www.awilcolng.no - 1 -

Q3

2012 Jon Skule Storheill

Snorre Krogstad

www.awilcolng.no - 2 -

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.

Disclaimer

www.awilcolng.no - 3 -

Agenda 21/11

1. Company overview and Highlights Q3

2. Q3 Financials

3. Market update

4. Summary

www.awilcolng.no - 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.

www.awilcolng.no - 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

www.awilcolng.no - 6 -

Contract overview

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

WilPower Available

WilEnergy Available

WilGas

Newbuilding no 1 Construction Available

Newbuilding no 2 Construction Available

20142012 2013

www.awilcolng.no - 7 -

Agenda 21/11

1. Company overview and Highlights Q3

2. Q3 Financials

3. Market update

4. Summary

www.awilcolng.no - 8 -

Q3 2012 Income statement

Total freight revenue MUSD 12.6

• 67% utilization (68% Q2)

Voyage related expenses MUSD (0.4)

• No position expenses during the quarter

Operating expenses MUSD (4.8)

• MUSD 0.7 minor repairs initiated in Q2 completed in Q3

• MUSD 0.2 related to idling of WilPower

Administration expenses MUSD (1.0)

• Reduction in fair value of synthetic options

• Lower recruitment cost related to in-house technical mgmt.

Depreciation MUSD (2.0)

• Marginal increase due to docking of WilPower

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

USD million Q3'12 Q2'12 Q1'12 2011

Freight income 12.6 12.4 17.7 30.7

Voyage related expenses (0.4) (2.4) (1.2) (10.0)

Net freight income 12.3 10.1 16.6 20.7

Operating expenses (4.8) (5.8) (3.8) (12.0)

Administration expenses (1.0) (1.2) (1.0) (4.6)

EBITDA 6.4 3.0 11.8 4.1

Depreciation (2.0) (1.6) (2.2) (3.9)

Impairment parts/equip. - (1.4) - -

Net finance (0.3) (0.1) 0.3 (0.8)

Profit/loss before tax 4.2 0.0 9.9 (0.6)

Tax 1.6 (2.1) 2.0 (2.6)

Profit/loss 5.8 (2.2) 11.9 (3.3)

www.awilcolng.no - 9 -

USD million 30.09.12 30.06.12 31.12.11

Vessels 75.1 76.8 69.9

Vessels under construction 121.0 119.9 79.2

Other non-current assets 0.3 0.1 0.1

Total non-current assets 196.3 196.8 149.2

Trade receivables 2.3 1.2 3.8

Other short term assets 3.6 3.8 0.8

Cash 4.1 3.6 28.4

Total current assets 10.0 8.5 33.0

Total assets 206.3 205.4 182.2

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

Q3 2012 Balance sheet Vessels MUSD 196.1

• Book value existing vessels MUSD 75.1

• Supervision cost newbuildings MUSD 1.0 during the quarter

Current assets MUSD 10.0

• Trade receivables MUSD 2.3 vs. 1.2 Q2

• Cash MUSD 4.1 vs. MUSD 3.6 Q2

Non-current liabilities MUSD 0.5

• Deferred tax liability of MUSD 0.5 due to unrealized currency

effects in the parent company

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

www.awilcolng.no - 10 -

Q3 2012 Cash flow Operating activities MUSD 2.1

• Reduced accounts payable due to payment of docking

Investing activities MUSD (1.4)

• MUSD 1.0 supervision cost newbuildings

Cash at the end of the Quarter MUSD 4.1

• MUSD 9.8 available under credit facility

USD million Q3'12 Q2'12 2011

Cash Flows from Operating Activities:

Profit/(loss) before taxes 4.2 - (0.6)

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)

Accounts payable, accrued exp. and deferred revenue (3.0) 0.8 8.6

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

www.awilcolng.no - 11 -

Agenda 21/11

1. Company overview and Highlights Q3

2. Q3 Financials

3. Market update

4. Summary

www.awilcolng.no - 12 -

Rate development

• Continued low activity and softening rates in Q3

• Weaker market due to:

− Low gas price spread between Europe and Asia

− Angola start up delayed

− Increased number of vessels available for short period

Source: Fearnley LNG

• Short term market followed same pattern as spot

market, declining rates and low activity

• Rates still at historically high level

• Limited number of vessels available for period

contracts

www.awilcolng.no - 13 -

• 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

Gas price spread

-

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

-

5

10

15

20

25

30

35

40

1 3 5 7 9 11 2 4 6 8 10 12 2 4 6 8 10

2010 2011 2012

USD/day No. Cargoes

Cargo movements from Atlantic to Pacific vs. Spot rate

Number of cargoes

LNG spot rate freightrate (Right)

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

-1

1

3

5

7

9

11

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

2010 2011 2012

USD/day USD/MMBTU

Gas spread vs. Spot rate

Spread LNG Spot Asia -NBP (Left)

LNG spot rate freightrate (Right)

www.awilcolng.no - 14 -

LNG volumes

Japan India

China South Korea

Taiwan Brazil

Puerto Rico Netherlands Dubai Thailand

Greece Dominican Republic

Turkey Portugal Mexico

Canada Argentina

Chile Kuwait Italy

Belgium France Spain

USA United Kingdom

-8 -6 -4 -2 0 2 4 6 8 10

Change in LNG imports y-o-y (mmtpa)

Qatar

Norway

Nigeria

Russian Federation

Peru

UAE

Libya

Oman

USA

Brunei

Equatorial Guinea

Australia Trinidad and

Tobago Yemen

Algeria

Indonesia

Malaysia

Egypt

-2 -1 0 1 2 3 4

Change in LNG exports y-o-y (mmtpa)

• 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

www.awilcolng.no - 15 -

• 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

Liquefaction growth 2012-2017

5 10

21

32

21

9

0

20

40

60

80

100

120

2012 2013 2014 2015 2016 2017

mtpa

Expected increase in LNG production (FID taken - not including ramp-up)

www.awilcolng.no - 16 -

World LNG Fleet by Year Built

• 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

12 14 15

5 2

8

14 8

1

0

10

20

30

40

50

60

0

50

100

150

200

250

300

350

400

450

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Fleet Newbuildings

No contract Committed Total fleet

LNG Fleet development and orderbook (> 100 000 cbm)

www.awilcolng.no - 17 -

Agenda 21/11

1. Company overview and Highlights Q3

2. Q3 Financials

3. Market update

4. Summary

www.awilcolng.no - 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

www.awilcolng.no - 19 -

• 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

Summary Awilco LNG

www.awilcolng.no - 20 -

Q&A

Experienced

management team

2nd gen. fleet of

3 LNG carriers

2 newbuildings

world class yard

Strong balance sheet

Solid owners Tier 1 customers

Opportunistic strategy

A Pure Play LNG Transportation Provider

www.awilcolng.no - 21 -

Appendix

www.awilcolng.no - 22 -

Our fleet of 2nd generation vessels

WilGas WilPower WilEnergy

Built: 1984

Yard: Nagasaki

Capacity: 125,631

Manager: V.Ships LNG

Flag: NIS

Main Engine: Steam Turbine

Cap: 2/1

Built: 1983

Yard: Kawasaki

Capacity: 125,660

Manager: V.Ships LNG

Flag: MI

Main Engine: Steam Turbine

Cap: 1

Built: 1983

Yard: Nagasaki

Capacity: 125,556

Manager: V.Ships LNG

Flag: MI

Main Engine: Steam Turbine

Cap: 1

www.awilcolng.no - 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

www.awilcolng.no - 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