The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today
reports unaudited results for the three months ended March 31, 2022.

HIGHLIGHTS
o Awilco LNG achieved a net result of USD 6.0 million and earnings per share of
USD 0.05 for first quarter, up from net result of USD 5.8 million and earnings
per share of USD 0.04 in fourth quarter 2021.
o Net freight income of USD 14.1 million in first quarter 2022, down from USD
14.5 million in fourth quarter 2021.
o EBITDA for first quarter 2022 ended at USD 11.0 million, up from USD 10.7
million in fourth quarter 2021.
o Vessel utilization for the quarter was 100% with a net TCE of USD 78,300 per
day.
o In May the Company received the judgement on liability on the case involving
WilForce in May 2019. As expected, the other vessel was found to have caused the
accident and appointed 75:25 liability and cost of the case. The judgement is
open for appeal and cost not settled. Update on progress will be given in due
course.

Jon Skule Storheill, Chief Executive Officer, commented:
"We are pleased to deliver another strong quarterly result of USD 6.0 million
and a TCE of USD 78.300 per day as both our vessels sailed on fixed rate
contracts throughout the quarter. The shift of demand from Asia to Europe caused
by the war in Ukraine has led to shorter sailing distances and higher
availability of ships which has led to a weak spot market at the start of the
year. The weakening in the market has now been reversed and so far in second
quarter we have seen the market gradually strengthen. Both our vessels are
currently trading in the spot market in anticipation of improving longer-term
rates. We focus on optimizing performance but expect earnings for second quarter
to come in lower than the previous quarters."

Enclosed is in addition a Q1 2022 presentation. No physical presentation will be
held covering first quarter 2022.

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



Oslo, May 27, 2022

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.