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

HIGHLIGHTS  1)

o Awilco LNG report a net loss of USD 0.3 million and earnings per share of USD
0.00 in the third quarter 2024, down from a net result of USD 8.7 million and
USD 0.07 per share in the second quarter 2024.
o Net freight income of USD 10.7 million in third quarter 2024, compared to USD
22.4 million in second quarter 2024.
o EBITDA in third quarter 2024 ended at USD 7.3 million, down from USD 18.8
million in second quarter 2024. 
o Vessel utilization was 87% for third quarter 2024, compared to 100% as for
second quarter 2024.
o Net TCE came in at USD 58,000 for third quarter, compared to USD 122,900 per
day for second quarter 2024.
o In August the Company declared a dividend of NOK 0.25 per share for the second
quarter. The dividend, corresponding to USD 3.1 million was paid in September
2024.
o WilForce is currently trading in a challenging spot marked with very low rates
and idle periods. With lack of visibility of earnings in the short-term the
Board decided not to declare a dividend for third quarter 2024.

Jon Skule Storheill, Chief Executive Officer, commented:
"After almost two years with very strong earnings where both our vessels have
been employed on well-paying Time Charter contracts the Company has experienced
a significant drop in earnings in third quarter. WilForce is trading in the
weakest LNGC spot market experienced for years, considering this is normally
high season it is surprisingly weak. The Company's financial position is robust
with a comfortable cash position and lowered cash break even following the
recent refinancing. Due to the present weakness and lack of visibility of
near-term earnings the board resolved to halt dividend payments until an
improvement in earnings is seen."

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

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


Oslo, November 14, 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.