Annual Report 2025
LNG transportation through safety and environmental excellence.
Annual Report 2025
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About Awilco LNG
Organisation
Vessel Overview
Shareholder Information
Board of Director’s Report
Statement of Responsibility
Consolidated Financial Statements and Notes
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Cash Flow Statement
Consolidated Statement of Changes in Equity
Notes to the Consolidated Financial Statements
Parent Company Financial Statements and Notes
Parent Company Income Statement
Parent Company Statement of Financial Position
Parent Company Cash Flow Statement
Parent Company Statement of Changes in Equity
Parent Company Notes to the Financial Statements
Auditor’s Report
Corporate governance
Social Responsibility
Alternative performance measures
03
04
06
07
09
17
19
19
20
21
22
23
49
50
51
51
52
61
68
74
80
Table of
Contents
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The Awilco LNG Group (the Group or Awilco LNG)
is a fully integrated owner and operator of LNG
vessels. The Group currently owns two 156,000 cbm
2013-built LNG TFDE membrane vessels.
Awilco LNG ASA (the Company) was incorporated
in February 2011 by Awilco AS, a company in the
Awilhelmsen Group, for the purpose of acquiring
three second-hand LNG vessels.
The three LNG vessels were acquired in 2011 and
later sold in 2015 and 2016.
In May 2011 Awilco LNG signed shipbuilding contracts
for constructing two LNG carriers, which were part
financed through a private placement of NOK 534.8
million.
In September 2011 the Company’s shares were listed
on the Oslo Stock Exchange under the ticker ALNG.
In September and November 2013, the Group took
delivery of its two vessels, WilForce and WilPride. At
delivery both vessels were financed through sale/
leaseback arrangements, financing about 75 % of the
delivered cost.
In the following years both vessels have been
refinanced, first in 2017 together with an equity issue
of USD 26.8 million and later in 2020 and 2024.
In March 2026 the Company raised approximately
USD 26 million in a Private Placement. The proceeds
will be used to finance a strategic trading initiative
through a separate subsidiary of the Company,
ALNG Trading and to fund an amendment to the
financing arrangements with CDBL. The amendment
includes prepayment of USD 5.25 million per vessel in
exchange for a two-year amortization holiday.
ALNG Trading are currently being developed to
be a trading and structuring platform focused
on originating and structuring LNG transactions,
including solutions around credit, financing and
portfolio optimization. The LNG trading initiative will
support the utilisation of the Company's vessels, and
potentially third-party vessels.
About Awilco LNG
The Awilco LNG Group (the Group or Awilco LNG) is a fully integrated
owner and operator of LNG vessels. The Group currently owns two
156,000 cbm 2013-built LNG TFDE membrane vessels
Annual Report 2025
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Jon Skule Storheill
Chief Executive Officer
Prior to his appointment as CEO
of Awilco LNG ASA Mr. Storheill
was Managing Director of Awilco
AS, Director of S&P/Projects
with Frontline Management and
Director/Partner of shipbroking
company P.F. Bassøe AS. Mr.
Storheill has also been the
Chairman of the Board of
Wilhelmsen Marine Services AS in
addition to serving with various
board positions in the industry.
Mr. Storheill has more than 30
years of shipping experience and
is a Norwegian citizen.
Per Heiberg
Chief Financial Officer
Prior to joining Awilco LNG ASA as
CFO, Mr. Heiberg served as CFO
of Golden Ocean Group Limited,
a US-listed dry bulk ship owner,
since April 2016. Mr. Heiberg
was with Golden Ocean since
2005. Prior to joining Golden
Ocean, he worked in the Nordic
Power market and held various
positions within Statkraft SF and
Electrabel Nordic. Mr. Heiberg is a
Norwegian citizen.
Jan Espen Andersen
Head of Operation
Mr. Andersen was previously
Head of Operations at Höegh
LNG. He is a certified Master
Mariner and has held various
shore side marine related
positions since 1997 following 7
years at sea. Mr. Andersen has
more than 30 years of shipping
experience and is a Norwegian
citizen
Organisation
Awilco LNG had four employees at the end of 2025. The Group handles
commercial and technical operations of the vessels from its office in
Oslo.
The Group purchases certain administrative services from Awilhelmsen
Management AS, a company in the Awilhelmsen Group, and technical
sub-management services from Integrated Wind Solutions (IWS) which
has the same main shareholder as the Group, Awilco AS.
Annual Report 2025
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Board of Directors
Synne Syrrist
Chairperson and Non-Executive Director
Mrs. Syrrist has work experience as an independent
consultant and as a financial analyst in Elcon
Securities ASA and First Securities ASA.
She also has extensive non-executive experience from
both listed and private companies and is currently
among others a member of the boards of Integrated
Wind Solutions ASA and ABL Group ASA. Mrs. Syrrist
holds a MSc from NTNU and is a Certified Financial
Analyst (AFA) from NHH. Mrs. Syrrist is a Norwegian
citizen. Mrs. Syrrist is the Chairperson of the
Remuneration Committee and a member of the Audit
Committee.
Ole Christian Hvidsten
Non-Executive Director
Mr. Hvidsten is Vice President Corporate Finance in
the Awilhelmsen group. He has extensive experience
from senior positions in investment banking/
investment companies and is chair of the board of
Awilco AS. Before joining the Awilhelmsen group in
2011, he worked 11 years in the Corporate Finance
department of ABG Sundal Collier. Mr. Hvidsten holds
a MSc in Business Administration from NHH / Fuqua
School of Business (Duke University). Mr. Hvidsten is
a Norwegian citizen and is a Chairperson of the Audit
Committee.
Jens-Julius R. Nygaard
Non-Executive Director
Mr. Nygaard is the CEO of Awilco AS and a member
of the Board of Integrated Wind Solutions ASA. He
has around 20 years of experience from shipping and
investment companies through various positions in
the Awilco group of companies. Mr. Nygaard has a
BA Honours in Finance from Strathclyde University
and an MSc in Shipping, Trade & Finance from BAYES
Business School. Mr. Nygaard is a Norwegian citizen.
Mr. Nygaard is a member of the Remuneration
Committee.
Jens Ismar
Non-Executive Director
Mr. Ismar has work experience from Stemoco AS
and Lorentzen Stemoco AS as CEO, Bergesen ASA as
Commercial director, Western Bulk AS CEO and latest
Exmar NV as Executive Director Shipping.
He has held Non executive positions in various
companies including Ocean Yield ASA and Exmar NV
and holds a BsC in business from Lunds University,
Sweden Mr. Ismar is a Norwegian Citizen.
Annette Malm Justad
Non-Executive Director
Mrs. Malm Justad previously held positions as CEO in
Eitzen Maritime Services, Vice President and Head of
Purchasing at Yara International ASA, Vice President
and Fleet Manager at Norgas Carriers AS and has held
various technical and commercial positions for Norsk
Hydro ASA. She also serves as Chairman of the Board
Store Norske Spitsbergen Kulkompani AS, Småkraft
AS and Recore Norway AS, and as board member of
PowerCell Sweden AB, Torm plc and Bakke Gruppen
AS. Mrs. Malm Justad holds a Master in Technology
Management from NTH/NHH/MIT and a Master in
Chemical Engineering from NTH. Mrs. Malm Justad is a
Norwegian citizen.
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YEAR BUILT 2013
YARD DSME
CAPACITY 156,007 M3
DWT 87,750 MT
DRAFT 12.521 M
MANAGER ALNG TM
FLAG Malta
PROPULSION TFDE
YEAR BUILT 2013
YARD DSME
CAPACITY 156,089 M3
DWT 87,677 MT
DRAFT 12.521 M
MANAGER ALNG TM
FLAG Malta
PROPULSION TFDE
WilForce
Wilpride
Vessel Overview
Awilco LNG owns two 156,000 cbm 2013-built LNG TFDE
vessels WilForce and WilPride.
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Shareholder Information
Awilco LNG share price development (Ticker:ALNG)
NOK
6
5
4
3
2
Volume
2,000,000
1,500,000
1,000,000
500,000
02/01/25
02/02/25
02/03/25
02/04/25
02/05/25
02/06/25
02/07/25
02/08/25
02/09/25
02/10/25
02/11/25
02/12/25
Annual Report 2025
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38.6
28.2
4.0
2.3
2.1
1.8
1.4
1.1
1.0
0.8
0.6
0.6
0.4
0.4
0.4
0.3
0.3
0.3
0.3
0.3
0.2
Ownership
in percent
Ownership
in percent
UBS AG
37 370 138
The Bank of New York Mellon
593 476
Citibank
800 000
The Bank of New York Mellon
5 301 142
Morgan Stanley & Co Int. Plc.
586 874
Union Bancaire Privee
3 097 131
Per Olav Sanne
527 000
Avanza Bank AB
2 820 835
Citibank
447 465
Clearstream Banking
2 366 295
Nordnet Livsforsikring AS
383 721
BNP Paribas
1 287 000
KBC Bank NV
331 398
Jon Olav Prøsch
1 000 000
Interactive Brokers LLC
323 000
Patronia AS
1 464 474
BNP Paribas
348 431
Nordnet Bank AB
1 880 846
Saxobank A/S
349 858
Awilco AS
51 114 080
Goldman Sachs International
769 826
(As per 31/12/2025)
Annual Report 2025
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In 2025 the LNG transportation market was under
continued pressure as many newbuildings were
delivered ahead of increased LNG production
ramping up. Sailing distances were significantly
reduced as nearly 70% of exports from US ended
up in Europe instead of Asia. The sailing distance to
Asia is three times longer than to Europe. The market
experienced unexpected seasonal strength during
fourth quarter although this proved to be short-lived
and did not change the fact that 2025 turned out to
be an exceptionally weak year for the LNG Shipping
market.
The average market rate for 2025 was USD 37,000 for
modern two-stroke vessels and around USD 22,000
for TFDE’s according to Fearnley LNG vs nominal
historical average of USD 71,650 per day for TFDE´s.
The difference in daily charter rates between two-
strokes and TFDEs averaged approximately USD
15,000 per day and USD 30,000 for steam vessels,
broadly unchanged from 2024. Spot chartering
activity was record high during 2025 as charterers
have redelivered many vessels that are now trading in
the spot market and charterers are comfortable with
access to spot tonnage. The term market followed
the spot market and one-year rates bottomed out
in first quarter of 2025 at USD 20,000 per day. This
strengthened somewhat but is still at unsustainable
levels.
In March 2026 the Company raised approximated
NOK 251.6 million (USD 26 million) by issuance of
77.311.998 shares in a Private Placement directed
towards existing and new investors. A potential
subsequent repair offering towards existing
shareholders may result in up to NOK 48.75 million
(USD 5 million) in additional new equity. The Private
Placement was approved by an Extraordinary
General Meeting on March 30, 2026. An approval
by the Financial Supervisory Authority of Norway of
a Prospectus is required, expected early May 2026.
The proceeds from the Private Placement will be used
to fund a strategic trading initiative through ALNG
Trading AS, and adjusted terms to the existing sale-
leaseback agreements with China Development Bank
Financial Leasing Co. Ltd. (CDBL).
Board of Directors’
report
Annual Report 2025
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BUSINESS SUMMARY
The Awilco LNG Group (Awilco LNG, ALNG or
the Group) is a fully integrated pure play LNG
transportation provider, owning and operating LNG
vessels. The Group currently owns two 2013-built
TFDE LNG carriers. The parent company Awilco LNG
ASA is listed on Euronext Expand with ticker ALNG.
Awilco LNG’s registered business address is Haakon
VIIs Gate 1, Oslo, Norway. Commercial management
is performed by Awilco LNG ASA and technical
management of the vessels is performed by a wholly
owned subsidiary.
