Awilco LNG

Investor Presentation • Aug 27, 2021

August 27, 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.

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Highlights

• Awilco LNG achieved net result for the period of USD 3.3 million, equivalent to an earnings per share of USD 0.02. For first half 2021 net result ended at USD 10.2 million or USD 0.08 per share.
• Net TCE for second quarter and first half year ended at USD 66,500 per day and USD 78,000 per day respectively
• Net freight income was USD 12.1 million in Q2 2021, down from USD 16.2 million in Q1 2021. For first half 2021 net freight income ended at USD 28.3 million, up from 17.1 million for the same period last year
• www.awilcolng.no 5 EBITDA for the quarter ended at USD 9.0 million, compared with USD 12.7 million in Q1 2021. For first half 2021 EBITDA ended at USD 21.7 million, up from USD 11.3 million for the same period last year Vessel utilisation in Q2 2021 of 100%, same as in Q1 2021 In April WilForce was fixed on a 12 months contract and in June WilPride was fixed on a 10 months
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  • contract, both at rates that secure significant positive cash generation over the periods.

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

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Q2 2021 income statement

Q2'21 Q1'21 2020 12.7 17.6 35.6 related expenses (0.6) (1.4) (5.0) income 12.1 16.2 30.7 income - - (0.6) (2.4) (2.4) (8.9)	expenses (0.7) (1.0) (3.0) 9.0 12.7 18.1 (3.1) (3.1) (12.5) (2.5) (2.7) (13.5) tax 3.3 6.9 (7.9)	- - - Profit/(loss) 3.3 6.9 (7.9)
Q2 2021 income statement USD million Freight income Voyage Net freight Other Operating expenses
Administration
EBITDA
Depreciation
Net finance
Profit/(loss) before
Tax

Q2 2021 financial position

Q2 2021 financial position
USD million	30.06.21	31.03.21	31.12.20
Vessels	333.1	335.6	338.3
Other fixed assets	0.7	0.7	0.7
Total non-current assets	336.3	336.3	339.0
Trade receivables	2.7	0.4	0.1
Other short term assets	0.8	2.7	0.9
Cash and cash equivalents	17.1	13.3	12.6
Total current assets	20.7	16.4	13.6
Total assets	354.4	352.7	352.6
Total equity	109.7	106.4	99.5
Long-term interest bearing debt	216.0	220.5	225.0
Other non-current liabilities	0.5	0.5	0.5
Non-current liabilities	216.5	221.0	225.5
Short-term interest bearing debt	18.9	18.9	18.8
Other current liabilities	9.3	6.4	8.8
Total current liabilities	28.2	25.3	27.7
Total equity and liabilities	354.4	352.7	352.6

Q2 2021 cash flow

Q2 2021 cash flow
USD million	Q2'21	Q1'21	2020
Cash Flows from Operating Activities:
Profit/(loss) before taxes	3.3	6.9	(7.9)
Income taxes paid	-	-	-
Interest and borrowing costs expensed	2.6	2.7	13.2
Depreciation, amortisation and impairment	3.1	3.1	12.5
Trade receivables, inventory and other short term assets	(0.4)	(2.1)	2.4
Accounts payable, accrued exp. and deferred revenue	(2.9)	(2.3)	(3.0)
Net cash provided by / (used in) operating activities	11.5	8.3	17.2
Cash Flows from Investing Activities:
Investment in vessels / sale of vessels	(0.6)	(0.4)	(0.7)
Net cash provided by / (used in) investing activities	(0.6)	(0.4)	(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)	(2.5)	(19.5)
Net cash provided by / (used in) financing activities	(7.1)	(7.2)	(27.4)
Net change in cash and cash equivalents	3.8	0.7	(10.9)
Cash and cash equivalents at start of period	13.3	12.6	23.5
Cash and cash equivalents at end of period	17.1	13.3	12.6
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Spot rates

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• Historical average TFDE market rate USD 74,100 pd, current spot rate levels "normal"

Source: SSY

LNG export and import

2021 vs 2020 (YoY change)

• Covid-19 had a serious impact on LNG demand in 2020 that was otherwise expected to increase by about 20 MTPA,

Source: Fearnley LNG

Gas prices

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

• Despite increasing supply, demand for gas/LNG is pushing prices to unusually high prices
• Geographical price differential (arbitrage) creates additional demand for transportation

Source: SSY

Trainspotting

MTPA MTPA LNG TRAINS UNDER CONSTRUCTION

• ~ 145 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

LNG fleet and orderbook

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

Source: Fearnley LNG

1) Excluding Arc7/Azipod vessels

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Summary

Increasing gas prices and continued recovery of global LNG demand support spot and multi month freight rates at good levels

- Few vessels available for upcoming winter season

• Mid- and long-term demand for LNG transportation remains strong ─ Tonne-mile demand growth expected from increased LNG demand in Asia being met by US supplies, potentially somewhat offset by a recovery of the European market ─ High number of newbuilding deliveries in 2021 absorbed by demand growth ─ Newbuilding deliveries significantly down in 2022/23
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  • Awilco LNG
    • ─ Both vessels fixed rate contracts well into 2022 on cash generating contracts
    • ─ No debt refinancing until 2030
    • ─ Fully integrated and proven track record
    • ─ Lean and cost focused organisation

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