The Awilco LNG Group (Awilco LNG ASA together with its subsidiaries) today reports unaudited results for the three months endedMarch 31, 2024 . HIGHLIGHTS 1) oAwilco LNG achieved a net result ofUSD 7.2 million and earnings per share ofUSD 0.05 in the first quarter 2024, down from a net result ofUSD 14.9 million andUSD 0.11 per share in the fourth quarter 2023 which was positively impacted by aUSD 5 million one-off insurance settlement. o Net freight income ofUSD 21.9 million in first quarter 2024, compared toUSD 22.2 million in fourth quarter 2023. o EBITDA in first quarter 2024 ended atUSD 17.6 million , down fromUSD 22.8 million in fourth quarter 2023. o Vessel utilization was 100% for first quarter 2024 with net TCE atUSD 120,600 , the same as for fourth quarter 2023. o In February the Company declared a dividend ofNOK 1.00 per share for the fourth quarter. The dividend, corresponding toUSD 12.2 million was paid inApril 2024 . o In May the Company signed documentation for refinancing of both vessels and exercised the purchase option under the existing financing. The refinancing will reduce the Company's finance cost and cash break even substantially. Closing of the refinancing is expected during second quarter 2024 o OnMay 22, 2024 , the Board authorized a cash dividend payment ofNOK 0.75 per share to be paid inJuly 2024 . The Company has thus declared a total ofNOK 3.35 per share in dividends sinceMarch 2023 . Jon Skule Storheill, Chief Executive Officer, commented: "We are pleased to report another strong quarterly profit as both vessels have traded on their fixed rate contracts with no off-hire throughout the entire quarter. Progress has been made on the refinancing and we aim to close this transaction within the second quarter as it will significantly reduce our costs and cash break-even level. With WilForce coming open this summer we are pleased to see activity picking up after the shoulder season although rates have yet to improve significantly. The fixed earnings contracts through second quarter enable the company to continue to return capital to our shareholders and the board resolved and declared a dividend ofNOK 0.75 per share for first quarter, payable inJuly 2024 ". Enclosed is in addition a First quarter 2024 presentation. No physical presentation will be held covering first quarter 2024. Note on Alternative performance measures: Alternative performance measures are defined and explained in the APM section of the Quarterly report.Oslo ,May 23, 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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