LNG market
Global LNG trade continues to increase and reached
433 million tons loaded during 2025, up from 406
million tons in 2024 according to Fearnley LNG. Most
of this increase is driven by supply growth in the US,
particularly linked to the ramp-up at Plaquemines
in the US Gulf. On the import side Europe had the
largest increase with 26 million tons to 123 million
tons, matching 2022 levels following the loss of
Russian pipeline gas. The high European imports have
continued in 2026. Most Asian importers reduced
their volumes in 2025, and instead replaced LNG with
pipeline gas or other cheaper sources of energy.
Total new building deliveries in 2025 were 79
vessels, which is a new record, albeit lower than
the 85 vessels expected at the start of the year.
The remaining vessels will however be delivered in
2026. Current expected deliveries for 2026 are at
102 vessels although it is likely that many of these
are also pushed into the next calendar year. There
are a significant number of new buildings expected
also in 2027 and 2028 according to Fearnley LNG.
At the end of the year Fearnley LNG reported 730
active vessels in the fleet, with 25 vessels currently
in lay-up. Additionally, 15 vessels are inactive but
not officially laid up. The laid up and inactive vessels
are mostly inefficient steam vessels which are not
expected to return to trading. New building orders
in 2025 amounted to 33 vessels, significantly down
from previous years. The ordering activity picked up
at the end of the year and remained strong into 2026.
Yard prices are reported around USD 250 million for
Korean yards and about 10% lower from Chinese
yards. Orderbook to fleet ratio is 39%, but with 26%
of the fleet being steam vessels it is expected that
demolitions will increase when these vessels face
costly drydocking’s and weak employment prospects
on (or before) redelivery from legacy contracts. In
2025 a record number of 15 vessels were reported
sold for demolition.
Operations
Following redelivery of WilPride from its legacy time
charter medio November 2025 both vessels owned by
the Company are trading in the spot or medium-term
market while the Company is searching for longer-
term employment or looking into the possibility for
the vessels to serve the newly initiated LNG Trading
business.
CONSOLIDATED FINANCIAL STATEMENTS
Income statement
The Group generated net freight income of USD 33.6
million in 2025, a decrease from USD 64.3 million
in 2024, mainly caused by one vessel trading in a
challenging spot market for the entire year and
the other redelivered from a well-paying fixed rate
time charter contract in mid-November 2025. These
numbers equate to TCE earnings of USD 46.000
in 2025 compared to USD 90.300 in 2024. Fleet
utilisation for the year ended at 83% compared to
94% in 2024.
Operating expenses for the year ended at USD 13.7
million in 2025, up from USD 11.9 million in 2023.
Starting in January 2025 the Company entered into
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a service agreement related to maintenance of the
main engines, paying a pre agreed fee rather than “at
cost” historically. This fee is expensed as operational
expenses, compared to earlier where similar costs
for overhauls were capitalised and amortized until
next overhaul. The increase in operational expenses
mostly relates to this change. The service agreement
is over time expected to reduce overall cost of spare
parts as well as extend the period between overhauls.
Other income was zero in 2025 compared to USD
3.7 million in 2024 related to compensation from the
Loss of Hire insurance as WilForce was technically off-
hire during the fourth quarter 2024 due to an issue
with the Ballast Water Treatment System (BWTS).
Administration expenses decreased from USD 3.6
million in 2024 to USD 3.4 million in 2025.
Depreciation and amortisation were USD 15.5 million
in 2025 compared to USD 15.6 million in 2024.
Net financial expenses were USD 12.2 million in
2025, down from USD 19.8 million in 2024. The
reduction relates to the refinancing done in 2024 that
substantially reduced finance expenses compared
to the previous financing. Cost in 2024 was in
addition influenced by one time cost related to the
refinancing.
Loss before tax for the period was USD 11.2 million
compared to a profit before tax of USD 17.1 million in
2024.
Earnings per share
Basic and diluted loss per share for the year were
USD 0.08, down from earnings per share of USD 0.13
in 2024.
Financial position
Total assets and total equity for the Group as of
December 31, 2025 was USD 311.6 million and USD
126.1 million respectively (USD 335.2 million and USD
137.3 million at December 31, 2024) corresponding to
an equity ratio of 40.5%, slightly down from 40.9% at
December 31, 2024.
Cash and cash equivalents amounted to USD 14.8
million at December 31, 2025, down from USD 23.5
million at December 31, 2024.
The combined book value of the vessels was USD
286.7 million at December 31, 2025 compared to USD
302.7 million at year-end 2024.
Total interest-bearing debt for the Group was USD
178.9 million at December 31, 2025, down from USD
190.8 million at December 31, 2024 as a result of
ordinary downpayment of the deb through 2025.
The current portion of the interest-bearing debt
constituted USD 13.1 million as at December 31, 2025.
Cash flow statement
The Group generated USD 17.2 million in cash inflow
from operating activities in 2025 compared to USD
44.5 million in 2024.
Net cash used in investing activities was nil compared
to USD 0.4 million in 2024.
Net cash outflow from financing activities was USD
26.0 million in 2025, constituting of USD 13.0 million
of ordinary repayment of debt and USD 13.0 million
of interest. Net cash outflows from financing activities
in 2024 was USD 47.7 million.
Following the negotiated amended terms on the
Company’s sale-leaseback agreements cash break-
even is expected to be in the approximately USD
39,000 per day on average over the next two years,
excluding prepayment of USD 5.25 million per vessel
in March 2026
PARENT COMPANY FINANCIAL STATEMENTS
Operating income for the year amounted to NOK
6.4 million (NOK 10.9 million) and administration
expenses NOK 25.0 million (NOK 28.7 million).
Net finance expense amounted to NOK 28.4 million
(income of NOK 104.3 million). In 2024 the company
received dividends from subsidiaries closed during
that year.
Loss for the period was NOK 47.1 million (Profit of
NOK 86.5 million).
The Board of Directors propose that the loss for the
period of NOK 47.1 million for the Parent Company is
transferred from retained earnings.
The Board of Directors approved a revised dividend
policy in November 2022. The Board is committed to
return value to shareholders and intend to distribute
a substantial part of annual free cash flow, paid out
quarterly, always subject to debt covenants, capital
requirements, and a robust cash buffer. Any proposal
for authorising the Board to declare further dividend
payments is to be presented at the Annual General
Meeting.
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GOING CONCERN ASSUMPTION
The consolidated financial statements of the Group,
and the parent company financial statements of
Awilco LNG ASA, have been prepared on a going
concern basis pursuant to the Norwegian Accounting
Act § 2-2 (8). In the opinion of the Board of Directors,
these financial statements provide a fair presentation
of the Company’s business, financial results, and
outlook.
The Group’s ability to continue as a going concern
is dependent upon generating sufficient cash flow
from operation of the vessels. Following redelivery
of WilPride from its legacy time charter medio
November 2025 both the Company’s vessels are
trading in the spot or medium-term market while the
Company is searching for longer-term employment
or looking into the possibility for the vessels to serve
the newly initiated LNG Trading business. Following
the war in the Middle East Gulf and the closure of
the Strait of Hormuz, short- and medium-term rates
are above the Company´s vessels cash break even.
Earnings from the vessels combined with the Private
Placement and amended terms on the Company’s
lease Agreements with CDBL in March 2026 will
secure that the Group is well within all financial
covenants for the next 12 months.
RISK FACTORS
Shipping market conditions have historically been
volatile and consequently the financial results may
vary significantly from year to year. The risk factors
in the LNG shipping market can be divided into the
following main components: market risk, operational
risk and financial risk.
MARKET RISK
Market risk relates to the supply of LNG vessels and
the demand for LNG transportation. In the past there
have been periods of oversupply of vessels due to
delays in the construction of LNG production plants,
with correspondingly low utilisation and depressed
market rates, which might occur also in the future.
Over time this expresses the interim risk to balance
supply with demand as it goes faster to build vessels
than to build LNG production facilities. Currently we
see a record high orderbook with peak deliveries in
2025 and 2026. LNG production coming on stream
in the coming years seems to meet the increased
supply of shipping capacity and most newbuilding
are committed on long term contracts to meet
demand from this production capacity. During the
next years there is a risk of imbalance in the market
as demand seems to come on stream later than
increased shipping capacity when the newbuildings
are delivered.
The demand for LNG is affected by the importing
countries’ demand for energy as well as the relative
pricing of LNG compared to alternative energy
sources. A high relative pricing spread between LNG
and other energy sources will reduce the demand for
LNG and thereby negatively impact demand for LNG
transportation. In the longer-term perspective lower
gas prices in combination with the growing supply
side is expected to support growth in demand for
natural gas as a flexible and clean fuel compared to
other fossil alternatives.
Gas price levels in different geographic markets
have a significant impact on demand for LNG
transportation to execute arbitrage opportunities.
Since the Russian invasion of Ukraine in 2022 and
until the outbreak of the war in the Middle East
Gulf we experienced low price differences with
limited arbitrage for LNG to go from the US to the
East leading to excess shipping capacity as sailing
distances are reduced. Going forward the arbitrage
is difficult to predict, and even harder following the
war in the Middle East region, as it is closely linked
to the gas price level in Europe, the US and Far East,
which again is highly dependent upon several factors
including weather, policies and regulations and the
price of alternative energy sources
OPERATIONAL RISK
Employment risk
The Group’s ability to obtain charters will depend
upon the prevailing market conditions. If the Group
is unable to employ its vessels, revenue will be
substantially reduced.
Laws and regulations
The Group’s operations and vessels are subject
to international laws and regulations, which have
become more proliferate and stringent in recent
years. Although the Group is doing its outmost to
comply, changes in laws and regulations may expose
the Group to liability.
Technical risk
LNG vessels are highly sophisticated, and there is
a risk that equipment may fail despite pre-emptive
maintenance. The Group has in place loss of hire
insurance, but a technical breakdown will affect
earnings for a period of at least 14 days due to the
deductible period.
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Piracy, war and cyber risk
A piracy attack, outbreak of war or cyber-attack may
affect the trading and earnings of the vessels.
The outbreak of the war in the Middle East Gulf in
March 2026 will affect the LNG vessel market , but at
the time of writing it is not possible to forecast the
impact. None of the Company’s vessels are trading in
the affected area.
Crew
Depending on the pace of older ships exiting the
LNG carrier fleet may increase by more than 50 %
in the coming years. This exposes the Group to the
risk of not being able to attract qualified officers and
seafarers. The Group has, and will, continue to take
steps to mitigate this risk.
Bunker price
The Group is exposed to bunker price risk when the
vessels are not on charter.
Environmental regulations
From 2023 our vessels have been required to comply
with regulations on energy efficient design (“EEXI”)
and operation through Carbon Intensity Index (“CII”).
EEXI is a one-time certification and both vessels in the
fleet have been confirmed to be in compliance.
With respect to CII, the vessels have operated in
2025 with an emission intensity that corresponds
to a “B” rating for WilPride and a “C” rating for
WilForce. We are continuously working on several
efficiency improvements however the main criteria
are the vessels’ trading pattern which owners have
very limited influence on when on time charter. We
are therefore dependent and working closely with
charterers to ensure that the operation of the vessels
is planned and executed in a way that ensures this
rating is achieved also for 2026 and the coming years.
Reporting, calculation and submittal of EUAs
according to EU ETS continued through 2025. Verified
statements for relevant voyages in 2025 have been
completed, and verification of the total number of
EUAs to be submitted is underway. When the vessels
are chartered out on time charter contracts the
related costs are mainly for the charterer's account.
The financial risk for the Company is limited to idle
and off-hire periods.
Due to prevailing longer-term market trends, the
normal useful life of The Group’s LNG vessels
was, from the 1st of January 2024 revised from an
estimation of 40 years to an estimate of 35 years from
delivery.
