Awilco LNG is a Norwegian based fully integrated pure play LNG transportation provider, owning and operating LNG vessels intended for international trade.
The Company owns two 156,000 cbm TFDE membrane LNG vessels; WilForce and WilPride. We have an industrial approach and a long-term commitment to the sector. The Company is listed on Euronext Expand with the ticker code ALNG.
Awilco LNG ASA (the Company) was incorporated in February 2011 by Awilco AS, a company in the AWILHELMSEN Group which has fostered several companies previously listed on Oslo Stock Exchange, for the purpose of acquiring three second-hand LNG vessels.
The three LNG vessels WilGas, WilPower and WilEnergy were acquired for an aggregate price of USD 67 million in 2011, and were financed through private placements in addition to shareholder loans that were subsequently converted to equity. WilPower was sold in 2015 for net proceeds of USD 17.8 million, and WilGas and WilEnergy were sold in 2016 for net proceeds of USD 32.2 million.
On 12 May 2011, Awilco LNG signed shipbuilding contracts for construction of two LNG newbuildings, which were partly financed through a private placement of NOK 534.8 million in May 2011.
On 6 September 2011, the Company’s shares were listed at the Oslo Stock Exchange under the ticker ALNG.
On 16 September 2013, the Group took delivery of its first 156,000 cbm TFDE newbuilding WilForce, and on 28 November 2013 Awilco LNG took delivery of its second 156,000 cbm TFDE newbuilding WilPride. Both vessels were financed through a financial lease, financing 75 % of the delivered cost.
Synne Syrrist – Chairperson and Non-Executive Director
Mrs. Syrrist has work experience as an independent consultant for Norwegian companies and as an independent consultant for Norwegian companies and as financial analyst in Elcon Securities ASA and First Securities ASA.
She has also an extensive non-executive experience from both listed and private companies and is currently among others a member of the boards of Integrated Wind Solutions ASA, ABL Group ASA and and Naxs AB. Mrs. Syrrist holds a MSc from NTNU and is a Certified Financial Analyst (AFA) from NHH. Mrs. Syrrist is a Norwegian citizen. Mrs. Syrrist is the Chairperson of the Remuneration Committee and a member of the Audit Committee.
Jens-Julius R. Nygaard – Non-Executive Director
Mr. Nygaard is the CEO of Awilco AS and a member of the Board of Integrated Wind Solutions ASA. He has around 20 years of experience from shipping and investment companies through various positions in the Awilco group of companies.
Mr. Nygaard has a BA Honours in Finance from Strathclyde University and an MSc in Shipping, Trade & Finance from BAYES Business School. Mr. Nygaard is a Norwegian citizen. Mr. Nygaard is a member of the Remuneration Committee.
Jon-Aksel Torgersen – Non-Executive Director
Mr. Torgersen is the former CEO of Astrup Fearnley AS, the parent company of a number of investment and broker companies. Mr. Torgersen has extensive board experience from a number of companies in the property, shipping, finance and offshore sectors, and serves as Chairman of the Board of Atlantic Container Line AB and Finnlines Plc.
He is also a member of the board of Transportation Recovery Fund. Mr. Torgersen holds an MBA (Finance) from Hochschule St. Gallen. Mr. Torgersen is a member of the Remuneration Committee. Mr. Torgersen is a Norwegian citizen.
Annette Malm Justad – Non-Executive Director
Mrs. Malm Justad previously held positions as CEO in Eitzen Maritime Services, Vice President and Head of Purchasing at Yara International ASA, Vice President and Fleet Manager at Norgas Carriers AS and has held various technical and commercial positions for Norsk Hydro ASA.
She also serves as Chairman of the Boards of American Shipping Company ASA, Norske tog AS and Store Norske Spitsbergen Kulkompani AS, and as board member of Småkraft AS, REC Silicon ASA and PowerCell Sweden AB. Mrs. Malm Justad holds a Master in Technology Management from NTH/NHH/MIT and a Master in Chemical Engineering from NTH. Mrs. Malm Justad is a Norwegian citizen.
