AWILCO LNG ASA The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today reports unaudited results for the three months endedDecember 31, 2023 . HIGHLIGHTS 1) oAwilco LNG achieved the best ever quarterly net result ofUSD 14.9 million and earnings per share ofUSD 0.11 in the fourth quarter, up from a net result ofUSD 3.3 million andUSD 0.03 per share in the third quarter 2023. The result for the year 2023 ended at an all-time high ofUSD 38.2 million andUSD 0.29 per share o Net freight income ofUSD 22.2 million in fourth quarter 2023, up fromUSD 14.8 million in third quarter 2023. Net freight income for the year 2023 ended atUSD 79.4 million o EBITDA in fourth quarter 2023 ended atUSD 22.8 million , up fromUSD 11.1 million in third quarter 2023. EBITDA for the year 2023 ended atUSD 68.9 million o Vessel utilization was 100% for fourth quarter with net TCE atUSD 120,600 compared to 100% utilization andUSD 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 paidNOK 0.35 per share in dividend, corresponding toUSD 4.4 million bringing total paid dividend for the year 2023 toNOK 1.60 per share, corresponding toUSD 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 andWestern Moscow inMay 2019 . A compensation ofUSD 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 inFebruary 2024 and documentation is progressing as expected. Closing of the refinancing is expected during second quarter 2024 o OnFebruary 27, 2023 , the Board authorized a cash dividend payment ofNOK 1.00 per share to be paid inApril 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 ofUSD 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 ofNOK 1.00 for fourth quarter, payable inApril 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 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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