Trading activity
The Group has started a new business activity to be
operated and established through its subsidiary ALNG
Trading AS ("ALNG Trading"). Through ALNG Trading,
the Group's intention is to become an LNG trading
and credit platform initially focused on low/medium-
risk structured commodity trade finance deals. ALNG
Trading will require significant management attention
and financial resources and if ALNG Trading does not
generate sufficient revenues, encounters unexpected
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challenges or costs related to the trading operations,
this could have an effect on the Group's business,
financial condition, results, cash flows and prospects.
FINANCIAL RISK
Financing risk
The WilForce and WilPride financial leases were
refinanced in June 2024 with a minimum, 10-
year sale-leaseback facility provided by China
Development Bank Financial Leasing Co. Ltd. (CDBL).
The vessels were financed with USD 100 million each
with a straight-line amortization profile corresponding
to a 26-year age adjusted profile. The vessels are
chartered back on bareboat basis to wholly owned
subsidiaries of the Company for a period of 10 years
with the lessee’s option to extend with two more
years. The Group has rolling repurchase options and
repurchase obligations at the outstanding amount at
the time of expiry.
Currency risk
The companies in the Group have USD as functional
currency. Currency risks therefore arise in connection
with transactions denominated in other currencies
than USD. The Group is to a certain degree
exposed to currency fluctuations, as it is exposed to
administration expenses denominated in NOK. The
Group may use financial derivatives to reduce short-
term currency risk. At December 31, 2024 no such
instruments were entered into.
Liquidity risk
The shipping business is capital intensive and
insufficient liquidity can severely impact the ability
to operate the vessels. The Group's approach
to managing liquidity risk is to ensure, as far as
possible, always having sufficient liquidity to meet its
obligations without incurring unacceptable losses or
risking employees’ safety or damage to the Group's
reputation.
Interest rate risk
The CDBL sale-leaseback facility completed in June
2024 is subject to a floating interest rate, and the
Group is continuously evaluating using financial
derivatives to hedge the interest rate exposure. At
yearend 2024 no such derivatives were entered into.
Counterparty- / credit risk
The Group is exposed to credit risk from its operating
activities through freight income trade receivables
and from its financing activities, including deposits
with banks. The Group aims to do business with
creditworthy counterparties only. Charter hire is
normally received monthly in advance, effectively
reducing the potential exposure to credit risk. Bank
deposits are only deposited with internationally
recognised financial institutions with a solid credit
rating.
HEALTH, SAFETY AND ENVIRONMENT
Based on the long-term goal of environmental
excellence, Awilco LNG works continuously towards
minimising the environmental impact from its vessels
and operations.
Awilco LNG aims to minimise the emissions of CO2,
NOx and SOx from engines, boilers, incinerators,
cargo, fuel oil tanks and systems through evaporation.
In 2025 there was a stable development in the CO2
intensity for the vessels measured using the Annual
efficiency rate (AER), as expected. Environmental
emissions are to a large extent dependent on
charterers operations and type of fuel burned in ships
engines. In 2026 Awilco LNG will continue efforts to
reduce the Company’s environmental footprint.
The Group has a zero tolerance for environmental
spills, emissions of ozone depleting substances and
unauthorised disposal of any type of garbage or
waste to the marine environment.
The Group has a lean onshore organisation and
has outsourced certain services. At year end 2025
the Group had four onshore employees. There
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is currently no female representation among
management. The Group is aware of this imbalance
and is positive to improve this ratio in the future. The
Board of Directors of the Company has two female
directors, representing 40 % of the Board.
The safety and well-being of Awilco LNG’s employees
and seafarers have the highest priority. Vessels
are to be properly operated and maintained, and
safe for crew, cargo, visitors, and the environment.
The Group’s quality of operations is supported
by experienced, educated, and well-trained staff
onboard and onshore. The Group adheres to
national and international laws and regulations and
promotes best practices identified within its own
operations and the industry in order to improve the
competence of individual crewmembers and vessel
safety performance. ALNG’s management is actively
engaged in monitoring the Group’s performance to
further encourage and promote positive trends, and
to provide advice and take corrective action where
negative trends are detected. To ensure retention
of personnel, Awilco LNG aims to ensure a stable
and motivating work environment for both onshore
and offshore employees. The Group is proactively
seeking to identify requirements and needs for
additional training through regular audits, master and
management reviews.
Absence due to illness for onshore employees was
0.0% in 2025, the same as in 2024. No onshore work-
related injuries were reported in 2024 or 2025. For
seafarers, an LTIF (accidents per one million-man
hours worked) of 2.1 was reported during the year
(0.0 in 2024).
For further information please see the Social
Responsibility section in the annual report, which
complies with the requirements under the Norwegian
Accounting Act § 3-3c. The Board of Directors of the
Company has approved the Guidelines for embedding
the work in connection with the Norwegian
Transparency Act which came into effect on July 1,
2022 and the annual report for 2025 will be made
available on the Company’s website (www.awilcolng.
no) within June 30, 2026.
CORPORATE GOVERNANCE
Awilco LNG strives to protect and enhance
shareholder equity through openness, sustainability,
integrity and equal shareholder treatment, and sound
corporate governance is a key element in the basis of
the Awilco LNG strategy.
The corporate governance principles of the Company
are adopted by the Board of Directors. The principles
are based on the Norwegian Code of Practice for
Corporate Governance as of 14 October 2021
(the «Code of Practice»). Please see the Corporate
Governance section in the annual report, and the
Annual Report 2025
16 / 81Contents
Company’s web site www. awilcolng.no
Awilco LNG does have a Director and Officers
insurance with a reputable insurer.
STRATEGY
The main strategy for Awilco LNG is to create
shareholder value through the provision of a
quality, sustainable, reliable and customer-oriented
service to the market, in the best manner for its
shareholders, employees and business connections.
The management team shall safely, efficiently and
effectively provide LNG transportation services to
customers with an objective to secure the most
profitable contracts coupled with the highest
achievable vessel utilisation.
Awilco LNG shall evaluate growth opportunities in
terms of vessel acquisitions and disposals which best
complement the Group’s financial and operational
aspirations.
The Company has established ALNG Trading through
a separate subsidiary. ALNG Trading will be developed
as a trading and structuring platform focused
on originating and structuring LNG transactions,
including solutions around credit, financing and
portfolio optimization. The LNG trading initiative will
support the utilisation of the Company's vessels, and
potentially third-party vessels.
OUTLOOK
With the recent Private Placement, amended terms
on the Company’s sale-leaseback facilities and the
strategic trading initiative through ALNG Trading
the Board is of the opinion that the Company is well
positioned to meet the challenges seen for the next
years with uncertainty connected to available volumes
of LNG to be transported and oversupply of vessels
until sufficient new LNG supply come on stream.
The uncertainty caused by the war in the Middle East
has a large impact on the LNG market. The Middle
East is the source of approximately 20% of the world’s
LNG supply. The important Las Raffen LNG production
site has been partly damaged, and it will take years to
fully rebuild the two damaged trains. The immediate
term spot rates have increased, but it is challenging to
predict how long this situation will persist and if it will
be further damage to LNG infrastructure.
The Board is monitoring the current situation in the
Middle East and its impact on both LNG markets and
LNG shipping rates.
Oslo, April 14, 2026
Jens Ismar
Board member
Synne Syrrist
Chairperson of the
Board
Annette Malm Justad
Board member
Jon Skule Storheill
CEO
Ole Christian Hvidsten
Board member
Jens-Julius R. Nygaard
Board member
Annual Report 2025
17 / 81Contents
We confirm to the best of our knowledge that the
consolidated financial statements for 2025 have
been prepared in accordance with IFRS Accounting
Standards as adopted by the European Union, as
well as additional information requirements in
accordance with the Norwegian Accounting Act,
and that the financial statements for the parent
company for 2025 have been prepared in accordance
with the Norwegian Accounting Act and generally
accepted accounting practice in Norway, and that the
information presented in the financial statements
gives a true and fair view of the assets, liabilities,
financial position and profit/(loss) for the period
of Awilco LNG ASA and the Awilco LNG Group as a
whole.
We also confirm to the best of our knowledge that
the Board of Directors' Report includes a true and fair
review of the development and performance of the
business and the position of Awilco LNG ASA and the
Awilco LNG Group, together with a description of the
principal risks and uncertainties that they face.
Statement Of
Responsibility
Oslo, April 14, 2026
Jens Ismar
Board member
Synne Syrrist
Chairperson of the
Board
Annette Malm Justad
Board member
Jon Skule Storheill
CEO
Ole Christian Hvidsten
Board member
Jens-Julius R. Nygaard
Board member
Annual Report 2025
18 / 81Contents
Consolidated
Financial
Statements
And Notes
Annual Report 2025
19 / 81Contents
2025
2024
(19 821 )
(12 175 )
(11 174 )
(11 174 )
(11 174 )
(11 174 )
In USD thousands, except per share figures
Profit/(loss) for the period
Other comprehensive income:
Other comprehensive income items
Total comprehensive income/(loss) for the period
Note
3,4
5
6
6
7
10
16
16
9
8
8
(0.08 )
(0.08 )
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Freight income
Voyage related expenses
Net freight income
Other income
Operating expenses
Administration expenses
Earnings before interest, taxes, depr. and amort. (EBITDA)
Depreciation and amortisation
Earnings before interest and taxes (EBIT)
Finance income
Finance expenses
Net finance income/(expense)
Profit/(loss) before taxes
Income tax expense
Profit/(loss) for the period
Earnings per share in USD attributable to ordinary equity holders
of Awilco LNG ASA:
Basic, profit/(loss) for the period
Diluted, profit/(loss) for the period
Annual Report 2025
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31/12/2025 31/12/2024
(30 337 )
(19 160 )
In USD thousands
Note
10
11
12
13
14
18
18
7
21
21
9
15
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ASSETS
Non-current assets
Vessels
Pension assets
Other fixed assets incl right-of-use assets
Total non-current assets
Current assets
Trade receivables
Inventory
Other short term assets
Cash and cash equivalents
Total current assets
Total assets
EQUITY AND LIABILITIES
Equity
Share capital
Share premium
Other paid-in capital
Retained earnings
Total equity
Non-current liabilities
Pension liabilities
Long-term interest bearing debt
Total non-current liabilities
Current liabilities
Short-term interest bearing debt
Trade payables
Income tax payable
Provisions and accruals
Total current liabilities
Total equity and liabilities
Annual Report 2025
21 / 81Contents
2025 2024
(11 174 )
(553 )
(13 000 )
(12 962 )
(25 962 )
(8 761 )
(4 117 )
(4 940 )
(388 )
(388 )
(24 572 )
(198 822 )
(24 296 )
(47 690 )
(3 558 )
In USD thousands
Note
16
10
10
21
14
CONSOLIDATED CASH FLOW STATEMENT
Cash Flows from Operating Activities:
Profit/(loss) before taxes
Income taxes paid
Interest and borrowing costs expensed
Items included in profit/(loss) not affecting cash flows:
Depreciation and amortisation
Changes in operating assets and liabilities:
Trade receivables, inventory and other short term assets
Trade payables, provisions and accruals
i) Net cash provided by / (used in) operating activities
Cash Flows from Investing Activities:
Investment in vessels
ii) Net cash provided by / (used in) investing activities
Cash Flows from Financing Activities:
Proceeds from borrowings
Dividends paid
Repayment of borrowings
Interest costs paid
iii) Net cash provided by / (used in) financing activities
Net change in cash and cash equivalents (i+ii+iii)
Cash and cash equivalents at start of period
Cash and cash equivalents at end of period
Annual Report 2025
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(36 270 )
(19 160 )
