Awilco LNG Income Rises, Norway

February 27, 2013

Awilco LNG of Norway said its Freight income for the year of 2012 amounted to MUSD 56.6 compared to MUSD 30.7 in 2011.

Highlights for 4th quarter

Awilco LNG reported freight income of MUSD 13.8 (MUSD 12.6 in Q3 2012) and an EBITDA of MUSD 8.0 (MUSD 6.4 in Q3 2012)
WilGas commenced two year charter with Petrobras in early November
Vessel utilisation of 67 %, same as previous quarter
Newbuilding construction process progressing as scheduled for delivery Aug. and Nov. 2013

Highlights for the year 2012

Full year freight income of MUSD 56.6 (MUSD 30.7 in 2011)
Full year EBITDA of MUSD 29.3 (MUSD 4.1 in 2011)
Vessel utilisation of 72 % compared to 44 % in 2011
Net profit before tax of MUSD 19.9 (net loss of MUSD 0.6)

The increase Freight income is both due to the full year effect of operations as the Group acquired the three second generation vessels in late Q1 and Q2 2011, but also increased utilisation and charter rates. Fleet utilisation ended at 72 %, compared to 44 % in 2011. Voyage related expenses were MUSD 4.3 in 2012 compared to MUSD 10.0 in 2011. The decrease was mainly due to positioning costs related to acquisition of the vessels in 2011.

Operating expenses for the year were MUSD 18.4 compared to MUSD 12.0 in 2011. The increase is due to the full year effect of operations. Administration expenses were recorded at MUSD 4.6 in 2012, same as in 2011. Full year EBITDA was MUSD 29.3, compared to MUSD 4.1 in 2011. Depreciation for the period was MUSD 7.7 (MUSD 4.0 in 2011), and an impairment loss of MUSD 1.4 on certain parts and equipment due to an upgrade of WilPower was recorded in 2012 (0.0 in 2011).

Net finance income/(expense) was MUSD -0.3, compared to MUSD -0.8 in 2011. Profit before tax for the year was MUSD 19.9, compared to a loss MUSD 0.6 in 2011. Income tax expense for the year amounted to a gain of MUSD 1.8, compared to an expense of MUSD 2.6 in 2011. The income tax gain in 2012 was mainly due to a reduction in the deferred tax liabilities arising from unrealised foreign exchange effects in the parent company.

Profit for the year was MUSD 21.7, compared to a loss in 2011 of MUSD 3.3.

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LNG World News Staff, February 27, 2013; Image: Awilco