The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today
reports unaudited results for the three months ended September 30, 2022.
HIGHLIGHTS  )
o Awilco LNG had a net loss of USD 5.1 million and loss per share of USD 0.04
for third quarter, down from a net zero result in second quarter 2022. Year to
date result ended at USD 0.9 million and USD 0.01 per share as per September 30,
2022
o Net freight income of USD 4.8 million in third quarter 2022, down from USD
10.2 million in second quarter 2022.
o EBITDA third quarter 2022 ended at USD 1.3 million, down from USD 6.8 million
in second quarter 2022
o Vessel utilization was 44% for third quarter, down from 88% for second
quarter, with a net TCE of USD 24,800 per day
o In August the company delivered the WilForce on a six-month contract at market
rates
o In November the company signed an 18-month contract for WilForce commencing in
first quarter 2023 in direct continuation from the present six-month charter.
The charter will generate an EBITDA of approximately USD 73 million over the
charter period
o In November the Board of Directors approved a revised dividend policy to
maximise return to shareholders and thereby intend to distribute a substantial
part of annual free cash flow, paid out quarterly, always subject to required
working capital and a robust cash buffer. Initial payment is expected to take
place in first quarter 2023 when both vessels have commenced their respective
contracts

Jon Skule Storheill, Chief Executive Officer, commented:
"As indicated in the second quarter report, third quarter was a weak quarter for
Awilco LNG. Both vessels had extended idle periods between their contracts as a
result of the weak market caused by the temporary closure of Freeport LNG. The
cost to position the vessels for next employment was also unusually high due to
the very high cost of fuel. That being said, we are pleased to report that we
have secured employment at strong rates for our vessels ensuring solid and
stable earnings for the company through 2023 and most of 2024. The fixed
earnings will also enable the company to return value to our shareholders and
our Board of Directors have approved a revised dividend policy which the Company
will follow up on in the coming quarters."


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

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


Oslo, November 29, 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.