Awilco LNG

Investor Presentation • Nov 15, 2023

Third quarter 2023

November 15, 2023

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

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

www.awilcolng.no - 2 statements. Words such as "may", "could", "should", "would", "expect", "plan", "anticipate", "intend", "forecast", "believe", "estimate", "predict", "propose", "potential", 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 of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise.

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

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 November 14, 2023 1. Highlights 2. Financials third quarter 2023 3. Market update 4. Summary

• www.awilcolng.no 4

Highlights

• Awilco LNG achieved a net result of USD 3.3 million and profit per share of USD 0.03 in the third quarter, down from a net result of USD 11.0 million and USD 0.08 per share in the second quarter 2023
• Net freight income of USD 14.8 million in third quarter 2023, down from USD 21.9 million in second quarter 2023
• EBITDA in third quarter 2023 ended at USD 11.1 million, down from USD 18.4 million in second quarter 2023
• Both vessels successfully completed their scheduled second special survey, including dry-dock during the quarter. Surveys were done on time and budget at a total cost for both vessels of USD 12.2 million with a total of 60 days off-hire including positioning and repositioning
• www.awilcolng.no 5 Vessel utilization was 100% for third quarter (excluding off-hire days from scheduled dry-docking) and 68% based on all days with net TCE at USD 119,500 (excluding off-hire days from scheduled dry-docking) compared to 100% utilization and USD 120,5000 per day for second quarter In September the Company paid NOK 0.25 per share in dividend, corresponding to USD 3.1 million bringing total paid dividend
• during the first nine months of 2023 to NOK 1.25 per share, corresponding to USD 15.6 million
• On November 14, 2023, the Board authorized a cash dividend payment of NOK 0.35 per share to be paid in December

Agenda November 14, 2023 1. Highlights 2. Financials third quarter 2023 3. Market update 4. Summary

• www.awilcolng.no 6

Third quarter 2023 income statement

Third quarter 2023 income statement
USD million	Q3'23	Q2'23	YTD'23	2022
Freight income	15.6	22.1	58.4	51.5
Voyage related expenses	(0.7)	(0.2)	(1.1)	(6.2)
Net freight income	14.9	21.9	57.3	45.3
Other income	0.0	0.0	0.0	0.4
Operating expenses	(2.8)	(2.4)	(8.2)	(11.0)
Administration expenses	(1.0)	(1.1)	(2.3)	(3.6)
EBITDA	11.1	18.4	46.1	31.1
Depreciation	(3.2)	(3.1)	(9.6)	(12.7)
Net finance	(4.5)	(4.3)	(8.6)	(12.6)
Profit/(loss) before tax	3.3	11.0	23.4	5.8
Tax	-	-	-	-
Profit/(loss)	3.3	11.0	23.4	5.8
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Third quarter 2023 financial position

Third quarter 2023 financial position
USD million	30.09.23	30.06.23	31.12.22
Vessels	320.2	314.0	317.1
Other fixed assets	0.5	0.5	0.5
Total non-current assets	317.3	314.5	317.6
Trade receivables	2.4	3.8	3.8
Financial investments	0.0	0.0	0.0
Other short term assets	0.4	0.6	0.6
Cash and cash equivalents	25.0	29.4	26.1
Total current assets	27.8	33.8	30.6
Total assets	348.5	348.3	348.1
Total equity	134.2	134.0	126.4
Long-term interest bearing debt	175.3	179.8	188.8
Other non-current liabilities	0.5	0.6	0.6
Non-current liabilities	175.8	180.4	189.4
Short-term interest bearing debt	18.8	18.8	18.8
Other current liabilities	19.7	15.1	13.5
Total current liabilities	38.5	33.9	32.3
Total equity and liabilities	348.5	348.3	348.1
www.awilcolng.no				- 8 -