(24 572 )
(24 572 )
Equity at 1 January 2023
Profit/(loss) for the period
Other comprehensive income for the period
Total comprehensive income
Dividends
Balance as at 31 December 2024
Total
equity
Retained
earnings
Other
paid-in
capital
Share
premium
Share
capital
In USD thousands
Note
For the period ended 31 December 2024
(19 160 )
(11 174 )
(11 174 )
(30 337 )
(11 174 )
(11 174 )
Equity at 1 January 2024
Profit/(loss) for the period
Other comprehensive income for the period
Total comprehensive income
Dividends
Balance as at 31 December 2025
Total
equity
Retained
earnings
Other
paid-in
capital
Share
premium
Share
capital
In USD thousands
Note
For the period ended 31 December 2025
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Notes to the
Consolidated
Financial Statements
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NOTE 18 // SHARE CAPITAL AND SHAREHOLDERS CONT
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NOTE 19 // CAPITAL AND FINANCIAL RISK MANAGEMENT CONT
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NOTE 19 // CAPITAL AND FINANCIAL RISK MANAGEMENT CONT
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NOTE 20 // RELATED PARTIES CONT
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NOTE 20 // RELATED PARTIES CONT
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NOTE 20 // RELATED PARTIES CONT
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NOTE 21 // INTEREST-BEARING DEBT CONT
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Parent Company
Financial
Statements
and Notes
Annual Report 2025
49 / 81Contents
2025
10 853
28 712
(17 859)
-
(17 859)
139 284
34 957
104 328
86 469
-
86 469
86 469
(132 549)
132 549
86 469
6 414
25 010
(18 596)
69
(18 665)
9 052
37 455
(28 403)
(47 067)
-
(47 067)
47 067
-
-
(47 067)
2024
In NOK thousands
Note
6
3
4
4
5
PARENT COMPANY INCOME STATEMENT
Operating income
Administration expenses
Earnings before interest, taxes, depr. and amort. (EBITDA)
Depreciation and amortisation
Earnings before interest and taxes
Finance income
Finance expenses
Net finance income/(expense)
Profit/(loss) before taxes
Income tax expense
Profit/(loss) for the period
Allocations/transfers of profit/(loss) for the period:
Allocated to/(transferred from) retained earnings
Repaid share premium
Transferred from share premium
Total allocations and transfers
Annual Report 2025
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PARENT COMPANY STATEMENT OF FINANCIAL POSITION
31/12/2025
6 688
46
659 820
666 554
5 159
641
263 591
269 392
935 946
13 255
271 674
419 800
(337 102)
367 627
7 234
375 593
382 827
1 419
176 577
108
7 389
185 492
935 946
7 580
241
659 870
667 691
-
453
148 528
148 981
816 672
13 255
271 674
419 800
(384 169)
320 559
8 627
356 202
364 829
1 657
125 700
1 015
2 911
131 283
816 672
31/12/2024
In NOK thousands
Note
3
6
6
7
8
8
3
6
6
6
9
ASSETS
Non-current assets
Pension assets
Other fixed assets
Shares in subsidiaries
Total non-current assets
Current assets
Short term receivables subsidiaries
Other short term assets
Cash and cash equivalents
Total current assets
Total assets
EQUITY AND LIABILITIES
Equity
Share capital
Share premium
Other paid-in capital
Retained earnings
Total equity
Non-current liabilities
Pension liabilities
Loans from subsidiaries
Total non-current liabilities
Current liabilities
Short term payables subsidiaries
Inter company debt
Trade payables
Provisions and accruals
Total current liabilities
Total equity and liabilities
Annual Report 2025
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PARENT COMPANY CASH FLOW STATEMENT
PARENT COMPANY STATEMENT OF CHANGES IN EQUITY
2025
86 469
-
(76 000)
19 845
104
(6 453)
(6 659)
17 306
(30 745)
298 121
(76 000)
191 376
(265 097)
111 904
(153 193)
55 489
208 103
263 591
(47 067)
69
-
-
188
(45 480)
(3 069)
(95 359)
-
156 883
(176 275)
(19 392)
-
-
-
(115 063)
263 591
148 528
2024In NOK thousands
Note
6
6
6
6
6
7
7
Cash Flows from Operating Activities:
Profit (loss) before taxes
Items included in profit/(loss) not affecting cash flows:
Depreciation and amortisation of property, plant and equipment
Dividend received from subsidiariessubsidiaries
Writedown shares in dissolved subsidiaries
Changes in operating assets and liabilities:
Other short term assets
Short term receivables/payables subsidiaries
Trade payables, provisions and accruals
i) Net cash provided by / (used in) operating activities
Cash Flows from Investing Activities:
Divestment of subsidiaries
Drawdown loans from subsidiaries
Repayment of Loan from subsidiaries
ii) Net cash provided by / (used in) investing activities
Cash Flows from Financing Activities:
Dividend paid
Dividend received from Group Companies
iii) Net cash provided by / (used in) financing activities
Net change in cash and cash equivalents (i+ii+iii)
Cash and cash equivalents at start of period
Cash and cash equivalents at end of period
(423 573)
86 469
-
(337 104)
404 222
-
(132 548)
271 674
Total
equity
Retained
earnings
Other
paid-in capital
Share
premium
Share
capital
413 707
86 469
(132 546)
367 627
419 800
-
-
419 800
13 255
-
-
13 255
In NOK thousands
Equity at 1 January 2024
Profit/(loss) for the period
Share premium reduction
Balance as at 31 December 2024
For the period ended 31 December 2024
(337 104)
(47 067)
(384 172)
271 674
-
271 674
Total
equity
Retained
earnings
Other
paid-in capital
Share
premium
Share
capital
367 627
(47 067)
320 560
419 800
-
419 800
13 255
-
13 255
In NOK thousands
Equity at 1 January 2025
Profit/(loss) for the period
Balance as at 31 December 2025
For the period ended 31 December 2025
Annual Report 2025
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NOTE 1 // CORPORATE
INFORMATION
Awilco LNG ASA (the Company) is a public limited
liability company incorporated and domiciled
in Norway. Its registered office is Haakon VIIs
Gate 1, 0161 Oslo, Norway. The Company was
incorporated 2 February 2011 and is listed on
Euronext Expand with the ticker ALNG.
Awilco LNG ASA is through its subsidiaries
engaged in the operation of and investments in
LNG transportation vessels.
NOTE 2 // SUMMARY OF
SIGNIFICANT ACCOUNTING
POLICIES
Basis for preparation
The financial statements of Awilco LNG ASA
have been prepared in accordance with the
Norwegian accounting act and generally
accepted accounting principles in Norway. The
financial statements are presented in Norwegian
kroner (NOK) rounded off to the nearest
thousands, except as otherwise indicated. The
financial statements are prepared in English,
as approved by the Norwegian Directorate of
Taxes.
The principal accounting policies applied in the
preparation of these financial statements are set
out below.
Shares in subsidiaries
Shares in subsidiaries are measured at cost
less accumulated impairment losses. Such
assets are impaired to fair value when the
decrease in value s for reasons not considered
being of a temporary nature and must be
deemed necessary based on generally accepted
accounting principles. Impairment losses are
reversed when the rationale for the recognised
impairment loss no longer applies. Dividends,
group contributions and other distributions
from subsidiaries are recognised in the same
period as they are recognised in the financial
statement of the subsidiary. If dividends and
group contributions exceed withheld profits
after the acquisition date, the excess amount
represents repayment of invested capital and
will be deducted from the carrying value of the
subsidiary in the balance sheet of the Company.
Foreign currency
The functional currency of the Company is
USD whereas the accounting and presentation
currency is NOK. Transactions in foreign
currencies are recorded at the rate of exchange
on the date of the transaction. Monetary assets
and liabilities denominated in other currencies
are translated at the exchange rate applicable at
the balance sheet date. Realised and unrealised
foreign currency gains or losses on monetary
items are presented as finance income or
finance expense.
Revenue recognition
Parent Company
Notes to the Financial
Statements
Annual Report 2025
53 / 81Contents
Revenues from the sale of services are
recognised in the income statement once
services have been rendered.
Other fixed assets
Other fixed assets are capitalised and
depreciated linearly over the estimated useful
life. Costs for maintenance are expensed as
incurred. If the carrying value of other fixed
assets exceeds the estimated recoverable
amount, the asset is written down to the
recoverable amount. The recoverable amount is
the higher of the net realisable value and value
in use. In assessing value in use, the discounted
estimated future cash flows from the asset are
used.
Classification of items in the balance sheet
Current assets and current liabilities include
items that fall due for payment within one year
after the balance sheet date. The short-term
part of long-term debt is classified as short-term
debt.
Loans and receivables
Loans and receivables are initially recognised
at fair value net of any transaction costs. The
assets are subsequently carried at amortised
cost using the effective interest method, if
the amortisation effect is material, and the
carrying amount is subsequently reduced by any
impairment losses.
Taxes
The income tax expense consists of current
income tax and changes in deferred tax.
Current income tax is the expected tax payable
or receivable on the taxable income or loss for
the year.
Deferred income tax is provided using the
liability method on temporary differences at the
reporting date between the tax bases of assets
Annual Report 2025
54 / 81Contents
and liabilities and their carrying amounts in the
financial statement.
Deferred tax liabilities are recognised for
all taxable temporary differences. Deferred
tax assets are recognised for all deductible
temporary differences to the extent that it is
probable that taxable profits will be available
against which the deductible temporary
difference can be utilised. Deferred income tax
is calculated on temporary differences arising
on investments in subsidiaries, except where
the timing of the reversal of the temporary
difference is controlled by the Company.
Current income tax and deferred tax is
recognised in profit or loss except to the extent
that it relates to items recognised directly in
equity.
Pensions
The Company is required to provide a pension
plan for its onshore employees and has
implemented a defined contribution plan. The
plan, which is fully funded, complies with the
requirements in the Mandatory Occupational
Pension act in Norway (“Lov om obligatorisk
tjenestepensjon”). Contributions on salary
up until 12G are funded in a life insurance
company, whereas contributions on salary
above 12G are transferred to a separately
administered scheme and pledged towards
the participating employees. G refers to the
Norwegian National Insurance basic amount.
Contributions to the pension plan are
recognised as an employee benefit expense
in the income statement when they fall due.
Prepaid contributions are recognised as an asset
to the extent that a cash refund or a reduction in
the future payments is expected. The Company
has no further payment obligations once the
contributions have been paid.
The liability arising from the plan > 12G is
classified as a non-current liability in the
statement of financial position. Changes in the
liability are recognised as employee benefit
expenses in the income statement in the
periods during which services are rendered by
employees. The liability becomes payable to
the employee upon termination, voluntary or
involuntary, of the employment.
Cash and cash equivalents
Cash represents cash on hand and deposits
with banks that are repayable on demand. Cash
includes restricted employee taxes withheld.
Cash equivalents represent short-term, highly
liquid investments which are readily convertible
into known amounts of cash with original
maturities of three months or less.
Dividends
Proposed dividend payments from the Company
are recognised as a liability in the financial
statements on the reporting date 31 December
the current year. This includes dividend
proposed in the period after year-end but prior
to issuing the financial statements.
Cash flow statement
The cash flow statement is presented using the
indirect method.
Annual Report 2025
55 / 81Contents
NOTE 3 // ADMINISTRATION EXPENSES
12 216
2 991
2 712
162
18 080
1 800
2 243
6 589
28 712
9 781
1 926
1 933
176
13 816
830
3 934
6 322
24 903
Salaries and other remuneration
Social security cost
Pension
Other employee related expenses
Total employee related expenses
Management fees
Consultant, legal and auditor’s fees
Other administration expenses
Total administration expenses
Information regarding management fees to related parties is provided in note 6.
2025 2024
Administration expenses
4
4
4
4
Employees year end
Average number of work years
2025 2024
Number of employees
The Company has a defined contribution plan for its employees which complies with the requirements in the Mandatory
Occupational Pension act in Norway ("Lov om obligatorisk tjenestepensjon"). Contributions on salary up until 12G are funded in
a life insurance company, whereas contributions on salary over 12G are transferred to a separately administered scheme and
pledged towards the participating employees. G refers to the Norwegian National Insurance basic amount.
