Awilco LNG ASA is pleased to inform it has entered a new Time Charter Contract with a major utility company for the WilForce for a firm duration of about 18 months commencing in direct continuation of the present charter. The contract is estimated to contribute with an EBITDA of about USD 73 million over the charter period.

Jon Skule Storheill, CEO of Awilco LNG ASA, commented:

“With this contract we have been able to take advantage of the strong market and have now covered all trading days in 2023 and approximately 80% of 2024 at an average rate of approximately USD 120,000 pd. This ensures high cash generation and profitability for the next two years also considering both vessels are scheduled for special survey, and dry docking second half 2023.”

The fixed rate contracts entered for both vessels will materially increase the Company’s free cash flow generation. To maximise return to shareholders the Board of Directors have approved a revised dividend policy and thereby intend to distribute a substantial part of annual free cash flow, paid out quarterly, always subject to required working capital and a robust cash buffer. Initial payment is expected to take place in first quarter 2023 when both vessels have commenced their respective contracts.”
Source: Awilco LNG ASA