First quarter results 2023

Oslo, 25 May 2023

Company update

The reorganization of the Company is progressing as planned. Since our last update a new board has been elected and Hunter Carbon Carriers AS has been established. The world is currently emitting around 37 billion tons of CO2 annually. To reach net zero by 2050 drastic measures need to be taken, and we believe CCTS (Carbon Capture, Transportation and Storage) will play a key role. If only a small fraction of the targeted 6 billion tons of captured CO2 in 2040 is to be transported on ships, the number of ships needed will be huge. The number of such vessels today: Zero. Ships are superior to other forms of transportation; they are flexible, less costly and take less time to build. The Company is using its experience from the Gas and Tanker industry to develop a ship design for liquified CO2 carriers and is currently in the final stages of the development phase.

In addition, the Company is working on a couple of other interesting projects that we hope to be able to share more details about shortly.

Key events in 1Q 2023

Entered into a joint cooperation agreement with DNV for the development of a low pressure mid-stream shipping solution for Carbon Capture and Storage. The parties have agreed to work together to develop a 40-70K cbm liquified CO2 carrier with 20-30K cbm feeder vessels with the aim to meet defined targets towards a sustainable CCS shipping solution. Alternative fuels such as ammonia, methanol, fuel cells and CO2 abatement technologies will also be evaluated as part of this project.

Extraordinary general meeting (“EGM”) held on 19 January 2023. All resolutions were passed in accordance with the proposals set out in the notice, including the approval of dividend distributions of a combined NOK 2.81 per share. Subsequently distributed NOK 0.51 per share as a return of paid in capital, and NOK 1.80 per share as a regular extraordinary dividend

Extraordinary general meeting held on 16 February 2023, where the proposed NOK 0.04 per share dividend was rejected by the majority of the Company's voting shareholders

Extraordinary general meeting held on 21 March 2023. All resolutions were passed in accordance with the proposals set out in the notice, including the election of new board members. Following the EGM, the board has consisted of Morten Eivindssøn Astrup (chairman), Kristin Hellebust (member) and Lars M. Brynildsrud (member)


Erik A.S. Frydendal, CEO,, Ph.: +47 957 72 947

Lars M. Brynildsrud, CFO,, Ph.: +47 932 60 882

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.