AWILCO LNG ASA The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today reports unaudited results for the three months endedSeptember 30, 2023 . HIGHLIGHTS 1) oAwilco LNG achieved a net result ofUSD 3.3 million and profit per share ofUSD 0.03 in the third quarter, down from a net result ofUSD 11.0 million andUSD 0.08 per share in the second quarter 2023 o Net freight income ofUSD 14.8 million in third quarter 2023, down fromUSD 21.9 million in second quarter 2023 o EBITDA in third quarter 2023 ended atUSD 11.1 million , down fromUSD 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 ofUSD 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 atUSD 119,500 (excluding off-hire days from scheduled dry-docking) compared to 100% utilization andUSD 120,5000 per day for second quarter o In September the Company paidNOK 0.25 per share in dividend, corresponding toUSD 3.1 million bringing total paid dividend during the first nine months of 2023 toNOK 1.25 per share, corresponding toUSD 15.6 million o OnNovember 14, 2023 , the Board authorized a cash dividend payment ofNOK 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 ofUSD 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 ofNOK 0.35 payable inDecember 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 measuresOslo ,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 AboutAwilco 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.
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