Awilco LNG Posts Q3 Results (Norway)

Norwegian based Awilco LNG reported third quarter 2011 results.

Highlights Third Quarter

• Awilco LNG ASA reported freight income of MUSD 12.3 (MUSD 1.6 in Q2) and EBITDA of MUSD -0.5 (MUSD -4.9 in Q2)

• Awilco LNG ASA was listed on Oslo Stock Exchange as of 6 September

• WilGas was as of 28 September fixed for a one year charter to Petrobras, commencing 15 October.

• Q3 vessel utilization of 47% vs. 26% in Q2

Key Financial figures

 “During the quarter, both WilGas and WilEnergy loaded the important first cargoes. WilGas was thereafter fixed on a one year charter starting mid-October, and WilEnergy has subsequently been fixed for a two month contract. WilPower was redelivered after a five month charter at the end of October, and is currently trading in the spot market.”, Awilco LNG said in a report.

Awilco LNG has this year entered into firm newbuilding contracts for two 155.900 cbm LNG carriers with DSME, with expected delivery in August and November 2013.

[mappress]
LNG World News Staff, November 23, 2011; Image: Awilco LNG