Third quarter 2023 cash flow

Third quarter 2023 cash flow
USD million	Q3'23	Q2'23	Q3'22	2022
Cash Flows from Operating Activities:
Profit/(loss) before taxes	3.3	11.0	(5.1)	5.8
Income taxes paid	-	-	-	-
Interest and borrowing costs expensed Depreciation, amortisation and impairment	4.8 3.2	4.7 3.1	3.5 3.1	12.8 12.7
Valuation adjustment of securities, net	0.0	0.0	0.0	0.0
Trade receivables, inventory and other short term assets	1.7	(0.2)	4.0	1.1
Accounts payable, accrued exp. and deferred revenue	1.0	(0.3)	5.7	2.0
Net cash provided by / (used in) operating activities	14.1	18.4	11.3	34.5
Cash Flows from Investing Activities:
Investment in vessels and securities	(6.1)	(1.8)	0.4	(2.8)
Net cash provided by / (used in) investing activities	(6.1)	(1.8)	0.4	(2.8)
Cash Flows from Financing Activities:
Dividends paid	(3.1)	(6.4)	-	-
Repayment of borrowings	(4.7)	(4.7)	(4.7)	(18.9)
Interest and borrowing costs paid	(4.5)	(4.4)	(2.6)	(10.4)
Net cash provided by / (used in) financing activities	(12.3)	(15.2)	(7.3)	(29.2)
Net change in cash and cash equivalents	(4.4)	1.4	3.7	2.4
	29.4	28.0	20.6	23.6
Cash and cash equivalents at start of period				26.1
Cash and cash equivalents at end of period	25.0	29.4	24.3
www.awilcolng.no					- 9 -

2nd SS / DD of both vessels

• Both vessels completed second special survey, including drydock during third quarter 2023
• as expected

Agenda November 14, 2023 1. Highlights 2. Financials third quarter 2023 3. Market update 4. Summary

www.awilcolng.no - 11 -

Spot rates

• Rates have somewhat rebounded the last weeks and are still at healthy levels.
• The period market has come off and 1/year TC for TFDEs are currently quoted around USD 80,000 per day

LNG export and import

Q3 2023 vs Q3 2022 (YoY change)

Asia Europe Latin America Middle East and Gulf North Africa North America Russia West Africa

• High storage levels in Europe give incentives for more US to Asia trade

Source: Fearnley LNG

Gas prices

• set in
• Similar prices in Europe and Asia does not support shipping as arbitrage is limited, but high storage levels in Europe give support to increased trade from US to Asia or floating storage which are both supportive of the LNG transportation market

Source: SSY

Trainspotting – new LNG production

• ~ 260 MTPA new capacity currently under construction or in advanced planning.
• High activity following Europe's renewed focus on security of supply and high prices for LNG

Source: Poten & Partners

LNG fleet and orderbook

• Orderbook for LNGC now stand at 318 of which about 10% are unfixed
• Ordering activity have slowed down last quarter
• Contract price, payment terms and increasing lead time implies a delivered cost of well above USD 280 million, which is well above all time high

Source: Poten & Partners

Agenda November 14, 2023 1. Highlights 2. Financials third quarter 2023 3. Market update 4. Summary

• www.awilcolng.no 17

Summary

• The Company report a profit for the quarter of USD 3.3 million and an all-time high first nine-months result of USD 23.4 million
• Both vessels successfully completed their second special survey, including dry-dock, and have resumed their fixed rate contracts Mid- and long-term demand for LNG transportation remains strong ─ High storage level in Europe put short term pressure on spot market ─ Rates for 1-year time charter have eased off, but still at healthy levels and longer-term charter rates holding ─ More US volumes heading to Asia increase ton-mile, which is good for shipping ─ Large increase in exports from USA with several projects taking FID
• Total cost for drydocking of USD 12.2 million with approximately 60 days off-hire
• Secured employment until third quarter 2024 with an average rate of USD 121,500 pd
• The Board of Directors approved a dividend of NOK 0.35 per share, payable on or about December 7, 2023
• Awilco LNG
• www.awilcolng.no 18 ─ WilForce open in third quarter 2024 ─ WilPride fixed until December 2025 + 2 year option ─ Awilco LNG have repurchase options on current financing and may opportunistically consider refinancing of the vessels

www.awilcolng.no - 20 - Jon Skule Storheill CEO Mobile: +47 913 44 356 E-mail: jss@awilcolng.no

Per Heiberg

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