Awilco LNG ASA Keeps Vessels on Fixed Contracts

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

HIGHLIGHTS

· 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

· Net freight income of USD 14.8 million in third quarter 2023, down from USD 21.9 million in second quarter 2023

· EBITDA in third quarter 2023 ended at USD 11.1 million, down from USD 18.4 million in second quarter 2023

· 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

· 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

· 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

· 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”.
Source: Awilco LNG