Awilco LNG

Investor Presentation • Aug 23, 2023

Second quarter 2023

August 23, 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.

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

www.awilcolng.no - 2 - 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 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 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

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 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 notice. 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 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 owns 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 23, 2023 1. Highlights 2. Financials second quarter 2023 3. Market update 4. Summary

• www.awilcolng.no 4
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Highlights

• Awilco LNG achieved a net result of USD 11.0 million and profit per share of USD 0.08 in the second quarter, up from a net result of USD 9.0 million and USD 0.07 per share in the first quarter 2023. First half 2023 net result ended at USD 20.1 million or USD 0.15 per share In June the Company paid NOK 0.50 per share in dividend, corresponding to USD 6.4 million bringing total paid dividend during
• Net freight income of USD 21.9 million in second quarter 2023, up from USD 20.5 million in first quarter 2023. First half 2023 net freight income ended at USD 42.4 million, up from USD 24.3 for the same period last year
• EBITDA second quarter 2023 ended at USD 18.4 million, up from USD 16.6 million in first quarter 2023. First half 2023 EBITDA ended at USD 35.0 million, up from 17.7 million for the same period last year
• Vessel utilization was 100% in second quarter and for the first half year in total, compared to 88% and 94% for the same periods last year
• Net TCE came in at USD 120,500 and USD 117,150 per day for second quarter and first half year respectively, compared to USD 56,400 and USD 67,400 per day respectively for the same periods last year
• www.awilcolng.no 5 first half of 2023 to NOK 1.00 per share, corresponding to USD 12.5 million in total
  • On August 22, 2023, the Board authorized a cash dividend payment of NOK 0.25 per share to be paid in September. After completing the ongoing dry docking of both vessels, the Board expects to increase dividend payments for the next quarters

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

Agenda August 23, 2023 1. Highlights 2. Financials second quarter 2023 3. Market update 4. Summary

www.awilcolng.no - 6 -

Second quarter 2023 income statement

Second quarter 2023 income statement
USD million	Q2'23	Q1'23	Q2'22	2022
Freight income	22.1	20.7	12.3	51.5
Voyage related expenses Net freight income	(0.2) 21.9	(0.2) 20.5	(2.1) 10.2	(6.2) 45.3
Other income	0.0	0.0	0.0	0.4
Operating expenses	(2.4)	(3.0)	(2.7)	(11.0)
Administration expenses	(1.1)	(0.9)	(0.8)	(3.6)
EBITDA	18.4	16.6	6.8	31.1
Depreciation	(3.1)	(3.2)	(3.3)	(12.7)
Net finance	(4.3)	(4.4)	(3.4)	(12.6)
Profit/(loss) before tax	11.0	9.0	0.0	5.8
Tax	-	-	-	-
Profit/(loss)	11.0	9.0	0.0	5.8
www.awilcolng.no					- 7 -

Second quarter 2023 financial position

Second quarter 2023 financial position
USD million	30.06.23	31.03.23	31.12.22
Vessels	314.0	315.3	317.1
Other fixed assets	0.5	0.5	0.5
Total non-current assets	314.5	315.8	317.6
Trade receivables	3.8	3.7	3.8
Financial investments	0.0	0.0	0.0
Other short term assets	0.6	0.5	0.6
Cash and cash equivalents	29.4	28.0	26.1
Total current assets	33.8	32.2	30.6
Total assets	348.3	348.0	348.1
Total equity	134.0	129.1	126.4
Long-term interest bearing debt	179.8	184.3	188.8
Other non-current liabilities	0.6	0.6	0.6
Non-current liabilities	180.4	184.9	189.4
Short-term interest bearing debt	18.8	18.8	18.8
Other current liabilities	15.1	15.3	13.5
	33.9	34.0	32.3
Total current liabilities