The pension plan of the Company's CEO was covered by a defined benefit plan in Awilco AS. The Company reimbursed Awilco AS
for expenses related to the pension plan. On 1 February 2014 this plan was terminated, and subsequently the CEO is covered by
the Company's defined contribution plans as described above. See note 21 in the consolidated financial statements for further
information.
Pensions
Please see note 20 in the consolidated financial statements for disclosures regarding remuneration to key management.
Remuneration to key management
2025 2024
586
-
-
586
541
-
-
541
Statutory audit
Other assurance services
Tax advisory
Total fees to auditor, excl. VAT
Auditor’s fee
Please see note 20 in the consolidated financial statements for disclosures regarding remuneration to Board of Directors.
Remuneration to Board of Directors
Annual Report 2025
56 / 81Contents
NOTE 4 // FINANCE INCOME AND EXPENSES
NOTE 5 // INCOME TAXES
Currency gains and losses mainly relate to translation effects from bank accounts and balances with subsidiaries denominated in
USD and translated into NOK at the balance sheet date.
See note 6 for a specification of finance income and expense payable from/to group companies.
2025Note
13 002
244
14 049
111 904
85
139 284
9 033
3
17
-
-
9 052
6
2024
Interest income
Interest income group companies
Currency gain
Dividends and group contributions from subsidiaries
Other finance income group companies
Total finance income
Finance income
2025Note
3
34 759
44
150
34 957
154
33 100
4 189
166
37 609
6
2024
Interest expense
Interest expense group companies
Currency loss
Other finance expenses
Total finance expenses
Finance expenses
2025 2024
-
-
-
31/12/2024
-
(6 688)
7 234
101 656
102 201
(102 201)
22 %
-
-
-
-
31/12/2025
(10)
(7 580)
8 627
149 090
150 127
(150 127)
22 %
-
Current income tax
Changes in deferred tax
Total income tax expense / (income)
Specification of basis for deferred tax
Other fixed assets
Pension assets
Pension liabilities
Tax loss carry forward
Basis for deferred tax asset / (liability)
Not recognised deferred tax assets (basis)
Basis for deferred tax asset / (liability)
Tax rate
Deferred tax asset / (liability)
The Company is subject to ordinary corporation tax in Norway at a tax rate of 22 % in 2024.
Recognition of deferred income tax assets is subject to strict requirements in respect of the ability to substantiate that sufficient
taxable profit will be available against which the unutilised tax losses can be used. Based on these requirements and an
assessment by the Company deferred tax assets arising from tax loss carry forward has not been recognised. Utilisation of the
tax loss carry forward is not limited in time.
Income tax expense
Tax regime
Annual Report 2025
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NOTE 5 // INCOME TAXES CONT
NOTE 6 // RELATED PARTIES
To provide the Company with access to important and required knowledge and services, the Company has entered into
various agreements with related parties. Information regarding these contracts and the transactions and balances with related
parties, except for transactions and balances with subsidiaries, is provided in note 20 in the consolidated financial statement.
Transactions with subsidiaries are disclosed below.
Transactions with related parties
Awilco LNG 4 AS
Awilco LNG 5 AS
Awilco LNG Technical Management AS
ALNG Trading AS
Total carrying amount 31 December
373,800
275,900
10,120
50
659,870
373,800
275,900
10,120
-
659,820
100 %
100 %
100 %
100 %
Company name
Carrying amount
31/12/2025
Carrying amount
31/12/2024
Ownership/
voting share
As at 31 December 2025 the Company has the following subsidiaries:
Subsidiaries
Awilco LNG 4 AS
Awilco LNG 5 AS
Awilco LNG Technical Management AS
ALNG Trading AS
Awilco LNG 1 AS, Awilco LNG 2 AS and Awilco LNG 3 AS were dissolved in December 2024.
At the date of this report the subsidiaries' registered office is Haakon VIIs Gate 1. 0161 OSLO, Norway.
Norway
Norway
Norway
Norway
Owner of LNG/C WilForce
Owner of LNG/C WilPride
Technical management
Commodity Trading
6 May 2011
6 May 2011
17 September 2012
23 May 2025
Company name Country Principial activity Date incorporated
(47,067)
(10,355)
13
10,342
(0)
86 469
19 023
(14 569)
(4 455)
0
Profit/(loss) before taxes
Tax based on ordinary tax rate (22 %)
Effects from:
Permanent differences
Not recognised deferred tax assets
Effect of change in tax rate
Total income tax expense / (income)
2025 2024
Reconciliation of effective tax rate
-
-
-
-
-
-
Current tax payable recognised in income statement
Current tax payable recognised directly in equity
Total income tax payable
2025 2024
Income tax payable
Annual Report 2025
58 / 81Contents
Short-term
payables
Short-term
payables
7
7
1,643
-
1,657
NOTE 6 // RELATED PARTIES CONT
The Company provides financing to its subsidiaries through both long-term and short-term loans. Interest on both long-term
loans and short-term receivables/payables is agreed toSOFR + 3 % for USD denominated loans and NIBOR + 3 % for NOK
denominated loans. See below for interest income from subsidiaries.
Balances with subsidiaries
Commercial management fee
Awilco LNG ASA provides commercial management services to the vessel owning subsidiaries. The commercial management fees
are based on a fixed fee of USD 100 000 per vessel per year a fixed percentage of gross freight income of 1.25 %.
Transactions with subsidiaries
Short-term
receivables
Short-term
receivables
Long-term loans
(+)
/borrowings (-)
Long-term loans
(+)
/borrowings (-)
-
-
-
-
-
(161,233)
(194,969)
-
-
(356,202)
(337,508)
(38,086)
-
(375,593)
-
-
5,159
5,159
74
74
1,272
1,419
Short-term receivable TNOK 5,159 towards Awilco LNG Technical Management AS relates to group contribution.
Awilco LNG 4 AS
Awilco LNG 5 AS
Awilco LNG Technical Management AS
ALNG Trading AS
Total
Subsidiary
Subsidiary
Balances with subsidiaries as at 31 December 2025
Awilco LNG 4 AS
Awilco LNG 5 AS
Awilco LNG Technical Management AS
Total
Balances with subsidiaries as at 31 December 2024
31/12/2025 31/12/2024Note
46,259
61,987
18,160
40
126,446
20,122
136,290
20,165
-
176,577 7
Awilco LNG 4 AS
Awilco LNG 5 AS
Awilco LNG Technical Management AS
ALNG Trading AS
Total
Company name
Cash pool deposits subsidiaries
Annual Report 2025
59 / 81Contents
2
0
-
-
3
19,623
12,764
713
0
33,100
-
269
2
-
271
27,289
4,530
936
-
34,787
NOTE 6 // RELATED PARTIES CONT
Awilco LNG 4 AS
Awilco LNG 5 AS
Awilco LNG Technical Management AS
ALNG Trading AS
Total
Awilco LNG 4 AS
Awilco LNG 5 AS
Awilco LNG Technical Management AS
ALNG Trading AS
Total
Project management fee Awilco LNG Technical Management AS
A subsidiary of the Company, Awilco LNG Technical Management AS, provides project management services to the Company. In
2025 the Company paid a fee of TNOK 1,082 for these services (TNOK 941 in 2024).
Guarantee commission from subsidiaries
The Company has issued guarantees towards the lessor of WilForce and WilPride on behalf of lessees' Awilco LNG 4 AS and
Awilco LNG 5 AS respectively, see note 11. No guarantee commissions are made related to the current leases while TNOK 43 was
paid in 2024 related to the leases repaid in June 2024.
2025
2025
2025
2024
2024
2024
1,532
4,882
6,414
5,324
5,529
10,853
Awilco LNG 4 AS
Awilco LNG 5 AS
Total
Subsidiary
Subsidiary
Subsidiary
Interest income from subsidiaries
Interest expenses subsidiaries
Annual Report 2025
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The group has a cash pool arrangement which entails that the subsidiaries' deposits on these accounts are formally either a
receivable or a liability against Awilco LNG ASA.
As at 31 December 2025 TNOK 906 was restricted cash related to employee withholding tax (31 December 2024 TNOK 899), TNOK
900 was restricted cash related to requirements from operating Awilco LNG's vessels (31 December 2024 TNOK 973). And TNOK 1
023 was restricted cash provided as deposit towards the office lease (31 December 2024 TNOK 0).
Awilco LNG's liquidity is organised in a cash pool arrangement in which cash in the subsidiaries formally represents receivables
or payables towards the parent company Awilco LNG ASA. The Group companies are jointly and severally liable for the total
outstanding amount under the arrangement.
Information about the Company's share capital is provided in note 18 to the consolidated accounts.
NOTE 7 // CASH AND CASH EQUIVALENTS
NOTE 8 // SHARE CAPITAL
General information regarding capital and financial risk management is provided in note 19 in the consolidated accounts. Awilco
LNG ASA presents its financial statement in NOK, and is thus exposed to foreign exchange translation risk on monetary items
denominated in foreign currencies.
NOTE 10 // CAPITAL AND FINANCIAL RISK MANAGEMENT
Information on events after the reporting date is disclosed in note 24 in the consolidated accounts.
NOTE 12 // EVENTS AFTER THE REPORTING DATE
Please see note 23 in the consolidated accounts. In addition, Awilco LNG ASA has issued certain guarantees on behalf of
companies in the Awilco LNG Group:
The Company has issued a guarantee towards China Development Bank Financial Leasing Co. Ltd on behalf of the Company's
subsidiaries Awilco LNG 4 AS and Awilco LNG 5 AS, guaranteeing for the performance of the bareboat charter agreements
described in note 21 in the consolidated accounts.
NOTE 11 // COMMITMENTES, CONTINGENCIES AND GUARANTEES
NOTE 9 // PROVISIONS AND ACCRUALS
31/12/2025 31/12/2024
126,446 Cash pool deposits subsidiaries 176,577
31/12/2025Provisions and accruals 31/12/2024
2,911
-
2,911
7,521
(133)
7,389
Salary related provisions
Other accruals and provisions
Total provisions and accruals
Code FX rate FX rateCarrying value Carrying value
31/12/2025 31/12/2024
USD
NOK
10.0791
1
11.3534
1
19,230
2,851
22,081
84,061
2,954
87,015
US dollars
Norwegian kroner
Total cash and cash equivalents
Currency
Annual Report 2025
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Auditor’s Report
Annual Report 2025
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Statsautoriserte revisorer
Ernst & Young AS
Stortorvet 7, 0155 Oslo
Postboks 1156 Sentrum, 0107 Oslo
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske Revisorforening
A member firm of Ernst & Young Global Limited
To the General Meeting in Awilco LNG ASA
INDEPENDENT AUDITOR'S REPORT
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Awilco LNG ASA (the Company), which comprise:
The financial statements of the Company, which comprise the statement of financial position as
at 31 December 2025, the income statement and cash flow statement for the year then ended
and notes to the financial statements, including a summary of significant accounting policies, and
The financial statements of the Group, which comprise the consolidated statement of financial
position as at 31 December 2025, consolidated income statement, consolidated statement of
comprehensive income, consolidated cash flow statement and consolidated statement of
changes in equity for the year then ended and notes to the financial statements, including
material accounting policy information.
In our opinion:
the financial statements comply with applicable statutory requirements,
the financial statements of the Company give a true and fair view of the financial position of the
Company as at 31 December 2025, and its financial performance and cash flows for the year
then ended in accordance with the Norwegian Accounting Act and accounting standards and
practices generally accepted in Norway, and
the financial statements of the Group give a true and fair view of the financial position of the
Group as at 31 December 2025, and its financial performance and cash flows for the year then
ended in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of
the financial statements section of our report. We are independent of the Company and the Group in
accordance with the requirements of the relevant laws and regulations in Norway and the International
Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (the IESBA Code) as applicable to audits of financial
statements of public interest entities, and we have fulfilled our other ethical responsibilities in accordance
with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 15 years since incorporation on 2 February 2011 (with a
renewed election on the 24 May 2022).
