Awilco LNG

Investor Presentation • May 27, 2022

First quarter 2022

May 27, 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 May 27, 2022 1. Highlights 2. Financials first quarter 2022 3. Market update 4. Summary

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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.
• www.awilcolng.no 5 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.

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

Agenda May 27, 2022 1. Highlights 2. Financials first quarter 2022 3. Market update 4. Summary

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First quarter 2022 income statement

				First quarter 2022 income statement
USD million	Q1'22	Q4'21	2021
Freight income	14.3	14.6	59.6
Voyage related expenses	(0.2)	(0.1)	(2.4)
Net freight income	14.1	14.5	57.1
Other income	0.4	0.1	0.1
Operating expenses	(2.7)	(2.5)	(10.0)
Administration expenses	(0.8)	(1.3)	(3.9)
EBITDA	11.0	10.7	43.3
Depreciation	(3.1)	(3.2)	(12.6)
Net finance	(1.9)	(1.8)	(9.6)
Profit/(loss) before tax	6.0	5.8	21.1
Tax	-	-	-
Profit/(loss)	6.0	5.8	21.1

First quarter 2022 financial position

First quarter 2022 financial position
USD million	31.12.21	31.12.21	31.03.21
Vessels	325.1	326.9	335.6
Other fixed assets	0.6	0.7	0.7
Total non-current assets	325.7	327.6	336.3
Trade receivables	1.0	1.0	0.4
Financial investments	7.5	-	-
Other short term assets	0.9	4.6	2.7
Cash and cash equivalents	18.8	23.6	13.3
Total current assets	28.2	29.2	16.4
Total assets	354.0	356.7	352.7
Total equity	126.6	120.6	106.4
Long-term interest bearing debt	202.4	206.9	220.5
Other non-current liabilities	0.6	0.6	0.5
Non-current liabilities	203.0	207.5	221.0
Short-term interest bearing debt	18.9	18.9	18.9
Other current liabilities	5.6	9.8	6.4
Total current liabilities	24.5	28.7	25.3
	354.0	356.7	352.6

First quarter 2022 cash flow

First quarter 2022 cash flow
USD million	Q1'22	Q4'21	2021
Cash Flows from Operating Activities: Profit/(loss) before taxes	6.0	5.5	21.1
Income taxes paid	-	-	-
Interest and borrowing costs expensed	2.4	2.4	10.2
Depreciation, amortisation and impairment	3.1	3.2	12.6
Valuation adjustment of securities, net	(0.5)
Trade receivables, inventory and other short term assets	3.6	(4.1)	(4.6)
Accounts payable, accrued exp. and deferred revenue	(4.2)	0.3	(1.3)
Net cash provided by / (used in) operating activities	10.4	7.6	40.5
Cash Flows from Investing Activities:
Investment in vessels / sale of vessels	8.3	(0.0)	(1.0)
Net cash provided by / (used in) investing activities	8.3	(0.0)	(1.0)
Cash Flows from Financing Activities:
Proceeds from borrowings	-	-	-
Repayment of borrowings	(4.7)	(4.7)	(18.9)
Interest and borrowing costs paid	(2.3)	(2.3)	(9.6)
Net cash provided by / (used in) financing activities	(7.0)	(7.0)	(28.4)
	(4.8)	0.6	11.0
Net change in cash and cash equivalents
Cash and cash equivalents at start of period	23.6	23.1	12.6

Agenda May 27, 2022 1. Highlights 2. Financials first quarter 2022 3. Market update 4. Summary

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Spot rates

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• Historical average TFDE spot rate USD 73,900 pd

LNG export and import

Q1 2022 vs Q1 2021 (YoY change)

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

• Shift of demand from Asia to Europe has made a large impact over the last quarters

• More volume but shorter sailing distances, capacity issues starting to tie up tonnage
• More than 22MTPA of new liquefaction capacity estimated to start during 2022

Source: Fearnley LNG

Gas prices

01.201803.201805.201807.201809.201811.201801.201903.201905.201907.201909.201911.201901.202003.20205.20207.20209.202011.20201.202103.202105.202107.202109.20211.202101.202203.202205.202207.202209.202211.202201.202303.202305.202307.2023

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

• Lack of "non-Russian" pipeline supply to Europe increase LNG demand which is negative for ton-miles although volumes up
• The market continue to expect high gas prices compared to historical averages throughout next winter season and far into 2023

Trainspotting

MTPA MTPA LNG TRAINS UNDER CONSTRUCTION

• ~ 165 MTPA new capacity currently under construction
• Further FIDs needed to meet expected demand
• More than 800 MTPA of new liquefaction capacity is according to industry sources in various stages of planning

Source: Poten & Partners

LNG fleet and orderbook

• Limited newbuilding deliveries in 2022 and 2023 to support a strong market for the next years
• High ordering activity thus far in 2022 at rising prices with deliveries now into 2026 and 2027
• DSME cancels 3 Arc-7 vessels on lack of payments. We expect further cancellations of these ships as project is likely on indefinite hold

*Including Arc-7 vessels Source: Poten & Partners

Agenda May 27, 2022 1. Highlights 2. Financials first quarter 2022 3. Market update 4. Summary

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Summary

• Shift of demand from Asia to Europe has led to shorter sailing distances and higher availability of ships in first quarter 2022
• Gradually strengthening of market so far in second quarter with spot at USD 75,000 pd and and 1-year TC rates for TFDE vessels are assessed around USD 110,000 pd Mid- and long-term demand for LNG transportation is positive ─ Strong demand growth expected due to the 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 ─ Invested USD 7 million in newly established CoolCo in January 2022
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  • ─ Ordering activity has been exceptionally high in the start of the year, with available delivery into 2026 and 2027
  • ─ Newbuilding prices continue to increase with last reported price of USD 235 million for 2025 delivery
  • Awilco LNG
    • ─ Both vessels trading spot in anticipation of improving longer-term rates

    • ─ No debt refinancing required (but possible) until 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