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

HIGHLIGHTS 1)

o Awilco LNG achieved the best ever quarterly net result of USD 14.9 million and
earnings per share of USD 0.11 in the fourth quarter, up from a net result of
USD 3.3 million and USD 0.03 per share in the third quarter 2023. The result for
the year 2023 ended at an all-time high of USD 38.2 million and USD 0.29 per
share
o Net freight income of USD 22.2 million in fourth quarter 2023, up from USD
14.8 million in third quarter 2023. Net freight income for the year 2023 ended
at USD 79.4 million
o EBITDA in fourth quarter 2023 ended at USD 22.8 million, up from USD 11.1
million in third quarter 2023. EBITDA for the year 2023 ended at USD 68.9
million
o Vessel utilization was 100% for fourth quarter with net TCE at USD 120,600
compared to 100% utilization and USD 119,500 per day for third quarter
(excluding scheduled off-hire). For the full year 2023 utilization was 100%
(excluding scheduled off-hire) with a net TCE of 118.500 per day
o In December the Company paid NOK 0.35 per share in dividend, corresponding to
USD 4.4 million bringing total paid dividend for the year 2023 to NOK 1.60 per
share, corresponding to USD 20.0 million
o In December the Company made a full and final settlement agreement between
owners and insurance companies on both sides relating to the collision between
WilForce and Western Moscow in May 2019. A compensation of USD 5.0 million is
booked as income in fourth quarter 2023
o In December the Company signed a Term Sheet for refinancing of both vessels at
significantly improved terms, with longer tenor, lower margin, and longer
profile. This refinancing will reduce the Company's finance cost and cash break
even substantially. Credit Approval was received in February 2024 and
documentation is progressing as expected. Closing of the refinancing is expected
during second quarter 2024
o On February 27, 2023, the Board authorized a cash dividend payment of NOK 1.00
per share to be paid in April 2024

Jon Skule Storheill, Chief Executive Officer, commented:
"Following the second special survey and dry-dock in third quarter both vessels
resumed their time charter contracts and generated full earnings without any
off-hire in fourth quarter. A full and final settlement of the insurance claim
from 2019 for WilForce was also reached and we are thus very pleased to report
the best ever net profit of USD 14.9 million for the quarter. With both vessels
on fixed rate contracts through first half 2024 we can expect earnings to be in
line with first half 2023. The fixed earnings contracts enable the company to
continue to return value to our shareholders and the board resolved and declared
a dividend of NOK 1.00 for fourth quarter, payable in April 2024".


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

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



Oslo, February 28, 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.