Awilco LNG

Investor Presentation • Nov 26, 2021

Third quarter 2021

November 26, 2021

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 November 26, 2021 1. Highlights 2. Financials third quarter 2021 3. Market update 4. Summary

• www.awilcolng.no 4
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Highlights

• Awilco LNG achieved a net result of USD 5.1 million and earnings per share of USD 0.04 for third quarter, up from a net result of USD 3.3 million and earnings per share of USD 0.02 in second quarter 2021. Vessel utilisation in third quarter 2021 of 99%, compared to 100% in second quarter 2021.
• Net freight income was USD 14.3 million in third quarter 2021,up from USD 12.1 million in second quarter 2021.
• EBITDA for third quarter ended at USD 10.8 million, up from USD 9.0 million in second quarter 2021.
• Average TCE for both vessels in third quarter was USD 78,000 per day.
• www.awilcolng.no 5 Both vessels are on fixed term contracts until the start of second quarter 2022 at rates that secure significant positive cash generation over the period.

Agenda November 26, 2021 1. Highlights 2. Financials third quarter 2021 3. Market update 4. Summary

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Third quarter 2021 income statement

Third quarter 2021 income statement
USD million	Q3'21	Q2'21	2020
Freight income	14.7	12.7	35.6
Voyage related expenses	(0.3)	(0.6)	(5.0)
Net freight income	14.3	12.1	30.7
Other income	-	-	(0.6)
Operating expenses	(2.7)	(2.4)	(8.9)
Administration expenses	(0.8)	(0.7)	(3.0)
EBITDA	10.8	9.0	18.1
Depreciation	(3.2)	(3.1)	(12.5)
Net finance	(2.5)	(2.5)	(13.5)
Profit/(loss) before tax	5.1	3.3	(7.9)
Tax	-	-	-
Profit/(loss)	5.1	3.3	(7.9)

Third quarter 2021 financial position

Third quarter 2021 financial position
USD million	30.09.21	30.06.21	31.12.20
Vessels	330.0	333.1	338.3
Other fixed assets	0.7	0.7	0.7
Total non-current assets	330.7	336.3	339.0
Trade receivables	1.0	2.7	0.1
Other short term assets	0.5	0.8	0.9
Cash and cash equivalents	23.1	17.1	12.6
Total current assets	24.6	20.7	13.6
Total assets	355.3	354.4	352.6
Total equity	114.8	109.7	99.5
Long-term interest bearing debt	211.4	216.0	225.0
Other non-current liabilities	0.5	0.5	0.5
Non-current liabilities	212.0	216.5	225.5
Short-term interest bearing debt	18.9	18.9	18.8
Other current liabilities	9.6	9.3	8.8
Total current liabilities	28.5	28.2	27.7
Total equity and liabilities	355.3	354.4	352.6

Third quarter 2021 cash flow

Third quarter 2021 cash flow
USD million	Q3'21	Q2'21	2020
Cash Flows from Operating Activities:
Profit/(loss) before taxes	5.1	3.3	(7.9)
Income taxes paid	-	-	-
Interest and borrowing costs expensed	2.5	2.6	13.2
Depreciation, amortisation and impairment	3.2	3.1	12.5
Trade receivables, inventory and other short term assets	1.9	(0.4)	2.4
Accounts payable, accrued exp. and deferred revenue	(0.3)	(2.9)	(3.0)
Net cash provided by / (used in) operating activities	13.0	11.5	17.2
Cash Flows from Investing Activities:
Investment in vessels / sale of vessels	(0.0)	(0.6)	(0.7)
Net cash provided by / (used in) investing activities	(0.0)	(0.6)	(0.7)
Cash Flows from Financing Activities: Proceeds from borrowings	-	-	262.5
Repayment of borrowings	(4.7)	(4.7)	(270.4)
Interest and borrowing costs paid	(2.4)	(2.4)	(19.5)
Net cash provided by / (used in) financing activities	(7.1)	(7.1)	(27.4)
Net change in cash and cash equivalents	6.0	3.8	(10.9)
Cash and cash equivalents at start of period	17.1	13.3	23.5
Cash and cash equivalents at end of period	23.1	17.1	12.6

Agenda November 26, 2021 1. Highlights 2. Financials third quarter 2021 3. Market update 4. Summary

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Spot rates

• 1-yr TC market has not yet followed suit but is still well above USD 100,000 pd with up to three months forward start for TFDE vessels
• Historical average TFDE spot rate USD 74,300 pd

Source: SSY

LNG export and import

2021 Q3 vs 2020 Q3 (YoY change)

• Third quarter was a period with strong growth for LNG export but is still below the potential growth after addition of more than 20MTPA of new liquefaction capacity.
• Shipping demand is still strong as Asia and Latin America compete for cargoes adding to sailing distances in third quarter

Source: Fearnley LNG

Gas prices

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

• Lack of pipeline supply in Europe push LNG prices up both in Europe and Asia, which is positive for ton-miles
• The market expects very high gas prices throughout the winter season and recently also lifted the curve considerably throughout 2022

Source: SSY

Trainspotting

www.awilcolng.no - 14 - MTPA MTPA LNG TRAINS UNDER CONSTRUCTION Started 2021 2022 2023 2024 2025 2026 2027 2028 Total (RHS)

• ~ 135 MTPA new capacity currently under construction
• Further FIDs needed to meet expected demand from 2025
• More than 800 MTPA of new liquefaction capacity is in various stages of planning

Source: Poten & Partners

LNG fleet and orderbook

• Newbuilding deliveries set to slow down in 2022 and 2023 compared to 2021 to support a strong market for the next years

• High ordering activity at rising prices based on present market, but with deliveries in now from 2025

Source: Poten & Partners

Agenda November 26, 2021 1. Highlights 2. Financials third quarter 2021 3. Market update 4. Summary

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Summary

• High gas prices due to strong demand, both from Europe and Asia support very high freight rates in the spot market
• Strong spot market support strength in demand for multi-month TC contracts and 1-year TC rates for TFDE vessels are well above USD 100,000 pd Mid- and long-term demand for LNG transportation continue to strengthen ─ Tonne-mile demand growth expected from increased LNG demand both in Europe and Asia, which will be met by US
• • supplies
  • ─ High number of newbuilding deliveries in 2021 absorbed by demand growth
  • ─ Newbuilding deliveries significantly reducing in 2022/23
  • ─ Increased ordering activity on higher prices, but with deliveries well into 2025
• Awilco LNG
  • ─ Both vessels fixed rate contracts well into 2022 on cash generating contracts
  • ─ No debt refinancing until 2030
• www.awilcolng.no 17 ─ On the back of current charter contracts, cash position and expected strong market for the vessels next open position the Board consider to start paying dividend during next year
  • ─ Fully integrated and proven track record
  • ─ Lean and cost focused organization

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