Awilco LNG

Investor Presentation • May 20, 2021

www.awilcolng.no

Q1 2021 May 20, 2021

• 1 -

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 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 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 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.

1. Highlights

• 1. Financials Q1 2021
• 1. Market update
• 1. Summary

1 st quarter 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 not negatively impacted the operational performance of the vessels.

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

1. Highlights

• 1. Financials Q1 2021
• 1. Market update
• 1. Summary

Q1 2021 income statement

USD million	Q1'21	Q4'20	2020
Freight income	17.6	12.8	35.6
Voyage related expenses	(1.4)	(1.6)	(5.0)
Net freight income	16.2	11.2	30.7
Other income	-	(0.6)	(0.6)
Operating expenses	(2.4)	(2.4)	(8.9)
Administration expenses	(1.0)	(0.9)	(3.0)
EBITDA	12.7	7.3	18.1
Depreciation	(3.1)	(3.1)	(12.5)
Net finance	(2.7)	(2.9)	(13.5)
Profit/(loss) before tax	6.9	1.2	(7.9)
Tax	-	-	-
Profit/(loss)	6.9	1.2	(7.9)

Q1 2021 financial position

USD million	31.03.21	31.12.20	31.03.20
Vessels	335.6	338.3	347.3
Other fixed assets	0.7	0.7	0.0
Total non-current assets	336.3	339.0	347.3
Trade receivables	0.4	0.1	1.7
Other short term assets	2.7	0.9	4.8
Cash and cash equivalents	13.3	12.6	21.9
Total current assets	16.4	13.6	28.5
Total assets	352.7	352.6	375.8
Total equity	106.4	99.5	110.0
Long-term interest bearing debt	220.5	225.0	238.3
Other non-current liabilities	0.5	0.5	0.4
Non-current liabilities	221.0	225.5	238.6
Short-term interest bearing debt	18.9	18.8	18.8
Other current liabilities	6.4	8.8	8.4
Total current liabilities	25.3	27.7	27.1
Total equity and liabilities	252.7	352.6	375.8

Q1 2021 cash flow

USD million	Q1'21	Q4'20	2020
Cash Flows from Operating Activities:
Profit/(loss) before taxes	6.9	1.2	(7.9)
Income taxes paid	-	-	-
Interest and borrowing costs expensed	2.7	2.7	13.2
Depreciation, amortisation and impairment	3.1	3.1	12.5
Trade receivables, inventory and other short term assets	(2.1)	3.8	2.4
Accounts payable, accrued exp. and deferred revenue	(2.3)	1.3	(3.0)
Net cash provided by / (used in) operating activities	8.3	12.3	17.2
Cash Flows from Investing Activities:
Investment in vessels / sale of vessels	(0.4)	(0.3)	(0.7)
Net cash provided by / (used in) investing activities	(0.4)	(0.3)	(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	(2.5)	(2.6)	(19.5)
Net cash provided by / (used in) financing activities	(7.2)	(7.3)	(27.4)
Net change in cash and cash equivalents	0.7	4.7	(10.9)
Cash and cash equivalents at start of period	12.6	8.0	23.5
Cash and cash equivalents at end of period	13.3	12.6	12.6

1. Highlights

2. Financials Q1 2021

3. Market update

4. Summary

Spot rates

• Market recovery in April/May due to a combination of strong LNG demand caused by continued cold weather and restocking
• Many market participants taking early cover for next winter leading to very high activity for mid-term charters and increasing rates
• Historical average TFDE market rate USD 75,300 pd, current rate levels "normal"

Source: Fearnley LNG, Company calculations

LNG export and import Q1 2021 vs Q1 2020

-12 -10 -8 -6 -4 -2 0 2 4 Asia Europe Latin America North Africa North America Russia West Africa Import (in MT) Export (in MT)

Middle East and Gulf

• Covid-19 had a serious impact on LNG demand in 2020 that was otherwise expected to increase by about 20 MTPA, recovery in parts of the world and a cold winter in the Northern Hemisphere has started the catch-up
• From a year-over-year perspective, there is a significant shift in import patterns due to the Covid-19 pandemic, with Chinese imports up ~5 MT compared to Q1 2020 and European imports down ~10 MT in the same time.

Source: Fearnley LNG

Gas prices

• Geographical price differential (arbitrage) creates additional demand for transportation

Source: Fearnley LNG, CME, Company calculations

MTPA MTPA LNG TRAINS UNDER CONSTRUCTION Started 2021 2021 2022 2023 2024 2025 2026 Total (RHS)

• ~ 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

Source: IGU, Company presentations, Bloomberg

LNG fleet and orderbook

• Total LNGC fleet: 530 1)
• 2 newbuilding orders made YTD in 2021
• Current orderbook 101 LNGC 1) or 19 % of existing fleet
  • Of which 14 available

Source: Fearnley LNG

1) Excluding Arc7/Azipod vessels

1. Highlights

2. 1. Financials Q1 2021
3. 1. Market update
4. 1. Summary

Summary

• ➢ Continued recovery global LNG demand and increasing gas prices and freight rates in April/May 2021.
• ➢ Increased number of vessels fixed on medium term contracts indicate expected further recovery throughout 2021 and for the next winter season
• ➢ Mid- and long-term demand for LNG transportation remains strong
  • ─ Natural gas is cheap, abundantly available, environmentally friendly
  • ─ 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 dropping for 2022/23
• ➢ Awilco LNG
  • ─ Fully integrated and proven track record
  • ─ One vessel fixed for 1 year
  • ─ No debt refinancing until 2030
  • ─ Lean and cost focused organisation

A Fully Integrated Pure Play LNG Transportation Provider

Jon Skule Storheill CEO Mobile: +47 913 44 356 E-mail: jss@awilcolng.no

Per Heiberg

CFO Mobile: +47 952 20 264 E-mail: pheiberg@awilcolng.no