Awilco LNG

Earnings Release • May 20, 2021

ALNG - Q1 2021 Report

ALNG - Q1 2021 Report

The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today reports unaudited results for the three months ended 31 March 2021.

HIGHLIGHTS

• Awilco LNG achieved net freight income of USD 16.2 million in Q1 2021, up from USD 11.2 million in Q4 2020.

• EBITDA for the quarter ended at USD 12.7 million, compared with USD 7.3 million in Q4 2020.

• Net result for the period was USD 6.9 million, equivalent to an earnings per share of USD 0.05

• Vessel utilisation in Q1 2021 of 100%, same as in Q4 2020.

• In April WilForce was fixed on a 12 months charter party with an estimated EBITDA contribution of USD 18 million over the period

• Covid-19 still entails that crew changes are more challenging and costly than normal. Outside cost the pandemic has however not negatively impacted the operational performance of the vessels.

Jon Skule Storheill, Chief Executive Officer, commented:

“I am pleased to report that the Company managed to take advantage of the strong winter market and deliver a TCE of USD 90k per day in Q1, the highest quarterly average TCE in the history of the Company. Further we have entered a 12 months’ Time Charter Contract on our vessel WilForce which secure positive cash flow and strengthening of the Company’s financial position over the period. Demand for LNG is rising as consumers are becoming more aware of its environmental benefits vs primarily coal as well as an expected rebound in freight demand as the pandemic softens its grip on the global economy, which provides further potential upside for the Company.”

Enclosed is also a Q1 2021 presentation. Due to the ongoing Covid-19 pandemic and guidelines from the Norwegian government concerning social distancing no physical presentation will be held covering Q1 2021.

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

Oslo, May 20, 2021

For further information please contact:

CEO Jon Skule Storheill

Phone: +47 913 44 356

Email: jss@awilcolng.no

CFO Per Heiberg

Phone: +47 952 20 264

Email: ph@awilcolng.no

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.