Awilco LNG — Earnings Release 2023

May 24, 2023

Awilco LNG ASA - First quarter 2023 results

Awilco LNG ASA - First quarter 2023 results

The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today reports unaudited results for the three months ended March 31, 2023.

HIGHLIGHTS 1)

• Awilco LNG achieved a net result of USD 9.0 million and profit per share of USD 0.07 in first quarter, up from a net result of USD 4.9 million and USD 0.04 per share in fourth quarter 2022

• Net freight income of USD 20.5 million in first quarter 2023, up from USD 16.2 million in fourth quarter 2022

• EBITDA first quarter 2023 ended at USD 16.6 million, up from USD 12.1 million in fourth quarter 2022

• Vessel utilization was 100% in first quarter, up from 93% for previous quarter, with a net TCE of USD 113,800 per day

• In March the Company paid out NOK 0.50 per share in dividend, corresponding to USD 6.4 million

• On May 23, 2023 the Board authorized a cash dividend payment of NOK 0.50 per share to be paid in June

Jon Skule Storheill, Chief Executive Officer, commented:

“We are pleased to report a strong first quarter profit of USD 9.0 million as both vessels have traded on fixed rate contracts with no off-hire throughout the entire period. These contracts ensure solid earnings for the Company in a volatile LNG transportation market. Despite low spot rates in this shoulder season we see interest and rate levels for period charters holding firm and focus from charterers seems to be very much on security of supply going forward. The fixed earnings contracts enable the company to return value to our shareholders and the board resolved and declared a quarterly dividend of NOK 0.50 payable in June 2023”

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

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

Oslo, May 24, 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.