Second quarter 2023 cash flow

Second quarter 2023 cash flow
USD million	Q2'23	Q1'23	Q2'22	2022
Cash Flows from Operating Activities:
Profit/(loss) before taxes	11.0	9.0	0.0	5.8
Income taxes paid	-	-	-	-
Interest and borrowing costs expensed	4.7	4.6	2.8	12.8
Depreciation, amortisation and impairment	3.1	3.2	3.3	12.7
Valuation adjustment of securities, net	0.0	0.0	0.7	0.0
Trade receivables, inventory and other short term assets	(0.2)	0.2	3.6	1.1
Accounts payable, accrued exp. and deferred revenue	(0.3)	1.4	(0.5)	2.0
Net cash provided by / (used in) operating activities	18.4	18.4	2.7	34.5
Cash Flows from Investing Activities:
Investment in vessels and securities	(1.8)	(1.4)	(6.1)	(2.8)
Net cash provided by / (used in) investing activities	(1.8)	(1.4)	(6.1)	(2.8)
Cash Flows from Financing Activities:
Dividends paid	(6.1)	(6.4)	-	-
Repayment of borrowings	(4.7)	(4.7)	(4.7)	(18.9)
Interest and borrowing costs paid	(4.4)	(4.0)	(2.2)	(10.4)
Net cash provided by / (used in) financing activities	(15.2)	(15.1)	(6.9)	(29.2)
Net change in cash and cash equivalents	1.4	1.9	1.9	2.4
Cash and cash equivalents at start of period	28.0	26.1	18.8	23.6
Cash and cash equivalents at end of period	29.4	28.0	20.6	26.1
www.awilcolng.no					- 9 -

Agenda August 23, 2023 1. Highlights 2. Financials second quarter 2023 3. Market update 4. Summary

www.awilcolng.no - 10 -

Spot rates

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LNG export and import

Q2 2023 vs Q2 2022 (YoY change)

• Small positive change in volume of discharged LNG compared to second quarter last year

• Continued lower export from the US mainly as a result of Freeport LNG incident last year, set to change in the coming quarters

Source: Fearnley LNG

Gas prices

• Gas prices have come down but remain extremely volatile ahead of another winter in Europe with minimal Russian pipeline gas while Chinese demand is hit by weak economic growth ahead of winter heating period.
• Prices are still well above historical levels for this time of the year, where high stock levels fend off some of the nervousness while the threat of strike in Australia cause irrational momentary spikes.

Trainspotting

• ~ 280 MTPA new capacity currently under construction or planning.
• Continued 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 314 of which about 10% are unfixed
• Limited newbuilding deliveries in 2023 support a strong market for this year
• Newbuilding cost, payment terms and increasing lead time indicate well above USD 280 million delivered cost

*Including 11 Arc-7 vessels

Source: Poten & Partners

Agenda August 23, 2023 1. Highlights 2. Financials second quarter 2023 3. Market update 4. Summary

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Summary

• The Company report a profit for the quarter of USD 11.0 million and an all-time high first half year result of USD 20.1 million ─ WilForce open in third quarter 2024 ─ WilPride delivered on a 3+2-year contract in December 2022
• Both vessels are trading on fixed rate contracts, securing employment until third quarter 2024 with an average rate of USD 121,500 pd
• The Board of Directors approved a dividend of NOK 0.25per share, payable on or about September 14, 2023
• Both vessels to undergo second special survey, including dry dock during third quarter 2023, affecting P&L and Cash Flow for the period Mid- and long-term demand for LNG transportation remains strong ─ Continued focus on security of supply in Europe maintaining chartering interest in mid-long term
• www.awilcolng.no 17

  - ─ Ton-mile demand expected to increase with lower gas prices and normalized demand from Asia ─ Large increase in exports from USA with several projects taking FID

  • ─ Most orders with firm long-term commitment against new LNG production
  • Awilco LNG
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    • ─ Awilco LNG have repurchase options and a purchase obligation in 2030 on both vessels

www.awilcolng.no - 19 - 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