1. Q3
2012
Jon Skule Storheill
Snorre Krogstad
www.awilcolng.no -1-

2. Disclaimer
This presentation may include certain forward-looking statements, estimates, predictions,
influences and projections with respect to anticipated future performance and as to the market
for products or services which may reflect various assumptions made by the management of the
Company. These assumptions may or may not prove to be correct and no representation is
made as to the accuracy of such statements, estimates, projections, predictions and influences.
These statements and forecasts involve risk and uncertainty because they relate to events and
depend on circumstances that will occur in the future. The information and opinions contained in
this presentation are subject to change without notice and the Company assumes no
responsibility or obligation to update publicly or review any of the forward-looking statements
contained herein.
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3. Agenda 21/11
1. Company overview and Highlights Q3
2. Q3 Financials
3. Market update
4. Summary
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4. Company overview
Awilco LNG is a pure play LNG transportation provider, owning and
operating LNG vessels. The company owns three 125,000 cbm LNG
vessels: WilGas, WilPower and WilEnergy. In addition, the company has
entered into newbuilding contracts with Daewoo Shipbuilding & Marine
Engineering Co Ltd in Korea for two155,900 cbm LNG vessels to be
delivered during the 3rd and 4th quarter of 2013. The company is listed
on Oslo Axess under the ticker code ALNG.
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5. 3rd Quarter Highlights
• Awilco LNG reported:
− Net freight income of MUSD 12.3 MUSD 10.1 in Q2 2012
− EBITDA of MUSD 6.4 MUSD 3.0 in Q2 2012
− Net profit of MUSD 5.8 MUSD -2.2 in Q2 2012
• WilPower idle entire quarter
• In-house technical management established and building of organization in process
• Vessel utilization of 67% vs 68% last quarter
• Market relatively quiet for entire quarter, mainly due to lower gas price spread between Europe and Asia
Subsequent events
• WilGas commenced the two year charter to Petrobras in early November
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6. Contract overview
2012 2013 2014
WilPower Available
WilEnergy Available
WilGas
Newbuilding no 1 Construction Available
Newbuilding no 2 Construction Available
WilPower: Available
WilEnergy: Available from February 2013
Newbuilding No.1: Available from August 2013
Newbuilding No.2: Available from November 2013
WilGas: Available from November 2014
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7. Agenda 21/11
1. Company overview and Highlights Q3
2. Q3 Financials
3. Market update
4. Summary
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8. Q3 2012 Income statement
Total freight revenue MUSD 12.6
USD million Q3'12 Q2'12 Q1'12 2011
• 67% utilization (68% Q2)
Freight income 12.6 12.4 17.7 30.7
Voyage related expenses MUSD (0.4)
Voyage related expenses (0.4) (2.4) (1.2) (10.0)
• No position expenses during the quarter
Net freight income 12.3 10.1 16.6 20.7
Operating expenses (4.8) (5.8) (3.8) (12.0) Operating expenses MUSD (4.8)
• MUSD 0.7 minor repairs initiated in Q2 completed in Q3
Administration expenses (1.0) (1.2) (1.0) (4.6)
• MUSD 0.2 related to idling of WilPower
EBITDA 6.4 3.0 11.8 4.1
Depreciation (2.0) (1.6) (2.2) (3.9) Administration expenses MUSD (1.0)
• Reduction in fair value of synthetic options
Impairment parts/equip. - (1.4) - -
• Lower recruitment cost related to in-house technical mgmt.