Ole Christian Hvidsten - Non-Executive Director
Mr. Hvidsten is Vice President Corporate Finance in the Awilhelmsen group. He has extensive experience from senior positions in investment banking/investment companies and is a board member of Awilco AS.
Before joining the Awilhelmsen group in 2011, he worked 11 years in the Corporate Finance department of ABG Sundal Collier. Mr. Hvidsten holds a MSc in Business Administration from NHH / Fuqua School of Business (Duke University). Mr. Hvidsten is a Norwegian citizen and is a Chairperson of the Audit Committee.
Remuneration Committee
The tasks of the Remuneration Committee are to consider Awilco LNG’s remuneration policy and programs, including bonus programs, share-based compensation and present recommendations to the Board of Directors for decision.
The committee evaluates annually the CEO’s and the Key Management’s remuneration and present recommendations to the Board of Directors for decision. Current members of the Remuneration Committee are Mrs. Synne Syrrist (Chairperson of the Committee) and Mr. Jens-Julius R Nygaard (member).
Audit Committee
The tasks of the Audit Committee are to monitor the financial reporting process, monitor the effectiveness of internal control and risk management, to have regular communication with Awilco LNG’s external auditor regarding the auditing of the financial statements and evaluate and oversee the auditor’s independence.
The Audit Committee is composed of two members of the Board, and its members are currently Mr. Ole Christian Hvidsten (Chairman of the Committee) and Mrs. Synne Syrrist (member)
Nomination Committee
The Nomination Committee nominates shareholder representatives to the Board of Directors. The Directors of the Board are elected by the General Meeting of Shareholders.
The committee has two members who are elected directly by the General Meeting of Shareholders. Current members of the Nomination Committee are Mr. Eric Jacobs (Chairman of the Committee) and Mr. Henrik A. Christensen (member).
Jon Skule Storheill – Chief Executive Officer
Prior to his appointment as CEO of Awilco LNG ASA Mr. Storheill was Managing Director of Awilco AS, Director of S&P/Projects with Frontline Management and Director/Partner of shipbroking company P.F. Bassøe AS.
Mr. Storheill has also been the Chairman of the Board of Awilco Technical Services AS (former Wilhelmsen Marine Services AS) in addition to serving with various board positions in the industry. Mr. Storheill has more than 30 years of shipping experience and is a Norwegian citizen.
Per Heiberg – Chief Financial Officer
Prior to joining Awilco LNG ASA as CFO Mr. Heiberg served as CFO in Golden Ocean Group Limited, a US listed drybulk ship owner, since April 2016. Mr. Heiberg was with Golden Ocean since 2005.
Prior to joining Golden Ocean, he worked in the Nordic Power market and held various positions within Statkraft SF and Electrabel Nordic. Mr. Heiberg is a Norwegian citizen.
Jan Espen Andersen – Head of Operation
Mr. Andersen was previously Head of Operations at Höegh LNG. He is a certified Master Mariner and has held various shore side marine related positions since 1997 following 7 years at sea. Mr. Andersen has more than 30 years of shipping experience and is a Norwegian citizen.
The Group handles commercial operations of the vessels from its main office in Oslo. Day-to-day technical management of the fleet is handled by Awilco LNG Technical Management AS (ALNG TM), Awilco LNG’s in-house technical management company.
Awilco LNG purchases certain administrative and sub-management technical management services from two companies in the Awilhelmsen Group, Awilhelmsen Management AS (AWM) and Awilco Technical Services AS (ATS).
Awilco LNG Technical Management AS is a wholly-owned subsidiary of Awilco LNG ASA performing in-house technical management of the company’s LNG carriers.
As part of the Awilco group of companies, the company has strong roots in the Norwegian maritime industry dating back to 1939.
Awilco LNG Technical Management AS ensures that Awilco LNG’s assets are operated to the highest standards when it comes to safety, environmental protection and operational performance. The company’s operations, which include dedicated officers, crew and shore based management, are supported by the Safety Management System of the company.
In addition to the compulsory ISM (International Safety Management) certification, the company and the vessels are strictly following SIGTTO and OCIMF requirements and guidelines.
Technical Director
Marine Manager (DPA/CSO)
