Awilco LNG

Investor Presentation • May 24, 2023

First quarter 2023

May 24, 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

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 owns and operates two 2013-built 156,000 cbm TFDE LNG carriers, WilPride and WilForce, trading in the mediumterm market. Awilco LNG is listed on Euronext Expand with ticker ALNG.

Agenda May 24, 2023 1. Highlights 2. Financials first quarter 2023 3. Market update 4. Summary

• www.awilcolng.no 4
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Highlights

• Awilco LNG achieved a net result of USD 9.0 million and profit per share of USD 0.07 in first quarter, up from a net result of USD 4.9 million and USD 0.04 per share in fourth quarter 2022
• Net freight income of USD 20.5 million in first quarter 2023, up from USD 16.2 million in fourth quarter 2022
• EBITDA first quarter 2023 ended at USD 16.6 million, up from USD 12.1 million in fourth quarter 2022
• www.awilcolng.no 5 Vessel utilization was 100% in first quarter, up from 93% for previous quarter, with a net TCE of USD 113,800 per day
  • In March the Company paid out NOK 0.50 per share in dividend, corresponding to USD 6.4 million
  • On May 23, 2023 the Board authorized a cash dividend payment of NOK 0.50 per share, to be paid in June

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

Agenda May 24, 2023 1. Highlights 2. Financials first quarter 2023 3. Market update 4. Summary

• www.awilcolng.no 6
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First quarter 2023 income statement

First quarter 2023 income statement
USD million	Q1'23	Q4'22	Q1'22	2022
Freight income	20.7	16.8	14.3	51.5
Voyage related expenses	(0.2)	(0.6)	(0.2)	(6.2)
Net freight income	20.5	16.2	14.1	45.3
Other income	0.0	0.0	0.4	0.4
Operating expenses	(3.0)	(2.9)	(2.7)	(11.0)
Administration expenses	(0.9)	(1.2)	(0.8)	(3.6)
EBITDA	16.6	12.1	11.0	31.1
Depreciation	(3.2)	(3.1)	(3.1)	(12.7)
Net finance	(4.4)	(4.0)	(1.9)	(12.6)
Profit/(loss) before tax	9.0	(4.9)	6.0	5.8
Tax	-	-	-	-
Profit/(loss)	9.0	(4.9)	6.0	5.8
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First quarter 2023 financial position

31.03.23	31.12.22	31.03.22
315.3	317.1	325.1
0.5	0.5	0.6
315.8	317.6	325.7
3.7	3.8	1.0
0.0	0.0	7.5
0.5	0.6	0.9
28.0	26.1	18.8
32.2	30.6	28.2
348.0	348.1	354.0
129.1	126.4	126.6
184.3	188.8	202.4
0.6	0.6	0.6
184.9	189.4	203.0
18.8	18.8	18.9
15.3	13.5	5.6
34.0	32.3	24.5
348.0	348.1	354.0
			First quarter 2023 financial position

First quarter 2023 cash flow

First quarter 2023 cash flow
million	Q1'23	Q4'22	Q1'22	2022
USD
Cash Flows from Operating Activities:
Profit/(loss) before taxes	9.0	4.9	6.0	5.8
Income taxes paid	-	-	-	-
Interest and borrowing costs expensed	4.6	4.2	2.4	12.8
Depreciation, amortisation and impairment	3.2	3.1	3.1	12.7
Valuation adjustment of securities, net	0.0	0.0	(0.5)	0.0
Trade receivables, inventory and other short term assets	0.2	(2.9)	3.6	1.1
Accounts payable, accrued exp. and deferred revenue	1.4	0.8	(4.2)	2.0
Net cash provided by / (used in) operating activities	18.4	10.1	10.4	34.5
Cash Flows from Investing Activities:
Investment in vessels and securities	(1.4)	(0.4)	(8.3)	(2.8)
Net cash provided by / (used in) investing activities	(1.4)	(0.4)	(8.3)	(2.8)
Cash Flows from Financing Activities:
Dividends paid Repayment of borrowings	(6.4) (4.7)	- (4.7)	- (4.7)	- (18.9)
Interest and borrowing costs paid	(4.0)	(3.3)	(2.2)	(10.4)
Net cash provided by / (used in) financing activities	(15.1)	(8.0)	(6.9)	(29.2)
Net change in cash and cash equivalents	1.9	1.8	(4.8)	2.4
Cash and cash equivalents at start of period	26.1	24.3	23.6	23.6
Cash and cash equivalents at end of period	28.0	26.1	18.8	26.1
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Agenda May 24, 2023 1. Highlights 2. Financials first quarter 2023 3. Market update 4. Summary

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Spot rates

• Despite the extraordinary circumstances, the LNG market remains seasonal and rates have come down as winter ended with high inventories and we are truly in a shoulder season before the cooling season. Focus remains on restocking and preparing for next winter
• The period market is unaffected by what is assumed to be short lived lower spot market rates. With limited vessel availability owners are holding rate expectations high

LNG export and import

Q1 2023 vs Q1 2022 (YoY change)

• Total LNG discharged close to unchanged compared to first quarter last year

• Lower export from the US mainly as a result of limited restart of Freeport LNG, set to change in the coming quarters

Source: Fearnley LNG

Gas prices

• Gas prices have come down from extreme prices in fourth quarter 2022 due to mild weather in Europe and weak demand from Asia
• Prices are still well above historical levels for this time of the year, and are expected to remain so but maybe less volatile and dramatic as the market adjusts to the new situation

Trainspotting

• ~ 295 MTPA new capacity currently under construction or planning of which 111 MTPA expected to take FID during 2023
• This is up by 11 MTPA since last quarter
• 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 14 Arc-7 vessels

Source: Poten & Partners

Agenda May 24, 2023 1. Highlights 2. Financials first quarter 2023 3. Market update 4. Summary

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Summary

• The Company report a profit for the quarter of USD 9.0 million
• Both vessels are trading on fixed rate contracts, securing employment until third quarter 2024 with an average rate of USD 121,500 pd 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 ─ WilForce open in third quarter 2024 ─ WilPride delivered on a 3+2-year contract in December 2022 ─ Awilco LNG have repurchase options and a purchase obligation in 2030 on both vessels
• The Board of Directors approved a dividend of NOK 0.50 per share, payable on or about June 15, 2023
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• 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 Freeport LNG restarting production
  • ─ Limited newbuilding deliveries in 2023
  • ─ Most orders with firm long-term commitment against new LNG production
  • Awilco LNG
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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