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Independent auditor's report - Awilco LNG ASA 2025
A member firm of Ernst & Young Global Limited
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements for 2025. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Accounting estimates related to vessels
Basis for the key audit matter
As per 31 December 2025, the Group owned two
2013 built 156,000 cbm TFDE LNG carriers. The
accounting estimates for these assets require
management’s judgement and have material
impact for the group due to the assets’
cumulative value and long-lived nature, and are
therefore assessed to be a key audit matter. The
key estimates include assessment of useful lives
and evaluation of impairment. Due to weak
performance in 2025, management identified
impairment indicators and tested recoverable
amount. In addition to useful life and future LNG
shipping rates, the impairment evaluation of
vessels is dependent on estimates regarding
vessel utilization, operating expenses, capital
expenditures and discount rate. The Group
recognized an impairment of nil in the 2025
consolidated financial statements.
Our audit response
We performed an evaluation of revenue and
utilization assumptions in the cash flows
estimated by management through comparison
towards the Company’s historical data and data
from independent market analyst’s sector
reports. We compared operating expenditures to
approved budgets and historical data.
Furthermore, we compared the risk premiums
used in the weighted average cost of capital with
external data and considered management’s
adjustments for company specific factors. We
considered the accuracy of management’s prior
year assumptions and evaluated the level of
consistency applied in the valuation methodology
from previous years. We also tested the
mathematical accuracy of the valuation model
and performed sensitivity analysis of the
assumptions. We evaluated management’s
estimation of useful lives and residual value, and
compared these to industry practice, also
considering future changes to environmental
regulations. Finally, we read the disclosures
regarding this assessment, which are included in
note 2 and note 10 of the Group’s consolidated
financial statements.
Other information
The Board of Directors and the CEO (management) are responsible for the information in the Board of
Directors’ report and the other information presented with the financial statements. The other information
comprises the information included in the annual report other than the financial statements and our
auditor's report thereon. Our opinion on the financial statements does not cover the information in the
Board of Directors’ report and the other information presented with the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the information in the
Board of Directors’ report and for the other information presented with the financial statements. The
purpose is to consider if there is material inconsistency between the information in the Board of Directors’
report and the other information presented with the financial statements and the financial statements or
our knowledge obtained in the audit, or otherwise the information in the Board of Directors’ report and for
the other information presented with the financial statements otherwise appears to be materially
misstated. We are required to report if there is a material misstatement in the Board of Directors’ report
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Independent auditor's report - Awilco LNG ASA 2025
A member firm of Ernst & Young Global Limited
and the other information presented with the financial statements. We have nothing to report in this
regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
is consistent with the financial statements and
contains the information required by applicable statutory requirements.
Our statement on the Board of Directors’ report applies correspondingly for the statement on Corporate
Governance.
Responsibilities of management for the financial statements
Management is responsible for the preparation of financial statements of the Company that give a true
and fair view in accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and for the preparation of the consolidated financial statements of the
Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the
EU. Management is responsible for such internal control as management determines is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate the
Company or the Group, or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s and the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company’s and the Group’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
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Independent auditor's report - Awilco LNG ASA 2025
A member firm of Ernst & Young Global Limited
draw attention in our auditor’s report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company and the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the group audit.
We remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirement
Report on compliance with regulation on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Awilco LNG ASA we have performed an assurance
engagement to obtain reasonable assurance about whether the financial statements included in the
annual report, with the file name 5967007LIEEXZXJO5C34-2025-12-31-1-en.zip, have been prepared, in
all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU)
2019/815 on the European Single Electronic Format (the ESEF Regulation) and regulation pursuant to
Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the
preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial
statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF Regulation.
Management’s responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF
Regulation. This responsibility comprises an adequate process and such internal control as management
determines is necessary.
Auditor’s responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material
respects, the financial statements included in the annual report have been prepared in accordance with
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Independent auditor's report - Awilco LNG ASA 2025
A member firm of Ernst & Young Global Limited
the ESEF Regulation. We conduct our work in accordance with the International Standard for Assurance
Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial
information”. The standard requires us to plan and perform procedures to obtain reasonable assurance
about whether the financial statements included in the annual report have been prepared in accordance
with the ESEF Regulation.
As part of our work, we perform procedures to obtain an understanding of the Company’s processes for
preparing the financial statements in accordance with the ESEF Regulation. We test whether the financial
statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL
tagging of the consolidated financial statements and assess management’s use of judgement. Our
procedures include reconciliation of the iXBRL tagged data with the audited financial statements in
human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Oslo, 14 April 2026
ERNST & YOUNG AS
The auditor's report is signed electronically
Johan Lid Nordby
State Authorised Public Accountant (Norway)
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Annual Report 2025
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CORPORATE GOVERNANCE
The main strategy for Awilco LNG ASA
(the Company or Awilco LNG) is to create
shareholder value through the provision of
a quality, reliable and customer-oriented
service to the market, in the best manner for
its shareholders, employees and business
connections. Awilco LNG strives to protect and
enhance shareholder equity through openness,
integrity and equal shareholder treatment, and
sound corporate governance is a key element in
the basis of the Awilco LNG strategy.
The corporate governance principles of the
Company are adopted by the Board of Directors
of Awilco LNG ASA (the Board). The principles
are based on the Norwegian Code of Practice for
Corporate Governance, dated 14 October 2021
(the «Code of Practice»). Below is a description
of the basis that Awilco LNG has implemented
the Code of Practice. This description follows
the same structure as the Code of Practice and
covers all sections thereof. Deviations, if any,
from the Code of Practice are discussed under
the relevant section.
1 IMPLEMENTATION AND REPORTING ON
CORPORATE GOVERNANCE
The Board of Directors shall ensure that
appropriate goals and strategies are adopted,
that the adopted strategies are implemented
in practice, and that the results achieved are
subject to measurement and follow-up. The
principles shall also contribute to ensure that
the activities of the Company are subject to
adequate controls. An appropriate distribution
of roles and adequate controls shall contribute
to the largest possible value creation over
time, for the benefit of the owners and other
stakeholders.
The Company has defined a mission statement
“Marine Transportation through Safety and
Environmental Excellence” and identified a set
of core objectives that describes the focus and
continuous improvement process based on
the mission statement. The objectives include
policies regarding; safeguarding of people, ships
and cargoes, focus on limitation of any negative
impact on the environment from our vessels
and a separate statement regarding Safety
Management & Environmental Protection Policy.
Corporate Governance
Annual Report 2025
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This policy document, which is available on the
Company’s website www.awilcolng.no, describes
the basic principles of the corporate values.
Awilco LNG’s code of conduct – values and ethics
forms an important foundation for Awilco LNG’s
corporate governance and demands high ethical
standards, in which focus on safety and integrity
are key factors. The Company has continuous
focus on making sure that the corporate values
are practiced in the Company’s everyday life.
The Company’s code of conduct – values and
ethics can be found on the Company’s website
2 THE BUSINESS
According to the Company’s articles of
association, its purpose is to carry out “shipping
and other business related hereto”. The
objectives clause of the Company also includes
“acquisitions, management, borrowings and
sale of capital assets in the shipping business
in addition to investments in shares, bonds and
partnership contributions of any type connected
with shipping, as well as participation, including
ownership stakes in other shipping companies
and other business naturally connected hereto.”
The principal objectives and strategies of the
Company are presented in the annual report
and are subject to annual assessments.
The Company’s social responsibility is set out in
a separate section in the annual report.
3 EQUITY AND DIVIDENDS
The Company’s equity is assessed as
appropriate based on its objectives, strategies
and risk profile. The book equity of the Awilco
LNG Group as per 31 December 2025 was USD
126.1 million, which represents an equity ratio
of 40.5 %.
The Company’s long-term objective is to pay
dividends in support of the Company’s main
objective to maximise return on invested
capital. The Board of Directors approved a
dividend policy in November 2022. The Board is
committed to return value to shareholders and
intend to resume distribution of a substantial
part of annual free cash flow, paid out quarterly,
always subject to debt covenants, capital
requirements and a robust cash buffer. Any
proposal for quarterly dividend payments will be
presented to the Annual General Meeting.
To the extent it is considered desirable, the
Company may raise new equity in the capital
markets.
The Board is currently not authorised to
purchase own shares in the market.
4 EQUAL TREATMENT OF SHAREHOLDERS AND
TRANSACTIONS WITH RELATED PARTIES
The Company has one class of shares, and each
share has one vote at the General Meeting.
Where the board resolves to carry out an
increase in share capital and waive the pre-
emption rights of existing shareholders based
on a mandate granted to the Board of Directors,
the justification should be publicly disclosed
in a stock exchange announcement issued in
connection with the increase in share capital.
Any transactions the Company carries out in its
own shares are carried out through the stock
exchange and at prevailing stock exchange
prices.
In the event of any material transactions
between the Company and shareholders,
Directors or close associates thereof, the
transactions will be conducted on arm’s length
terms and the Board of Directors shall consider
arranging for an independent assessment of the
transaction.
Until August 7, 2023 Awilco LNG had a sub-
management agreement with Awilco Technical
Services AS (ATS) for assistance in technical
management of the fleet. From August 8, 2023
Awilco LNG entered into a service agreement
with Integrated Wind Solution AS (IWS) and
from that day Awilco LNG buys the same
services from IWS instead of ATS. Furthermore,
Awilco LNG has entered into agreements
Annual Report 2025
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with Awilhelmsen Management AS (AWM) for
administrative services and rent of offices.
The latter started in 2023 and was terminated
by AWM in September 2024 with six months
termination notice. AWM is a related company
to Awilco AS, which owns 38.6 % of the shares
in Awilco LNG. The management fees are,
in the Company’s opinion, made at market
terms. Information regarding transactions with
related parties is described in note 21 to the
consolidated financial statements.
In February 2025 Awilco LNG ASA moved to
new rented offices in Haakon VIIs Gate 1,
Oslo Norway. The offices are rented from an
unrelated third party.
5 FREELY NEGOTIABLE SHARES
The shares of Awilco LNG are listed on the
Euronext Expand stock exchange. All issued
shares carry equal shareholder rights in all
respects, and there are no restrictions on
transfer of shares. The articles of association
place no restrictions on voting rights.
6 GENERAL MEETINGS
The Annual General Meeting will normally
take place in the second quarter of each year,
and latest by 30 June. Notice of the meeting
will normally be published through the Oslo
Stock Exchange distribution channel and the
Company’s website at least 21 days in advance.
Documentation containing the information
necessary for the shareholders to make
decisions on all the items on the agenda will
simultaneously be made available on the
Company’s website and will only be sent to
shareholders that request the documentation
on paper. The Board may decide by the notice
of the meeting that shareholders who intend
to attend the General Meeting shall give notice
to the Company within five days prior to the
General Meeting.
Registration is made in writing or by e-mail.
The Board wishes to make efforts to enable
as many shareholders as possible to attend.
Shareholders who are not able to attend are
invited to meet by proxy, and efforts will be
made for the proxies to relate to each individual
item on the agenda.
The General Meeting will be chaired by the
Chairperson of the Board unless otherwise
agreed by a majority of those shares
represented at the meeting.
7 NOMINATION COMMITTEE
According to the articles of association the
Company shall have a Nomination committee
which has the responsibility of proposing
members to the Board of Directors and
members of the Nomination committee. The
Nomination committee shall also propose fee
payable to the members of the Board and the
members of the Nomination committee.
The members of the Nomination committee
shall be shareholders or representatives of
shareholders. The members of the Nomination
committee, including its Chairperson, are
elected by the General Meeting. The members
of the Nomination committee’s period of service
shall be two years unless the General Meeting
decides otherwise.
