayed at low levels during second quarter but have been slightly more volatile so far in third quarter as outages at production facilities have put pressure on activity and rates.
• Spot rates are slowly inching up which is driving some more activity on multi-month deals with the 1/year TC for TFDEs continue to be quoted around USD 60- 65,000 per day

LNG export and import

Q2 2024 vs Q2 2023 (YoY change)

Asia and Oceania Europe South America Middle East and Gulf Africa North America and Caribbean Russia

• European import decreased significantly for year over year for the quarter due to mild winter and high storage level
• Increased Asian import, primarily to China partly compensated shortage of European import
• Limited growth in US export, set to increase going forward

Source: Fearnley LNG

Gas prices

USD/MMBTU

US (HH) Asia (JKM) Europe (TTF)

• Volatility in gas prices back "to normal" as prices also normalize in the \$7-14 range.
• Limited arbitrage opportunities between gas prices in Europe and Asia

Trainspotting – new LNG production

• ~ 295 MTPA new capacity currently under construction or in advanced planning
  • of this ~90 MTPA are at potential risk should the US Department of Energy stop issuing non-FTA permits
• Qatar announced next phase aiming to increase exports from 121 MTPA to 142 MTPA by 2030

Source: Poten & Partners

LNG fleet and orderbook

• Orderbook for LNGC stands at 353 of which about 7% are unfixed
• Contract prices have flattened out but remain high, as do interest rates while charter rates do not support speculative ordering.

Source: Poten & Partners

Agenda August 21, 2024 1. Highlights 2. Financials second quarter 2024 3. Market update 4. Summary

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Summary

• The Company report a profit for the quarter of USD 8.7 million
• Completed refinancing in June 2024, reducing Cash BE with USD 9,000 per day per vessel and reducing cash outlay with USD 6.5 million over the next 12 months WilForce trading in the spot market while actively seeking longer employment Mid- and long-term demand for LNG transportation remains strong ─ Disruptions in trade patterns will increase ton-mile until resolved ─ High delivery pace from shipyards going forward may limiting rate improvement but commercial and environmental phase-out of older and ─ WilForce trading in the spot market, while actively pursuing longer contracts ─ WilPride fixed until December 2025 + 2 year option
• The Board of Directors approved a dividend of NOK 0.25 per share, payable on or about September 12, 2024
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• www.awilcolng.no 17 smaller steam vessels reduce tonnage surplus
  • ─ LNG volumes are set to grow massively during 2nd half of this decade with several FIDs recently taken
  • Awilco LNG
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Jon Skule Storheill CEO Mobile: +47 913 44 356 E-mail: jss@awilcolng.no

www.awilcolng.no - 19 - Per Heiberg CFO Mobile: +47 952 20 264 E-mail: pheiberg@awilcolng.no