The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today
reports unaudited results for the three months ended December 30, 2024.

HIGHLIGHTS  1)
o Awilco LNG reports a net profit of USD 1.5 million and earnings per share of
USD 0.01 in the fourth quarter 2024, up from a net loss of USD 0.3 million and
USD 0.00 per share in the third quarter 2024. The result for the year 2024 ended
at USD 17.1 million and USD 0.13 per share
o Net freight income of USD 9.3 million in fourth quarter 2024, compared to USD
10.7 million in third quarter 2024. Net freight income for the year 2024 ended
at USD 64.3 million
o The company's vessel WilForce had part of the fourth quarter covered by
technical off-hire insurance as the vessel was commercially unavailable for this
period due to an issue with the vessels Ballast Water Treatment System (BWTS).
The Company accounted for USD 3.7 million in compensation from the Loss of Hire
insurance as other income related to this
o EBITDA in fourth quarter 2024 ended at USD 8.8 million, up from USD 7.3
million in third quarter 2024. EBITDA for the year 2024 ended at USD 52.5
million
o Vessel utilization was 89% for fourth quarter 2024, compared to 87% for third
quarter 2024. For the full year 2024 utilization was 94%
o Net TCE came in at USD 56,800 for fourth quarter, compared to USD 58,000 per
day for third quarter 2024. For the full year 2024 net TCE ended at USD 90.300
per day
o WilForce is currently available in a very challenging spot market with market
rates below operating expenses and idle periods may be expected

Jon Skule Storheill, Chief Executive Officer, commented:
"With one of our vessels open in what is characterised as the weakest spot
market ever we are pleased to report a positive result for fourth quarter and a
strong result of USD 17.1 million for the year 2024.  WilForce is trading in a
very challenging spot market, where we so far have managed to keep the vessel
employed and in cold and ready to load condition although utilisation is looking
challenging in the short term. Phase out of uncompetitive older steam vessels,
new LNG production and improving ton-miles will eventually improve the
situation. The Company's financial position is robust with a comfortable cash
position and the WilPride employed until the end of 2025 securing decent cash
flow. Combined with a reduced cash break even following the recent refinancing
the Company is prepared to weather the current weak market."

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

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


Oslo, February 25, 2025

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.