The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today
reports unaudited results for the three months ended September 30, 2023.

HIGHLIGHTS  1)

o Awilco LNG achieved a net result of USD 3.3 million and profit per share of
USD 0.03 in the third quarter, down from a net result of USD 11.0 million and
USD 0.08 per share in the second quarter 2023
o Net freight income of USD 14.8 million in third quarter 2023, down from USD
21.9 million in second quarter 2023
o EBITDA in third quarter 2023 ended at USD 11.1 million, down from USD 18.4
million in second quarter 2023
o Both vessels successfully completed their scheduled second special survey,
including dry-dock during the quarter. Surveys were done on time and at a total
cost for both vessels of USD 12.2 million with a total of 60 days off-hire
including positioning and repositioning
o Vessel utilization was 100% for third quarter (excluding off-hire days from
scheduled dry-docking) and 68% based on all days with net TCE at USD 119,500
(excluding off-hire days from scheduled dry-docking) compared to 100%
utilization and USD 120,5000 per day for second quarter
o In September the Company paid NOK 0.25 per share in dividend, corresponding to
USD 3.1 million bringing total paid dividend during the first nine months of
2023 to NOK 1.25 per share, corresponding to USD 15.6 million
o On November 14, 2023, the Board authorized a cash dividend payment of NOK 0.35
per share to be paid in December


Jon Skule Storheill, Chief Executive Officer, commented:
"As both our vessels successfully passed their second special survey including
dry-dock during third quarter the off-hire period resulted in lower earnings
than the past quarters. Despite this we are pleased to report another profitable
quarter with a net profit of USD 3.3 million. Both vessels are back on their
fixed rate contracts, and we expect fourth quarter earnings to be in line with
second quarter. The fixed earnings contracts enable the company to continue to
return value to our shareholders and the board resolved and declared a quarterly
dividend of NOK 0.35 payable in December 2023".


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

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

1) Please refer to definitions in Appendix A for descriptions of alternative
performance measures


Oslo, November 15, 2023

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.