The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today reports unaudited results for the three months ended December 31, 2021.
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• Awilco LNG achieved a net result of USD 5.8 million and earnings per share of USD 0.04 for fourth quarter, up from net result of USD 5.1 million and earnings per share of USD 0.04 in third quarter 2021.
• Net freight income of USD 14.5 million in fourth quarter 2021, up from USD 14.3 million in third quarter 2021.
• EBITDA for fourth quarter ended at USD 10.7 million, down from USD 10.8 million in third quarter 2021.
• Vessel utilization for the quarter was 100% with a net TCE of USD 78,600 per day.
HIGHLIGHTS FOR THE YEAR 2021 1)
• Net result of USD 21.1 million and earnings per share of USD 0.16 for the full year 2021 compared to a loss of USD 7.9 million for the previous year.
• Net freight income was USD 57.1 million in 2021, up from USD 30.7 million in 2020.
• EBITDA for the year ended at USD 43.3 million, up from USD 18.1 million in 2020.
• Vessel utilization for the year was 100% with a net TCE of USD 78,200 per day.
• In January Awilco LNG invested USD 7 million in Cool Company Limited, a company set up to buy and own 8 TFDE vessels purchased from Golar LNG.
Jon Skule Storheill, Chief Executive Officer, commented:
“We are pleased to report a full year profit of USD 21.1 million with a net TCE of 78,200 per day. Throughout fourth quarter we continued to deliver strong results on the back of our fixed rate contracts for both vessels. This is set to continue until the start of second quarter 2022 and earnings can be expected to remain at this level through the first quarter 2022. The market has experienced a seasonal downturn earlier than normal, mostly on the back of negative arbitrage between European and Asian gas prices, leading to shorter sailing distances and more open freight capacity in our market. We expect this to turn later in the quarter and focus on securing the next employment for the vessels.”
Enclosed is in addition a Q4 2021 presentation. No physical presentation will be held covering fourth quarter 2021.
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 measures
Oslo, February 18, 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.
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