Avenir LNG Limited and its subsidiaries (NOTC: AVENIR) (“Avenir” or the “Company or Group”), supplies small-scale LNG to off-grid industry, power generation and transport fuel sectors as well as providing infrastructure to support the development of LNG as a marine fuel, today announced its unaudited financial and operating results for the third quarter ended September 30, 2022.

Peter Mackey, Chief Executive Officer of Avenir commented:

“Avenir is pleased to report operating revenues of $20.9 million and EBITDA of $5.1 million for Q3 2022. This marks the 1st full quarter in our history with all of our assets in service, a significant milestone for the company. Global gas and LNG markets remained highly volatile throughout Q3 with the European gas benchmarking once again reaching extraordinarily high price levels.

The price environment has created significant pressure on our retail LNG business but this effect is being offset by our wholesale supply business which has continued to grow. Our ability to operate in multiple market segments is testament to the flexibility of our asset base and commercial model.”

Q3 2022 Highlights and Recent Events:

Financials and Corporate:

• Revenues increased by $16.7 million from Q3 2021 to Q3 2022 following the commencement of operations of the Company’s LNG bunkering business in the Baltics June 2022, and delivery of Avenir Achievement to New Fortress Energy in July 2022 to commence her six-month charter, thereby contributing to the Group’s overall revenues.
• EBITDA of $5.1 million, an increase of $3.8 million from Q3 2021, is largely attributable to strategic sourcing of LNG supply and higher TTF prices during the third quarter resulting to higher profits.
• Signed a Memorandum of Understanding (“MOU”) in August 2022 with Oxelosunds Hamn AB to build an LNG and BioLNG terminal of up to 30,000 cbm in the Port of Oxelosund, Sweden.
• Signed a Joint Collaboration Agreement (“JCA”) in August 2022 with Prvo Plinarsko Društvo d.o.o. (“PPD”) which will initially focus on the sale and distribution of LNG by truck and small-scale LNG vessels from the Krk LNG terminal to off-grid industries, power generation, marine bunkering and truck refuelling stations in Northern Italy and eastern European countries.

Post balance sheet events:

• Completed the transition of the Group’s registration form in Euronext Securities Oslo. The Company’s depository receipts which were previously traded over Euronext N-OTC under the Company’s Bermuda ISIN were converted to Sponsored Norwegian Depository Receipts issued under a new Norwegian ISIN. The conversion and change resulted from the adoption of the European Union’s Central Securities Depository Regulation in Norway which ensures the Company’s compliance of the new regulation and registration regime.
• The Group successfully completed its first LNG delivery to Finland through Avenir Aspiration.

Source: Avenir LNG