Net finance (0.3) (0.1) 0.3 (0.8)
Profit/loss before tax 4.2 0.0 9.9 (0.6) Depreciation MUSD (2.0)
• Marginal increase due to docking of WilPower
Tax 1.6 (2.1) 2.0 (2.6)
Profit/loss 5.8 (2.2) 11.9 (3.3) Net Finance (0.3)
• Marginally increased interest expenses due to utilization of
credit facility
Tax MUSD 1.6
• Reduction in deferred tax liability due to unrealized
exchange rate effects in the parent company
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9. Q3 2012 Balance sheet
Vessels MUSD 196.1
USD million 30.09.12 30.06.12 31.12.11
• Book value existing vessels MUSD 75.1
Vessels 75.1 76.8 69.9
• Supervision cost newbuildings MUSD 1.0 during the quarter
Vessels under construction 121.0 119.9 79.2
Other non-current assets 0.3 0.1 0.1 Current assets MUSD 10.0
• Trade receivables MUSD 2.3 vs. 1.2 Q2
Total non-current assets 196.3 196.8 149.2
• Cash MUSD 4.1 vs. MUSD 3.6 Q2
Trade receivables 2.3 1.2 3.8
Other short term assets 3.6 3.8 0.8 Non-current liabilities MUSD 0.5
• Deferred tax liability of MUSD 0.5 due to unrealized currency
Cash 4.1 3.6 28.4
effects in the parent company
Total current assets 10.0 8.5 33.0
Total assets 206.3 205.4 182.2 Current liabilities MUSD 18.7
• MUSD 10.2 of available MUSD 20.0 drawn on credit facility
• Trade payables reduced due to paid dry-dock of WilPower
Total equity 187.1 181.3 171.6
Non-current liabilities 0.5 1.6 1.9
Short-term interest bearing debt 10.2 10.4 -
Trade payables 1.1 6.8 2.2
Other current liabilities 7.4 5.3 6.5
Total current liabilities 18.7 22.4 8.7
Total equity and liabilities 206.3 205.4 182.2
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10. Q3 2012 Cash flow
USD million Q3'12 Q2'12 2011
Operating activities MUSD 2.1
• Reduced accounts payable due to payment of docking
Cash Flows from Operating Activities:
Investing activities MUSD (1.4)
Profit/(loss) before taxes 4.2 - (0.6)
• MUSD 1.0 supervision cost newbuildings
Depreciation and amortization 2.0 1.6 3.9
Impairment of vessel parts and equipment - 1.4 -
Trade receivables, inventory and other short term assets (0.9) (1.4) (4.6) Cash at the end of the Quarter MUSD 4.1
Accounts payable, accrued exp. and deferred revenue (3.0) 0.8 8.6 • MUSD 9.8 available under credit facility
Net cash provided by / (used in) operating activities 2.1 2.4 7.3
Cash Flows from Investing Activities:
Investment in vessels (0.2) (8.5) (73.8)
Investment in vessels under construction (1.0) (20.7) (79.2)
Investment in other fixed assets (0.2) - (0.1)
Net cash provided by / (used in) in investing act. (1.4) (29.2) (153.1)
Cash Flows from Financing Activities:
Issuance of shares, net of transaction costs - - 131.6
Issuance of shareholder loan - - 39.0
Proceeds from borrowings (0.2) 10.4 -
Net cash provided by / (used in) financing activities (0.2) 10.4 170.6
Net changes in cash and cash equivalents 0.5 (16.4) 24.7
Cash and cash equivalents at start of period 3.6 20.0 3.7
Cash and cash equivalents at end of period 4.1 3.6 28.4
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11. Agenda 21/11
1. Company overview and Highlights Q3
2. Q3 Financials
3. Market update
4. Summary
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12. Rate development
• Continued low activity and softening rates in Q3 • Short term market followed same pattern as spot
• Weaker market due to: market, declining rates and low activity
− Low gas price spread between Europe and Asia • Rates still at historically high level
− Angola start up delayed • Limited number of vessels available for period
− Increased number of vessels available for short period contracts
Source: Fearnley LNG
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13. Gas price spread
Gas spread vs. Spot rate Cargo movements from Atlantic to Pacific
USD/MMBTU
USD/day
vs. Spot rate
11 160 000 No. Cargoes USD/day
Spread LNG Spot Asia - 40 160 000
NBP (Left) Number of cargoes
140 000
9 LNG spot rate freight 35 140 000
rate (Right) LNG spot rate freight
120 000 30 120 000
rate (Right)
7
100 000 25 100 000
5 80 000 20 80 000
15 60 000
60 000
3
10 40 000
40 000
5 20 000
1
20 000
- -
1 3 5 7 9 11 2 4 6 8 10 12 2 4 6 8 10
-1 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 0
2010 2011 2012 2010 2011 2012
• Gas price spread continued to decline during the quarter, but turning in November
• Number of cargoes movements from Atlantic to Pacific and gas price spread increasing in November
