Awilco LNG

Earnings Release • Nov 26, 2021

ALNG - Q3 2021 Report

ALNG - Q3 2021 Report

The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today reports unaudited results for the three months ended September 30, 2021.

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 net result of USD 3.3 million and earnings per share of USD 0.02 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 net TCE for both vessels in third quarter was USD 78,000 per day.

• Vessel utilization in third quarter 2021 of 99%, compared to 100% in second quarter 2021.

• Both vessels are at fixed term contracts until the start of second quarter 2022 at rates that secure significant positive cash generation over the period.

Jon Skule Storheill, Chief Executive Officer, commented:

"We are pleased to continue to deliver strong results on the back of our fixed rate contracts for both vessels, bringing the result for the first nine months of 2021 to USD 15.3 million and an average net TCE for the same period to USD 78,000 per day. With both vessels chartered out until the start of second quarter 2022 earnings can be expected to remain at this level for the next quarters and we are focused on capitalizing on the strong LNG freight market."

Enclosed is in addition a Q3 2021 presentation. No physical presentation will be held covering third quarter 2021.

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

Oslo, November 26, 2021

For further information please contact:

CEO Jon Skule Storheill

Phone: +47 913 44 356

CFO Per Heiberg

Phone: +47 952 20 264

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.