AVENIR LNG LIMITED REPORTS UNAUDITED FINANCIAL AND OPERATING RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2022

December thirtieth, 2022, – Avenir LNG Restricted and its subsidiaries (NOTC: AVENIR) (“Avenir” or the “Firm or Group”), provides small-scale LNG to off-grid business, energy technology and transport gasoline sectors in addition to offering infrastructure to assist the event of LNG as a marine gasoline, right this moment introduced its unaudited monetary and working outcomes for the third quarter ended September 30, 2022.

Peter Mackey, Chief Govt Officer of Avenir commented:

“Avenir is happy to report working revenues of $20.9 million and EBITDA of $5.1 million for Q3 2022. This marks the 1^st full quarter in our historical past with all of our belongings in service, a big milestone for the corporate. Global fuel and LNG markets remained extremely unstable all through Q3 with the European fuel benchmarking as soon as once more reaching terribly excessive value ranges.

The worth setting has created vital stress on our retail LNG enterprise however this impact is being offset by our wholesale provide enterprise which has continued to develop. Our potential to function in a number of market segments is testomony to the flexibleness of our asset base and business mannequin.”

Financial Abstract

*EBITDA is outlined as earnings earlier than curiosity, tax, depreciation and amortization and impairments

Q3 2022 Highlights and Latest Occasions:

Financials and Company:

• Revenues elevated by $16.7 million from Q3 2021 to Q3 2022 following the graduation of operations of the Firm’s LNG bunkering enterprise within the Baltics June 2022, and supply of Avenir Achievement to New Fortress Power in July 2022 to begin her six-month constitution, thereby contributing to the Group’s total revenues.

• EBITDA of $5.1 million, a rise of $3.8 million from Q3 2021, is basically attributable to strategic sourcing of LNG provide and better TTF costs in the course of the third quarter ensuing to increased income.

• Signed a Memorandum of Understanding (“MOU”) in August 2022 with Oxelosunds Hamn AB to construct an LNG and BioLNG terminal of as much as 30,000 cbm within the Port of Oxelosund, Sweden.

• Signed a Joint Collaboration Settlement (“JCA”) in August 2022 with Prvo Plinarsko Društvo d.o.o. (“PPD”) which is able to initially deal with the sale and distribution of LNG by truck and small-scale LNG vessels from the Krk LNG terminal to off-grid industries, energy technology, marine bunkering and truck refuelling stations in Northern Italy and jap European nations.

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Submit steadiness sheet occasions:

• Accomplished the transition of the Group’s registration kind in Euronext Securities Oslo. The Firm’s depository receipts which have been beforehand traded over Euronext N-OTC underneath the Firm’s Bermuda ISIN have been transformed to Sponsored Norwegian Depository Receipts issued underneath a brand new Norwegian ISIN. The conversion and alter resulted from the adoption of the European Union’s Central Securities Depository Regulation in Norway which ensures the Firm’s compliance of the brand new regulation and registration regime.

• The Group efficiently accomplished its first LNG supply to Finland via Avenir Aspiration.

Fleet/Asset Abstract:

*Ship is time-chartered from Future Horizon, a 50:50 MISC-Avenir three way partnership.

Avenir LNG Restricted
Unaudited Consolidated Statements of Operations

Avenir LNG Restricted

Unaudited Condensed Consolidated Steadiness Sheet

Different Monetary Knowledge

Cautionary Assertion Relating to Ahead-Wanting Statements

This press launch comprises “forward-looking statements” primarily based on data out there to the Firm on the date hereof, and the Firm assumes no obligation to replace any such forward-looking assertion. These statements could also be recognized by means of phrases like “anticipate”, “imagine”, “estimate”, “anticipate”, “intend”, “might”, “plan”, “undertaking”, “will”, “ought to”, “search” and comparable expressions. The forward-looking statements replicate the Firm’s present views and assumptions and are topic to dangers and uncertainties. The Firm doesn’t characterize or warrant that the Firm’s precise future outcomes, efficiency or achievements will probably be as mentioned in these statements, and assumes no obligation to, and doesn’t intend to, replace any of these forward-looking statements aside from as could also be required by relevant regulation.

Contact:

Enquiries: information@avenirlng.com
Avenir LNG Restricted – + 44 (0) 207 062 6000
Peter Mackey, Chief Govt Officer
Abigail Baltar, Chief Monetary Officer

About Avenir

Avenir is a completely built-in small-scale LNG provider. Avenir provides small-scale LNG to off-grid business, energy technology and transport gasoline sectors in addition to offering infrastructure to assist the event of LNG as a marine gasoline.

Leveraging the experience of its shareholders, Avenir has rapidly turn into one of many main suppliers of small-scale LNG options; working with native companions and finish customers to develop the infrastructure essential to unlock new markets for pure fuel.

Avenir’s frequent inventory is listed on the NOTC the place it trades underneath the image “AVENIR”.

This data is topic of the disclosure necessities pursuant to part 5 – 12 of the Norwegian Securities Buying and selling Act.

Go to the Firm’s web site at www.avenirlng.com