The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today reports unaudited results for the three months ended June 30, 2022.
HIGHLIGHTS 1)
• Awilco LNG achieved a net zero result for second quarter, down from a net result of USD 6.0 million and earnings per share of USD 0.05 in first quarter 2022. First half 2022 net result ended at USD 6.0 million or USD 0.05 per share
• Net freight income of USD 10.2 million in second quarter 2022, down from USD 14.1 million in first quarter 2022. First half 2022 net freight income ended at USD 24.3 million, down from 28.3 million for the same period last year
• EBITDA second quarter 2022 ended at USD 6.8 million, down from USD 11.0 million in first quarter 2022. First half 2022 EBITDA ended at USD 17.7 million, down from USD 21.7 million for the same period last year
• Vessel utilization was 88% for second quarter and 94% for first half year, with a net TCE of USD 56,400 and 67,400 per day respectively
• In June the Company signed a 3 + 2-year contract commencing in December 2022
• In June the Company sold its holding of 700,000 shares in Cool Co Ltd. at a net proceed of USD 6.8 million
• In August the company entered and delivered the WilForce on a six-month contract
Jon Skule Storheill, Chief Executive Officer, commented:
“Following six quarters with good results we experienced the challenge of running both our vessels in a more volatile than expected spot market in the second quarter. The improving market at the end of first quarter was expected to continue throughout second quarter until an explosion and shutdown of the Freeport LNG terminal in June turned the market with several vessels being released from their contracts and available in the market during the summer. As a consequence of this we will have weaker earnings and lower utilisation also in the third quarter. Despite the short-term challenges, we are fundamentally positive to the medium-term market and are satisfied with being able to secure a longer-term commitment with good earnings for WilPride. Earnings will improve from fourth quarter.”
Enclosed is in addition a second quarter 2022 presentation. No physical presentation will be held covering second quarter and first half year 2022.
Note on Alternative performance measures: Alternative performance measures are defined and explained in the APM section of the Quarterly report.
Oslo, August 23, 2022
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 owns two 2013 built 156,000 cbm TFDE membrane LNG vessels, WilForce and WilPride.