The Nomination committee is to maintain
contact with shareholder groups, members
of the Board of Directors and the Company’s
executive personnel in its works with proposing
members to the Board of Directors.
The Annual General Meeting held on May 7,
2025 elected the current Nomination committee
consisting of Eric Jacobs and Henrik A.
Christensen.
8 THE BOARD OF DIRECTORS; COMPOSITION
AND INDEPENDENCE
The Company’s Board of Directors shall
comprise three to six directors pursuant to the
decision of the General Meeting. The Directors
are elected for a period of two years unless
otherwise determined by the General Meeting.
The Board appoints the Chairperson amongst
the elected Board members.
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The composition of the Board of Directors aims
to ensure that the interests of all shareholders
are represented. Currently three of the five
directors are independent from the principal
shareholder of the Company. The Board
consists of the following members: Synne Syrrist
(Chairperson), Ole Christian Hvidsten, Jens-Julius
R. Nygaard, Jens Ismar and Annette Malm Justad.
9 THE WORK OF THE BOARD OF DIRECTORS
The Board’s statutory duties include the
overall administration and management of the
Company. The Board adopts a meeting schedule
for the following year in the fourth quarter
each year. The directors shall normally meet in
person, but if so allowed by the Chairperson,
directors may participate in any meeting by
means of telephone.
The allocation of responsibilities and tasks
within the Board of Directors is regularly
discussed and monitored. The Board is regularly
briefed on the Company’s financial situation,
the vessels’ chartering and market situation,
liquidity situation and cash flow forecast, as well
as any changes in the competition situation. The
Board performs a yearly evaluation of its work.
The Board has established an Audit committee
consisting of Ole Christian Hvidsten (Chairman)
and Synne Syrrist and has implemented an Audit
committee charter. The Company’s CFO is the
secretary of the committee. The auditor shall
participate in discussions of relevant agenda
items in meetings of the Audit committee. The
committee shall hold separate meetings with
the auditor and the CEO at least once a year.
Furthermore, the Company has established
a Remuneration committee consisting of
Synne Syrrist and Jens-Julius R. Nygaard. The
Remuneration committee prepares guidelines
and proposals regarding remuneration of
executive personnel, which are reviewed and
resolved by the Board of Directors.
10 RISK MANAGEMENT AND INTERNAL
CONTROL
The Board ensures that the Company has
satisfactory internal control procedures to
manage its exposure to risks related to the
conduct of the Company’s business, including
social responsibility, to ensure compliance with
laws and regulations and to support the quality
of its financial reporting. The Board performs an
annual review of the Company’s key risks and
the internal controls implemented to address
these risks. The Board has identified and stated
the various risks of Awilco LNG in the Company’s
annual report. Additionally, the Board is
regularly briefed on the Company as described
under section 9 above.
The Company has established an Audit
committee that regularly evaluates and
discusses the various risk elements of Awilco
LNG, and potential for improvement. The Audit
committee reports to the Board.
Awilco LNG’s main goal is safe and efficient
ship operation with no accidents, personal
injury, environmental damage, or damage to
equipment. In order to achieve these goals
Awilco LNG has identified some core objectives
that describe our focus and our continuous
improvement process. The operation of
technical management and newbuildings
is closely monitored through dedicated
supervision and safety reporting systems.
Furthermore, the Company has established
contingency plans and executes drills and
training in order to improve emergency
preparedness.
In addition to its own controlling bodies and
external audit, the Company’s ship management
is subject to external supervision by Det Norske
Veritas (DNV) for certification in accordance with
ISO.
11 REMUNERATION OF THE BOARD OF
DIRECTORS
The remuneration of the Board shall reflect
the Board’s responsibilities, knowhow, time
commitment and the complexity of the
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business activities. The directors do not receive
profit related remuneration, share options or
retirement benefits from the Company. The
remuneration is proposed by the Nomination
committee. More information about the
remuneration of the individual directors
is provided in note 21 in the consolidated
accounts.
Directors or their related companies shall
normally not undertake special tasks for the
Company in addition to the directorship.
However, the Company utilises outsourcing
of technical sub-management, accounting
and administrative services from AWM which
is a related company. All agreements and
fees with related parties are approved by the
Board. Furthermore, the members of the Audit
committee and Remuneration committee
receive a fee for serving on the committees.
12 REMUNERATION OF EXECUTIVE
PERSONNEL
The Board has drawn up guidelines regarding
remuneration to leading persons. The
remuneration is based on a base salary and
a bonus program. The guidelines regarding
remuneration to leading persons have
been prepared by the board of directors in
accordance with section 6-16 a of the Norwegian
Public Limited Liability Companies Act, was
adopted by the Annual General Meeting in 2021
and further restated by the Annual General
Meeting in 2025. Awilco LNG will present a
report on remuneration to leading persons to
be approved by the Annual general meeting in
2026.
For information about remuneration of
executive personnel see note 21 in the
consolidated accounts.
13 INFORMATION AND COMMUNICATION
The Company aims to keep shareholders,
analysts, investors and other stakeholders
continuously updated on the Company’s
operations and performance. The Company
provides information to the market through
quarterly and annual reports; investor- and
analyst presentations open to the media and by
making operational and financial information
available on the Compa¬ny’s website.
Information of importance are made available
to the stock market through notifica¬tion to
the Oslo Stock Exchange in accordance with
the Stock Exchange regulations. Informa¬tion is
provided in English.
All stock exchange announcements and press
releases, including the financial calendar, are
made available on the Company’s website.
14 TAKE-OVER
The Company’s Articles of Association contains
no defence mechanism against the acquisition
of shares, and no other actions have been taken
to limit the opportunity of acquiring shares in
the Company.
In the event of a takeover bid the Board will
seek to comply with the recommendations
outlined in item 14 of the Code of Practice. If
a bid has been received, the Board will seek
to issue a statement evaluating the offer
and make recommendations as to whether
the shareholders should accept the offer or
not. Normally it will be required to arrange
a valuation from an independent expert.
If the Board finds that it is unable to give a
recommendation, the Board will explain the
reason for not giving a recommendation. The
statement should show whether the decision
was unanimous, and if not, the background for
why certain Board members did not adhere to
the statement.
If a situation occurs where the Board proposes
to dispose of all or a substantial part of the
activities of the Company such a proposal will be
placed before the General Meeting.
15 AUDITOR
The auditor is appointed by the General
Meeting, which also determines the auditor’s
fee. The auditor shall annually present an
audit plan to the Audit committee. The auditor
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attends the Board of Director’s review and
discussion of the annual accounts. The Board
of Directors minimum holds one annual
meeting with the auditor without the CEO or
other members of the executive group being in
attendance.
The Company’s management regularly holds
meetings with the auditor, in which accounting
principles and internal control routines are
reviewed and discussed.
The auditor shall annually confirm compliance
with the applicable independence rules and
regulations in legislation and the audit firm’s
internal independence standards. The Audit
committee has issued guidelines stipulating
the management’s possibility to undertake
consulting services by the auditor. Auditor’s
fees are disclosed in note 21 in the consolidated
accounts.
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INTRODUCTION
The Awilco LNG Group (Awilco LNG or the Company)
has implemented a set of objectives, principles and
procedures concerning our social responsibility to
enable the Company to achieve and maintain its
mission statement and objectives. Awilco LNG has
implemented the highest standard of safe operation
to meet all environmental protection requirements,
ensuring safe custody of our vessels, crew, customers’
cargoes and owner’s interests. Our commitment to
our social responsibility ensures that Awilco LNG is a
preferable LNG shipping company.
Awilco LNG is engaged in the global marine
transportation of LNG. Marine transportation is
generally considered the most efficient form of
transporting natural gas over long distances. Natural
gas is widely accepted as the least pollutive fossil fuel
and emits up to 60 % less CO2 than coal when used
for electricity generation. Natural gas is widespread,
flexible, abundantly available and cheap when
comparing to other fossil fuels. The increased use
of natural gas is expected to reduce the use of more
pollutive fossil fuels such as coal and oil in the global
energy mix. Awilco LNG’s contribution to sustainable
economic growth mainly relates to the potential for
increased use of natural gas in the global energy mix.
Awilco LNG aims to provide positive impact on
the communities we operate in, our employees,
clients and suppliers through the Code of Ethics and
Conduct such as opposing corruption and facilitation
payments in any form.
In general, global marine transportation has a
significant effect on the environment. Awilco LNG
takes this impact seriously, working continuously
to reduce our environmental footprint through
improving fuel efficiency, optimising trade routes and
improving waste management.
This report constitutes Awilco LNG’s reporting
according to the requirements of the Norwegian
accounting act § 3-3c on social responsibility
reporting.
Social Responsibility
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SCOPING OF MATERIAL ISSUES FOR
AWILCO LNG
A materiality assessment forms the basis for how we
prioritise our social responsibility efforts, and thereby
also impacts our internal and external reporting on
social responsibility. The following issues have been
assessed as the most material based on both their
importance to Awilco LNG’s business and to Awilco
LNG’s stakeholders such as employees, customers,
suppliers, regulators and investors:
The Company’s strategy is to integrate sustainability
on these matters systematically into all material
business processes to ensure Awilco LNG is assessed
as a responsible enterprise.
THE MATERIAL ISSUES
Mission statement
Awilco LNG’s mission statement is “Marine
transportation through safety and environmental
excellence”.
Health and safety
Company policies and objectives
The safety and well-being of Awilco LNG’s employees
and seafarers has the highest priority, as set out in
the mission statement above and detailed in the
Company’s Safety Management & Environmental
Protection Policy. Our objectives are zero accidents
and no personnel injuries. The Group shall adhere to
national and international laws and regulations and
constantly promote best practices identified within
its own operations and the industry to improve the
competence of individual crewmembers and vessel
safety performance.
How we achieve our objectives
Our objectives are operationalised in the Company’s
Safety Management & Environmental Protection
Policy. The objective of this policy is to ensure that
the Company gives the highest priority to the safety
of human life and health through the following
measures:
• Provide support to ships' operation by
implementation of a well-structured Safety
Management System (SMS) based on a well-
defined management organisation. The SMS is
an integral part of all our activities and includes
instructions and procedures which contribute
to the highest safety standards onboard our
ships, ensuring that cargo is handled correctly
and preventing situations which threaten safety
of our personnel. The SMS is based on national
and international requirements and standards
for quality and safety, including the ISM code
(International Management Code for the Safe
Operation of Ships and Pollution Prevention),
ISO 14001 (environmental management system),
ISO 9001 (quality management system) and the
TMSA (Tanker Management and Self-Assessment
guidelines) issued by OCIMF (Oil Companies
International Marine Forum)
• Operate the vessels with continuously properly
trained, informed and motivated crews. Awilco
LNG aims to ensure a stable and motivating work
environment for both onshore and offshore
employees, ensuring high retention rates.
The Group is proactively seeking to identify
requirements and needs for additional training
through regular audits, master and management
reviews. A healthy lifestyle is promoted by
providing fresh and healthy food and physical
exercise opportunities
• Provide, equip and maintain the ships to the
necessary standard as required by national
regulation and international convention
• Avoid safety hazards through preventive safety
measures
• Establish contingency plans and execute drills and
training to improve emergency preparedness to
meet situations which represent dangers to life,
IMPORTANCE TO BUSINESS
IMPORTANCE TO STAKEHOLDERS
Environmental
impact
Anti-
corruption
Health and
safety
Annual Report 2025
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health, environment, ship and cargo
• Implement and maintain a safety management
culture within the Company
• Use a reporting system for accidents, near
accidents, non-conformities and improvements,
with special attention to the learning effect
through feedback of experience and suggestions
for improvement
• Use performing measures to continuously
improve our operations
To accomplish the objectives Awilco LNG will plan,
organise, perform, document and verify performance.
