Awilco LNG

Earnings Release • Feb 16, 2023

ALNG - Fourth quarter 2022 results

ALNG - Fourth quarter 2022 results

The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today reports unaudited results for the three months ended December 31, 2022.

HIGHLIGHTS 1)

• Awilco LNG achieved a net result of USD 4.9 million and profit per share of USD 0.04 for fourth quarter, up from a net loss of USD 5.1 million in third quarter 2022. The result for the year 2022 ended at USD 5.8 million and USD 0.04 per share

• Net freight income of USD 16.2 million in fourth quarter 2022, up from USD 4.8 million in third quarter 2022. Net freight income for the year 2022 ended at USD 45.3 million

• EBITDA fourth quarter 2022 ended at USD 12.1 million, up from USD 1.3 million in third quarter 2022. EBITDA for the year 2022 ended at USD 31.1 million

• Vessel utilization was 93% for fourth quarter, up from 44% for third quarter, with a net TCE of USD 88,100 per day. For the full year 2022 utilization was 81% with a net TCE of USD 62,000 per day

• In November the company signed an 18-month contract for WilForce that commenced at the end of January 2023 in direct continuation from the previous six-month charter

• On February 15, 2023 the Board authorized a cash dividend payment of NOK 0.50 per share

• A proposal for further quarterly dividend payments will be presented to the Annual General Meeting

Jon Skule Storheill, Chief Executive Officer, commented:

“We are pleased to report a full year profit of USD 5.8 million after a roller-coaster 2022 in the LNG market driven by world events. In the fourth quarter we resumed profitable on the back of increased earnings from spot and fixed rate contracts for both vessels. This is set to continue for the next years, and earnings can be expected to remain solid throughout the next two years. The market has as usual experienced a seasonal downturn at the start of the year on the back of a mild winter in Europe in combination with high LNG inventories. We expect the market conditions to improve throughout the year as energy security continue to be in focus, as it has been in 2022, and China returns to the market after reopening. The fixed earnings contracts enable the company to return value to our shareholders, starting with a payment in first quarter 2023 which will be proposed to be extended and affirmed at the Annual General Meeting”

Enclosed is in addition a fourth quarter 2022 presentation. No physical presentation will be held covering fourth quarter 2022.

1) Note on Alternative performance measures: Alternative performance measures are defined and explained in the APM section of the Quarterly report.

Oslo, February 16, 2023

For further information please contact:

CEO Jon Skule Storheill

Phone: +47 913 44 356

CFO Per Heiberg

Phone: +47 952 20 264

About Awilco LNG ASA

Awilco LNG is a Norwegian based LNG transportation provider, owning and operating LNG vessels intended for international trade. The Company currently owns two 2013 built 156,000 cbm TFDE membrane LNG vessels, WilForce and WilPride.