Awilco LNG

Share Issue/Capital Change • May 18, 2017

ALNG - NOK 215 million private placement completed

ALNG - NOK 215 million private placement completed

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN

PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR

THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE

RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS

ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN.

Awilco LNG ASA: NOK 215 million private placement completed

Reference is made to the stock exchange release by Awilco

LNG ASA (the "Company") on 18 May 2017 regarding a

contemplated private placement (the "Private Placement") of

new shares in the Company.

The Company is pleased to announce that the Private

Placement was successfully placed, raising gross proceeds of

NOK 215 million (approximately USD 25 million) through

issuance of 61,400,000 shares at a subscription price of NOK

3.50 per share. Conditional allocation notices will be

distributed to the investors on 19 May 2017. The completion

of the Private Placement is conditional upon (i) approval by

the EGM of the Company and (ii) the Company entering into

final agreement with Teekay LNG in connection with the

Company's restructuring of its bareboat charterparties.

The new shares issued in the Private Placement will not be

listed on Oslo Axess before a listing prospectus has been

prepared and published by the Company, expected to take

place end of June 2017. Pending such listing, the new shares

will be delivered on a separate ISIN.

In connection with the Private Placement the Board of

Directors of the Company will propose that the Company's

share capital is reduced by NOK 101,683,311 to NOK

169,472,185 by reducing the nominal value of each share from

NOK 4.00 to NOK 2.50. Through the issuance of the new shares

in the Private Placement, the share capital will be

increased by NOK 153,500,000 to NOK 322,972,185. The

Company's share capital following the Private Placement will

be NOK 322,972,185 divided into 129,188,874 shares, each

with a nominal value of NOK 2.50.

The Board of Directors proposes to set aside the pre-emptive

rights of the existing shareholders. The Board of Directors

is of the view that a private placement is the best way to

ensure that the Company could raise the required capital in

a timely manner to complete the announced refinancing.

The Company will carry out a subsequent offering

(the "Subsequent Offering") of up to 5,715,000 new shares

for gross proceeds of up to NOK 20 million. The Subsequent

Offering will, on the basis of a prospectus approved by the

Norwegian Financial Supervisory Authority, expected to be

launched end of June 2017, be directed towards shareholders

who (i) are shareholders in the Company as of 18 May 2017,

as registered as shareholders in the Company's register of

shareholders with the Norwegian Central Securities

Depositary (Nw. Verdipapirsentralen) (the "VPS") as of

expiry of 22 May 2017, (ii) were not offered to participate

in the Private Placement, and (iii) are not resident in a

jurisdiction where such offering would be unlawful or, for

jurisdictions other than Norway, would require any

prospectus, filing, registration or similar action

(the "Eligible Shareholders"). The Eligible Shareholders

will be granted non-tradable subscription rights. The

subscription period in the Subsequent Offering is expected

to commence shortly after publication of the prospectus. The

subscription price in the Subsequent Offering will be the

same as in the Private Placement. The Company will issue a

separate stock exchange notice including the ex. date,

record date and other information for the participation in

the Subsequent Offering if and when finally resolved.

ABG Sundal Collier acted as Manager in the Private Placement

For further information, please contact:

Jon Skule Storheill, CEO

+47 91 34 43 56

Snorre Schie Krogstad, CFO

+47 90 85 83 93

Important information:

The release is not for publication or distribution, in whole

or in part directly or indirectly, in or into Australia,

Canada, Japan or the United States (including its

territories and possessions, any state of the United States

and the District of Columbia) or any other jurisdiction in

which the release, publication or distribution would be

unlawful. This release is an announcement issued pursuant to

legal information obligations, and is subject of the

disclosure requirements pursuant to section 5-12 of the

Norwegian Securities Trading Act. It is issued for

information purposes only, and does not constitute or form

part of any offer or solicitation to purchase or subscribe

for securities, in the United States or in any other

jurisdiction. The securities mentioned herein have not been,

and will not be, registered under the United States

Securities Act of 1933, as amended (the "US Securities

Act"). The securities may not be offered or sold in the

United States except pursuant to an exemption from the

registration requirements of the US Securities Act. The

Company does not intend to register any portion of the

offering of the securities in the United States or to

conduct a public offering of the securities in the United

States. Copies of this announcement are not being made and

may not be distributed or sent into Australia, Canada, Japan

or the United States. The issue, exercise, purchase or sale

of subscription rights and the subscription or purchase of

shares in the Company are subject to specific legal or

regulatory restrictions in certain jurisdictions. Neither

the Company nor the Manager assumes any responsibility in

the event there is a violation by any person of such

restrictions.

The distribution of this release may in certain

jurisdictions be restricted by law. Persons into whose

possession this release comes should inform themselves about

and observe any such restrictions. Any failure to comply

with these restrictions may constitute a violation of the

securities laws of any such jurisdiction. The Manager are

acting for the Company and no one else in connection with

the Private Placement and will not be responsible to anyone

other than the Company for providing the protections

afforded to their respective clients or for providing advice

in relation to the Private Placement and/or any other matter

referred to in this release.

Forward-looking statements:

This release and any materials distributed in connection

with this release may contain certain forward-looking

statements. By their nature, forward-looking statements

involve risk and uncertainty because they reflect the

Company's current expectations and assumptions as to future

events and circumstances that may not prove accurate. A

number of material factors could cause actual results and

developments to differ materially from those expressed or

implied by these forward-looking statements.