Awilco LNG

Investor Presentation • Feb 16, 2023

Fourth quarter 2022

February 16, 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 February 16, 2023 1. Highlights 2. Financials fourth quarter 2022 3. Market update 4. Summary

• www.awilcolng.no 4

Highlights

• 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 In November the company signed an 18-month contract for WilForce that commenced at the end of January 2023 in On February 15, 2023 the Board authorized a cash dividend payment of NOK 0.50 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
• www.awilcolng.no 5 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

• direct continuation from the previous six-month charter.

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

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

Agenda February 16, 2023 1. Highlights 2. Financials fourth quarter 2022 3. Market update 4. Summary

• www.awilcolng.no 6

Fourth quarter 2022 income statement

					Fourth quarter 2022 income statement
USD million	Q4'22	Q3'22	2022	2021
Freight income	16.8	8.1	51.5	59.6
Voyage related expenses	(0.6)	(3.3)	(6.2)	(2.4)
Net freight income	16.2	4.8	45.3	57.1
Other income	0.0	0.0	0.4	0.1
Operating expenses	(2.9)	(2.8)	(11.0)	(10.0)
Administration expenses	(1.2)	(0.7)	(3.6)	(3.9)
EBITDA	12.1	1.3	31.1	43.3
Depreciation	(3.1)	(3.3)	(12.7)	(12.6)
Net finance	(4.0)	(3.3)	(12.6)	(9.6)
Profit/(loss) before tax	4.9	(5.1)	5.8	21.1
Tax	-	-	-	-
Profit/(loss)	4.9	(5.1)	5.8	21.1
www.awilcolng.no						- 7 -

Fourth quarter 2022 financial position

Fourth quarter 2022 financial position
USD million	31.12.22	30.09.22	31.12.21
Vessels	317.1	319.8	326.9
Other fixed assets	0.5	0.5	0.7
Total non-current assets	317.6	320.3	327.6
Trade receivables	3.8	1.0	1.0
Financial investments	0.0	0.0	-
Other short term assets	0.6	0.6	4.6
Cash and cash equivalents	26.1	24.3	23.6
Total current assets	30.6	25.9	29.2
Total assets	348.1	346.2	356.7
Total equity	126.4	121.5	120.6
Long-term interest bearing debt	188.8	193.4	206.9
Other non-current liabilities	0.6	0.5	0.6
Non-current liabilities	189.4	193.9	207.5
Short-term interest bearing debt	18.8	18.8	18.9
Other current liabilities	13.5	12.1	9.8
Total current liabilities	32.3	30.9	28.7
Total equity and liabilities	348.1	346.2	356.7

Fourth quarter 2022 cash flow

Fourth quarter 2022 cash flow
USD million	Q4'22	Q3'22	2022	2021
Cash Flows from Operating Activities:
Profit/(loss) before taxes	4.9	(5.1)	5.8	21.1
Income taxes paid	-	-	-	-
Interest and borrowing costs expensed	4.2	3.5	12.8	10.2
Depreciation, amortisation and impairment Valuation adjustment of securities, net	3.1 0.0	3.1 0.0	12.7 0.0	12.6 0.0
Trade receivables, inventory and other short term assets	(2.9)	4.0	1.1	(4.6)
Accounts payable, accrued exp. and deferred revenue	0.8	5.7	2.0	(1.3)
Net cash provided by / (used in) operating activities	10.1	11.3	34.5	40.5
Cash Flows from Investing Activities:
Investment in vessels and securities	0.4	0.4	2.8)	(1.0)
Net cash provided by / (used in) investing activities	0.4	6.1	(2.8)	(1.0)
Proceeds from borrowings	-	-	-	-
Repayment of borrowings	(4.7)	(4.7)	(18.9)	(18.9)
Interest and borrowing costs paid	(3.3)	(2.6)	(10.4)	(9.6)
Net cash provided by / (used in) financing activities	(8.0)	(7.3)	(29.2)	(28.4)
Net change in cash and cash equivalents	1.8	3.7	2.4	11.0
Cash and cash equivalents at start of period	24.3	20.6	23.6	12.6
Cash and cash equivalents at end of period	26.1	24.3	26.1	23.6
Cash Flows from Financing Activities: www.awilcolng.no					- 9 -

Agenda February 16, 2023 1. Highlights 2. Financials fourth quarter 2022 3. Market update 4. Summary

www.awilcolng.no - 10 -

Spot rates

• 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

2022 vs 2021 (YoY change)

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

• Massive shift in demand from Asia to Europe due to reduced Russian pipeline gas to Europe
• Slower than expected LNG demand recovery from China after Covid-19
• Volumes up but shorter sailing distances persists. Demand from Asia is expected to increase on gas price drop

Source: Fearnley LNG

Gas prices

• Gas prices have come down after extreme prices in fourth quarter 2022 due to mild weather in Europe and weak demand from Asia
• Prices still well above historical levels, and expected to remain so for the entire 2023 but less volatile and dramatic as the market adjusts to the new situation

Trainspotting

• ~ 286 MTPA new capacity currently under planning or construction of which 120 MTPA expected to get FID during 2023
• This is up by 22 MTPA since last quarter
• 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 295 vessels compared to a current fleet of 604 vessels
• Limited newbuilding deliveries in 2023 support a strong market for the next year
• New contracts now for 2027 delivery

*Including 15 Arc-7 vessels Source: Poten & Partners

Agenda February 16, 2023 1. Highlights 2. Financials fourth quarter 2022 3. Market update 4. Summary

• www.awilcolng.no 16

Summary

• The Company report a profit for the quarter of USD 4.9 million and a full year profit of USD 5.8 million
• Both vessels are trading on fixed rate contracts, securing full 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 ─ Ton-mile demand expected to increase with normalized demand from Asia ─ Large increase in exports from USA with Freeport LNG restarting production ─ Limited newbuilding deliveries in 2023
• The Board of Directors approved a dividend of NOK 0.50 per share, payable on or about March 9, 2023
• www.awilcolng.no 17 ─ Ordering activity was exceptionally high in 2022, leading to record high order book but new orders now for 2027
• ─ Most orders with firm long-term commitment against new LNG production
• Awilco LNG
  • ─ WilForce commenced an 18-month time charter at the end of January 2023
• ─ WilPride delivered on a 3+2-year contract in December 2022 ─ Awilco LNG have repurchase options on our vessels from January 2023 and a purchase obligation in 2030

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