Awilco LNG

Investor Presentation • Aug 23, 2022

Second quarter 2022

August 23, 2022

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 statements. Words such as "may", "could", "should", "would", "expect", "plan", "anticipate", "intend", "forecast", "believe", "estimate", "predict", "propose", "potential",

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

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

www.awilcolng.no - 2 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 medium term and spot market. Awilco LNG is listed on Euronext Expand with ticker ALNG.

Agenda August 23, 2022 1. Highlights 2. Financials second quarter 2022 3. Market update 4. Summary

• www.awilcolng.no 4

Highlights

• Awilco LNG achieved a net zero result for second quarter, down from a net result of USD 6.0 million and earnings per share of USD 0.05 in first quarter 2022. First half 2022 net result ended at USD 6.0 million or USD 0.05 per share
• Net freight income of USD 10,2 million in second quarter 2022, down from USD 14.1 million in first quarter 2022. First half 2022 net freight income ended at USD 24.3 million, down from 28.3 million for the same period last year
• EBITDA second quarter 2022 ended at USD 6.8 million, down from USD 11.0 million in first quarter 2022. First half 2022 EBITDA ended at USD 17.7 million, down from USD 21.7 million for the same period last year
• www.awilcolng.no 5 Vessel utilization was 88% for second quarter and 94% for first half, with a net TCE of USD 56,400 and 67,400 per day respectively In June the Company signed a 3 + 2-year contract commencing in December 2022 In June the Company sold its holding of 700,000 shares in Cool Co Ltd. at a net proceed of USD 6.8 million In August the company entered and delivered the WilForce on a six-month contract

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

Agenda August 23, 2022 1. Highlights 2. Financials second quarter 2022 3. Market update 4. Summary

• www.awilcolng.no 6

Second quarter 2022 income statement

				Second quarter 2022 income statement
USD million	Q2'22	Q1'22	2021
Freight income	12.3	14.3	59.6
Voyage related expenses	(2.1)	(0.2)	(2.4)
Net freight income	10.2	14.1	57.1
Other income	0.0	0.4	0.1
Operating expenses	(2.7)	(2.7)	(10.0)
Administration expenses	(0.8)	(0.8)	(3.9)
EBITDA	6.8	11.0	43.3
Depreciation	(3.3)	(3.1)	(12.6)
Net finance	(3.4)	(1.9)	(9.6)
Profit/(loss) before tax	0.0	6.0	21.1
Tax	-	-	-
Profit/(loss)	0.0	6.0	21.1

Second quarter 2022 financial position

Second quarter 2022 financial position
USD million	30.06.22	31.03.22	31.12.21
Vessels	322.6	325.1	326.9
Other fixed assets	0.6	0.6	0.7
Total non-current assets	323.2	325.7	327.6
Trade receivables	1.0	1.0	1.0
Financial investments	0.0	7.5	-
Other short term assets	4.6	0.9	4.6
Cash and cash equivalents	20.6	18.8	23.6
Total current assets	26.2	28.2	29.2
Total assets	349.4	354.0	356.7
Total equity	126.6	126.6	120.6
Long-term interest bearing debt	197.9	202.4	206.9
Other non-current liabilities	0.5	0.6	0.6
Non-current liabilities	198.4	203.0	207.5
Short-term interest bearing debt	18.9	18.9	18.9
Other current liabilities	5.6	5.6	9.8
Total current liabilities	24.4	24.5	28.7
Total equity and liabilities	349.4	354.0	356.7

Second quarter 2022 cash flow

Second quarter 2022 cash flow
USD million	Q2'22	Q1'22	2021
Cash Flows from Operating Activities:
Profit/(loss) before taxes	0.0	6.0	21.1
Income taxes paid	-	-	-
Interest and borrowing costs expensed	2.8	2.4	10.2
Depreciation, amortisation and impairment	3.3	3.1	12.6
Valuation adjustment of securities, net	0.7	(0.5)
Trade receivables, inventory and other short term assets	3.6	3.6	(4.6)
Accounts payable, accrued exp. and deferred revenue	(0.5)	(4.2)	(1.3)
Net cash provided by / (used in) operating activities	2.7	10.4	40.5
Cash Flows from Investing Activities:
Investment in vessels and securities	6.1	(8.3)	(1.0)
Net cash provided by / (used in) investing activities	6.1	(8.3)	(1.0)
Cash Flows from Financing Activities:
Proceeds from borrowings	-	-	-
Repayment of borrowings	(4.7)	(4.7)	(18.9)
Interest and borrowing costs paid	(2.2)	(2.3)	(9.6)
Net cash provided by / (used in) financing activities	(6.9)	(7.0)	(28.4)
Net change in cash and cash equivalents	1.9	(4.8)	11.0
Cash and cash equivalents at start of period	18.8	23.6	12.6
Cash and cash equivalents at end of period	20.6	18.8	26.6
www.awilcolng.no				- 9 -

Agenda August 23, 2022 1. Highlights 2. Financials second quarter 2022 3. Market update 4. Summary

www.awilcolng.no - 10 -

Spot rates

• 1-yr TC market has held up, but with few fixtures and continued focus on bigger and more efficient vessels due to extreme high gas prices
• Historical average TFDE spot rate USD 73,600 pd

LNG export and import

Q2 2022 vs Q2 2021 (YoY change)

• Shift of demand from Asia to Europe, but demand from Asia expected to increase towards the winter season despite high prices

• Volumes up but shorter sailing distances continue. Full effect of the closedown of Freeport LNG will only be shown in third quarter

Source: Fearnley LNG

Gas prices

US (HH) Asia (JKM) Europe (TTF)

• Lack of supply caused by reduced Russian pipeline exports to Europe, closure of Freeport LNG and warm weather lead to very high LNG demand from Europe and extreme prices
• The market continue to expect very high gas prices throughout next winter season and far into 2023

Source: SSY

Trainspotting

• ~ 264 MTPA new capacity currently under planning or construction of which 83 MTPA still need FID
• High activity on new projects and expansions following Europe's renewed focus on security of supply and high prices for LNG

LNG fleet and orderbook

• Limited newbuilding deliveries in 2022 and 2023 support a strong market for the next years
• Record high ordering activity in first half 2022 against long term contracts at rising prices
• New contracts now only for 2027 delivery

*Including Arc-7 vessels Source: Poten & Partners

Agenda August 23, 2022 1. Highlights 2. Financials second quarter 2022 3. Market update 4. Summary

www.awilcolng.no - 16 -

Summary

• Russia's reduction of pipeline gas exports to Europe since third quarter 2021 has caused havoc in the energy markets with extremely high gas prices and demand for LNG as a result ─ WilForce recently commenced a six-month time charter contract ─ WilPride trade in the spot market until deliver on 3+2 year contract early December 2022 ─ No debt refinancing required (but possible) until 2030
• This has led to a shift in LNG demand from Asia to Europe leading to shorter sailing distances
• The explosion and closedown of Freeport LNG has added a number of ships to the spot market leading to softer than anticipated spot market over the summer period, however: Mid- and long-term demand for LNG transportation remain positive ─ Strong demand growth expected with focus on security of supply in Europe ─ Ton-mile demand growth expected when normalized demand from Asia is met by increased production from USA ─ Few newbuilding deliveries in 2022 and 2023, late deliveries mainly ordered agains long term contracts for new LNG production ─ Ordering activity has been exceptionally high so far in 2022, with available delivery now in 2027
• Freeport LNG is expected to reopen in October with full production expected to be reached this year
• Charterers have started to take cover for what is expected to be a very tight winter period and rates are going up

• www.awilcolng.no 17

• Awilco LNG

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