Awilco LNG

Earnings Release • May 23, 2024

Awilco LNG ASA - First quarter 2024 results

Awilco LNG ASA - First quarter 2024 results

The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today reports unaudited results for the three months ended March 31, 2024.

HIGHLIGHTS 1)

• Awilco LNG achieved a net result of USD 7.2 million and earnings per share of USD 0.05 in the first quarter 2024, down from a net result of USD 14.9 million and USD 0.11 per share in the fourth quarter 2023 which was positively impacted by a USD 5 million one-off insurance settlement.

• Net freight income of USD 21.9 million in first quarter 2024, compared to USD 22.2 million in fourth quarter 2023.

• EBITDA in first quarter 2024 ended at USD 17.6 million, down from USD 22.8 million in fourth quarter 2023.

• Vessel utilization was 100% for first quarter 2024 with net TCE at USD 120,600, the same as for fourth quarter 2023.

• In February the Company declared a dividend of NOK 1.00 per share for the fourth quarter. The dividend, corresponding to USD 12.2 million was paid in April 2024.

• In May the Company signed documentation for refinancing of both vessels and exercised the purchase option under the existing financing. The refinancing will reduce the Company’s finance cost and cash break even substantially. Closing of the refinancing is expected during second quarter 2024

• On May 22, 2024, the Board authorized a cash dividend payment of NOK 0.75 per share to be paid in July 2024. The Company has thus declared a total of NOK 3.35 per share in dividends since March 2023.

Jon Skule Storheill, Chief Executive Officer, commented:

“We are pleased to report another strong quarterly profit as both vessels have traded on their fixed rate contracts with no off-hire throughout the entire quarter. Progress has been made on the refinancing and we aim to close this transaction within the second quarter as it will significantly reduce our costs and cash break-even level. With WilForce coming open this summer we are pleased to see activity picking up after the shoulder season although rates have yet to improve significantly. The fixed earnings contracts through second quarter enable the company to continue to return capital to our shareholders and the board resolved and declared a dividend of NOK 0.75 per share for first quarter, payable in July 2024”.

Enclosed is in addition a First quarter 2024 presentation. No physical presentation will be held covering first quarter 2024.

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

Oslo, May 23, 2024

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 own two 2013 built 156,000 cbm TFDE membrane LNG vessels, WilForce and WilPride.