Awilco LNG

Earnings Release • May 27, 2022

ALNG – Q1 2022 report

ALNG – Q1 2022 report

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

HIGHLIGHTS

• Awilco LNG achieved a net result of USD 6.0 million and earnings per share of USD 0.05 for first quarter, up from net result of USD 5.8 million and earnings per share of USD 0.04 in fourth quarter 2021.

• Net freight income of USD 14.1 million in first quarter 2022, down from USD 14.5 million in fourth quarter 2021.

• EBITDA for first quarter 2022 ended at USD 11.0 million, up from USD 10.7 million in fourth quarter 2021.

• Vessel utilization for the quarter was 100% with a net TCE of USD 78,300 per day.

• In May the Company received the judgement on liability on the case involving WilForce in May 2019. As expected, the other vessel was found to have caused the accident and appointed 75:25 liability and cost of the case. The judgement is open for appeal and cost not settled. Update on progress will be given in due course.

Jon Skule Storheill, Chief Executive Officer, commented:

“We are pleased to deliver another strong quarterly result of USD 6.0 million and a TCE of USD 78.300 per day as both our vessels sailed on fixed rate contracts throughout the quarter. The shift of demand from Asia to Europe caused by the war in Ukraine has led to shorter sailing distances and higher availability of ships which has led to a weak spot market at the start of the year. The weakening in the market has now been reversed and so far in second quarter we have seen the market gradually strengthen. Both our vessels are currently trading in the spot market in anticipation of improving longer-term rates. We focus on optimizing performance but expect earnings for second quarter to come in lower than the previous quarters.”

Enclosed is in addition a Q1 2022 presentation. No physical presentation will be held covering first quarter 2022.

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

Oslo, May 27, 2022

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.