Awilco LNG has a comprehensive Risk Management
Program which includes detailed step by step risk
assessment procedures.
Performance in 2025
The Company’s senior management is actively
engaged in monitoring Awilco LNG’s performance
in order to further encourage and promote positive
trends, to provide advice and to take corrective action
where negative trends are detected. Performance and
results are measured using certain Key Performance
Indicators (KPIs). KPI targets are resolved by senior
management on an annual basis, and results are
reported to senior management on a quarterly basis.
Procedures and any new initiatives shall be part of
the management review and include monitoring and
measurements, adjustment of targets, and recording
of achieved improvements. The procedures and
activities shall be audited on a routine basis. The
following main KPIs are the focus of Awilco LNG with
regards to health and safety:
Going forward
Performance in 2025 was satisfactory and in line with
the results from 2024. One lost time injury occurred
in the year. The injured crewmember has fully
recovered.
In 2026 Awilco LNG will continue efforts to improve
and strengthen the safety culture and return to 0
injuries for the year.
The Company’s objectives are zero accidents and no
personnel injuries.
Environmental impact
Background
Awilco LNG’s potential environmental impact can be
divided in three main components:
1. Emissions from fuel consumption
2. Major environmental accidents
3. Waste management including ballast water and
spills
Although the shipping industry contributes with 3
to 4 % of the global annual CO2 emissions to the
atmosphere, marine transportation is generally
considered as the most efficient form of transporting
natural gas over long distances.
Awilco LNG’s fleet consists of vessels with tri-fuel
KPI
Definition Result 2025 Result 2024
LTIF (Lost time injury frequency) Number of accidents per one-million man-hours worked
2.1 0
TRCF (Total recordable case frequency) The sum of all work related, lost time injuries, restricted
work injuries and medical treatment injuries
2.1 0
Personnel injuries Number of personnel injuries
1 2
Number of fatalities due to injuries Number of deaths among the crew resulting from a work
injury
NIL NIL
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propulsion systems, which mainly run on boil-off
gas from the LNG cargo. When natural gas is cooled
down to its liquefied state at minus 160 degrees
Celsius, a certain amount of the LNG will naturally
re-gasify into its gaseous state (boil-off gas). The
boil-off gas is produced at a rate dependent on the
outside temperature and the level of filling of the
tanks and can either be reliquefied into LNG or used
as fuel for propulsion of the vessels. Due to the cost
and energy needed to power a reliquification process
plant very few vessels are outfitted with such plants.
The boil-off gas is thus used for propulsion, which
makes sense both economically, as natural gas is
significantly cheaper than oil-based alternatives, and
also environmentally, as natural gas is a considerably
cleaner fuel than oil-based alternatives. Compared
to oil-based fuels, natural gas emits 10-20 % less
greenhouse-gases, virtually zero SOx and particulate
matter and 90 % less NOx.
As LNG vessels carry regular bunkers for ballast
voyages the potential for major environmental
accidents mainly relate to the risk of a ship suffering a
breach and subsequently leaking substantial amounts
of bunkers oil into the environment.
The last potential impact is waste produced by the
vessels, discharge of untreated ballast water and
potential spills of chemicals, bilge water and sludge
etc. into the environment. Discharge of untreated
ballast water may potentially introduce non-native
organisms into marine environments worldwide.
Company policies and objectives
Based on the long-term goal of environmental
excellence, and as set out in the Company’s
Safety Management & Environmental Protection
Policy, Awilco LNG works toward minimising the
environmental impact from its vessels with the goal
of zero spills. The Company has adapted a zero-
tolerance policy towards:
• Spills to the environment
• Emissions of ozone depleting substances
• Unauthorised disposal of garbage or waste to the
marine environment
Additionally, Awilco LNG aims to minimise as far as
practically possible the emission of CO2, NOx and SOx
from combustion engines, boilers, incinerators and
emissions from cargo and fuel oil tanks and systems
through evaporation.
Awilco LNG shall adhere to national and international
environmental laws and regulations, and constantly
promote best practices identified within its own
operations and the industry to improve our impact on
the environment.
How we achieve our objectives
Our objectives are operationalised in the Company’s
Safety Management & Environmental Protection
Policy. The objective of this policy is to ensure
that the Company gives the highest priority to the
environment through the following measures:
• Provide support to ships' operation by
implementation of a well-structured Safety
Management System (SMS) based on a well-
defined management organisation. The SMS is
an integral part of all our activities and includes
instructions and procedures which contribute
to the highest safety standards onboard our
ships, ensuring that cargo is handled correctly
and preventing situations which threaten the
environment. The SMS is based on national and
international requirements and standards for
quality and safety, including the ISM code and the
TMSA issued by OCIMF
• The management system of the fleet is certified
according to ISO 14001 and ISO 9001
• Operate the vessels with continuously properly
trained, informed and motivated crews
• Provide, equip and maintain the ships to the
necessary standard as required by national
regulation and international convention. Both
WilForce and WilPride are fitted with ballast water
treatment systems.
• Establish contingency plans and execute drills and
training to improve emergency preparedness to
meet situations which represent dangers to life,
health, environment, ship and cargo
• Implement and maintain a safety management
culture within the Company
• Use a reporting system for accidents, near
accidents, non-conformities and improvements,
with special attention to the learning effect
through feedback of experience and suggestions
for improvement
• Antifouling paint systems with lowest resistance
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• Hull and engine performance monitoring systems
are installed on the vessels and used for
monitoring of performance
• Optimisation of hull and propeller cleaning
intervals to reduce drag and fuel consumption
• Replaced bottled water for crew with buying in
bulk
• Improved waste handling onboard and increased
amount of waste being sent ashore
• Implement a policy of environmentally friendly
purchasing with approved vendors based not
only on cost and quality but also environmental
performance and focus; procurement and
purchasing activities shall address environmental
aspects such as:
i. Reducing packaging volumes;
ii. Encouraging recycling activities; and
iii. Use of non-disposable and recyclable
equipment and materials
• Onshore focus on saving energy, recycling and
reducing use of single use plastics
• Use performing measures to continuously
improve our operations
• Continuously consider vessel technical
improvements and retrofits to reduce fuel
consumption and lower environmental footprint
The same risk assessment procedures and continuous
improvement tools and initiatives as described under
Health and Safety above is utilised in Awilco LNG’s
work to reduce its environmental impact.
Performance in 2025
The Company’s senior management is actively
engaged in monitoring Awilco LNG’s performance,
in order to further encourage and promote positive
trends, to provide advice and to take corrective action
where negative trends are detected. Performance and
results are measured using certain Key Performance
Indicators (KPIs). KPI targets are resolved by senior
management on an annual basis, and results are
reported to senior management on a quarterly basis.
Procedures and any new initiatives shall be part of
the management review and include monitoring and
measurements, adjustment of targets, and recording
of achieved improvements. The procedures and
activities shall be audited on a routine basis. The
following main KPIs are the focus of Awilco LNG with
regards to environmental impact:
KPI
Definition Result 2025 Result 2024
Number of releases of substances to the
environment
The number of releases of substances to the environment
covered by MARPOL Annex 1-6
NIL NIL
Annual efficiency rate (AER) The mass of carbon emissions per ton-mile [g/nm*ton)]
(based on vessel DWT)
7.0 6.9
CO2 efficiency laden voyages The total mass of emitted CO2 in grams per m3-mile
6.96 7.76
NOx efficiency laden voyages The total mass of emitted NOx in grams per m3-mile
0.132 0.147
SOx efficiency laden voyages The total mass of emitted SOx in grams per m3-mile
0.00091 0.00019
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2025 emissions performance
In 2025 the CO2 intensity for the vessels stayed on
the same good level as in 2024.
Going forward
Environmental emissions are to a large extent
dependent on charterers operations and type of
fuel burned in ships engines. In 2025 Awilco LNG
will continue efforts to reduce the Company’s
environmental footprint.
CII and EU-ETS
With respect to CII, the vessels have operated in 2025
with an emission intensity that corresponds to a “B”
rating for WilPride and a “C” rating for WilForce. We
are working closely with charterers to ensure that
the operation of the vessels is planned and executed
in a way that ensures this rating is achieved also for
following years.
Reporting, calculation and submittal of EUAs
according to EU ETS continued through 2025. Verified
statements for relevant voyages in 2025 have been
completed, and verification of the total number of
EUAs to be submitted is underway.
Anti-corruption
Company policies and objectives
Corruption is generally estimated to cost at least
5 % of global GDP each year. Reduced corruption
would increase safety for seafarers, reduce costs of
operations and reduce complexity and risk. Awilco
LNG is a firm opponent of corruption in any form,
and is committed to the highest ethical standard in
business conduct worldwide. Awilco LNG desires fair
and open competition in all markets, both nationally
and internationally. Awilco LNG’s policy is to comply
with all applicable laws and governmental rules and
regulations in the country in which it is operating.
How we achieve our objectives
The Company’s anti-corruption policies are described
in our Code of Ethics and Conduct document. The
following policies to address the objectives have been
implemented in the Company:
• No employee of the Company shall directly or
indirectly offer, promise, give or receive bribe,
illegal or inappropriate gifts or other undue
advantages or remuneration in order to achieve
business or other personal advantage
• Under no circumstances shall the Company
or any of its employees be part of actions that
breach applicable competition legislation. Any
employee is to confer with his or her immediate
superior, the executive management or the
board if he or she has a question with respect
to the possible anti-competitive effect of
particular transactions or becomes aware of
any possible violation of applicable competitive
legislation
Implementation of the Company’s policies takes place
through emphasis on awareness and the use of risk
assessments on a Group level.
Performance in 2025
As in previous years, management has not become
aware of any breaches of the Company’s Code of
Ethics and Conduct throughout the year.
Going forward
Going forward Awilco LNG will continue work to
ensure that our standards of behaviour are according
to the Code of Ethics and Conduct, and the Company
expects that the positive results from previous years
are upheld.
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Alternative Performance
Measures
Alternative performance measures (APMs), defined as financial
performance measures not within the applicable financial reporting
framework, are used by Awilco LNG to provide supplemental
information. Financial APMs are intended to enhance comparability of
the results and cash flows from period to period, and it is Awilco LNG’s
experience that these are frequently used by analysts and investors.
These measures are adjusted IFRS measures
defined, calculated and used consistently.
Operational measures such as, but not limited
to, volumes, utilisation and prices per MMBTU
are not defined as financial APMs. Financial
APMs should not be considered as a substitute
for measures of performance in accordance
with IFRS. Disclosures of APMs are subject to
established internal control procedures.
Awilco LNG’s financial APMs:
Net freight income 1)
Freight income – Voyage related expenses
EBIT
Net freight income – Operating expenses –
Administration expenses – Depreciation and
amortisation – Impairments
EBITDA
EBIT + Depreciation and amortisation + Impairments
Interest bearing debt
Long-term interest-bearing debt + Short-term
interest-bearing debt + Pension liabilities + Other
non-current liabilities
Book equity ratio
Total equity divided by Total assets
TCE (time charter equivalent)
Net freight income including loss of hire insurance
divided by the number of calendar days less off-hire
days not covered by loss of hire insurance
The reconciliation of Net freight income, EBIT and
EBITDA with IFRS figures can be derived directly from
the Group’s consolidated Income Statement.
1) When vessels operate in the spot market,
freight income includes bunkers compensation
and the fuel element of ballast bonuses,
whereas voyage related expenses include
the corresponding bunkers costs and other
repositioning costs. The APM net freight income
adjusts for this grossing up, and provides
for improved comparability of the Group’s
performance between periods.
Awilco LNG ASA
Visiting address:
Haakon VII’s Gate 1
NO-0161 OSLO, Norway
Postal address:
P.O.Box 1583 Vika
NO-0118 OSLO, Norway