• Rates kept at historical high level
Source: Arctic Securities, Fearnley LNG
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14. LNG volumes
Change in LNG exports y-o-y (mmtpa) Change in LNG imports y-o-y (mmtpa)
-2 -1 0 1 2 3 4 -8 -6 -4 -2 0 2 4 6 8 10
Qatar Japan
Norway India
China
Nigeria South Korea
Russian Federation Taiwan
Peru Brazil
UAE Puerto Rico
Netherlands
Libya Dubai
Oman Thailand
USA Greece
Dominican Republic
Brunei Turkey
Equatorial Guinea Portugal
Australia Mexico
Trinidad and Canada
Tobago Argentina
Yemen Chile
Algeria Kuwait
Indonesia Italy
Belgium
Malaysia France
Egypt Spain
USA
United Kingdom
• LNG production lagging behind last years production
• Import to Europe declining while Asian countries are continuing to increase their import
• Lower demand from Europe is due to relatively high gas prices and weak economy in Europe
Source: Enskilda Securities
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15. Liquefaction growth 2012-2017
Expected increase in LNG production
mtpa (FID taken - not including ramp-up)
120
100
9
80 21
60
32
40
21
20
10
0 5
2012 2013 2014 2015 2016 2017
• 90 mtpa FID taken
• 100 – 110 additional vessels required by year end 2016 to handle new capacity under construction
• Another 90 – 122 mtpa FID expected to be taken by year end 2013 – with start up from 2016 and onwards
• Further potential from North America
• Start up delays likely to occur
Source: Fearnley LNG
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16. World LNG Fleet by Year Built
LNG Fleet development and orderbook
(> 100 000 cbm)
Fleet Newbuildings
450 60
400
50
350
300 40
250
30
200
150 14 20
8
8
100 1
10
50 12 14 15
5 2
0 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
No contract Committed Total fleet
• Total orderbook of 78 LNG carriers, of which 48 are assumed committed and 30 open (excl FSRU)
• Orderbook likely to grow from 2015 onwards, annual yard capacity about 50 vessels/year
• Fleet growth is not adjusted for demolition of old vessels
Source: Fearnley LNG
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17. Agenda 21/11
1. Company overview and Highlights Q3
2. Q3 Financials
3. Market update
4. Summary
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18. Summary Market
• Short term - increased activity
− Activity is picking up due to seasonal stronger winter market
− Angola should start production
− Continued volatile spot market impacted by gas price spread development
− Limited number of newbuildings until Q4 2013
• Long term - fundamentals remains firm
− Gas demand expected to continue to grow
− Liquefaction capacity is set for growth
- 90 mtpa under construction
- 122 mtpa potential additional FID in period until year end 2013
- Trading distances expected to increase in phase with US export
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19. Summary Awilco LNG
• WilPower available for contract in a firming spot market
• Awilco LNG has two of the first newbuildings to be delivered which are not committed to a contract
• No need for financing of newbuildings prior to delivery
 Awilco LNG is well positioned going forward
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20. Q&A
A Pure Play LNG Transportation Provider
2nd gen. fleet of 2 newbuildings
3 LNG carriers world class yard
Strong balance sheet
Tier 1 customers Solid owners
Experienced
management team Opportunistic strategy
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21. Appendix
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22. Our fleet of 2nd generation vessels
WilGas WilPower WilEnergy
Built: 1984 Built: 1983 Built: 1983
Yard: Nagasaki Yard: Kawasaki Yard: Nagasaki
Capacity: 125,631 Capacity: 125,660 Capacity: 125,556
Manager: V.Ships LNG Manager: V.Ships LNG Manager: V.Ships LNG
Flag: NIS Flag: MI Flag: MI
Main Engine: Steam Turbine Main Engine: Steam Turbine Main Engine: Steam Turbine
Cap: 2/1 Cap: 1 Cap: 1
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23. Awilco LNG newbuildings
Yard: Daewoo Shipbuilding
Cost approximately MUSD 200, depending on final specification
Soft payment terms
Delivery August and November 2013
ICE classed
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24. Jon Skule Storheill
CEO
Mobile: +47-9134 4356
E-mail: jss@awilcolng.no
Snorre Schie Krogstad
CFO
Mobile: +47-9085 8393
E-mail: ssk@awilcolng.no
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