Awilco LNG

Earnings Release • Aug 23, 2023

Awilco LNG ASA - Second quarter 2023 results

Awilco LNG ASA - Second quarter 2023 results

The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today reports unaudited results for the three months ended June 30, 2023.

HIGHLIGHTS 1)

• Awilco LNG achieved a net result of USD 11.0 million and profit per share of USD 0.08 in the second quarter, up from a net result of USD 9.0 million and USD 0.07 per share in the first quarter 2023. First half 2023 net result ended at USD 20.1 million or USD 0.15 per share.

• Net freight income of USD 21.9 million in second quarter 2023, up from USD 20.5 million in first quarter 2023. First half 2023 net freight income ended at USD 42.4 million, up from USD 24.3 for the same period last year.

• EBITDA second quarter 2023 ended at USD 18.4 million, up from USD 16.6 million in first quarter 2023. First half 2023 EBITDA ended at USD 35.0 million, up from 17.7 million for the same period last year.

• Vessel utilization was 100% in second quarter and for the first half year in total, compared to 88% and 94% for the same periods last year.

• Net TCE came in at USD 120,500 and USD 117,150 per day for second quarter and first half year respectively, compared to USD 56,400 and USD 67,400 per day respectively for the same periods last year.

• In June the Company paid NOK 0.50 per share in dividend, corresponding to USD 6.4 million bringing total paid dividend during first half of 2023 to NOK 1.00 per share, corresponding to USD 12.5 million in total.

• On August 22, 2023, the Board authorized a cash dividend payment of NOK 0.25 per share to be paid in September. After completing the ongoing dry docking of both vessels, the Board expects to increase dividend payments for the next quarters.

Jon Skule Storheill, Chief Executive Officer, commented:

“On the back of fixed rate contracts for both WilForce and WilPride we are pleased to report another strong quarter with a profit of USD 11.0 million. Seasonally low spot rates throughout the second quarter are now behind us and we are seeing rate levels increasing as usual for this time of year. Although both our vessels will be going through their scheduled second special survey incurring substantial off-hire periods in the third quarter, the fixed earnings contracts will enable the company to continue to return value to our shareholders also in this period. The board resolved and declared a quarterly dividend of NOK 0.25 payable in September 2023”

Enclosed is in addition a second quarter 2023 presentation. No physical presentation will be held covering second quarter 2023.

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

1) Please refer to definitions in Appendix A for descriptions of alternative performance measures

Oslo, August 23, 2023

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.