Second quarter results 2023

Oslo, 23 August 2023

Company update

Following the reverse share split, which was approved in this year’s annual general meeting, the planned reorganization of the Company is considered complete. In parallel with the reorganization, we have continued to make considerable design advancements for the next generation of liquefied CO2 carriers. This process is progressing as planned. However, while we remain strong believers in CCTS’ (Carbon Capture, Transportation and Storage) ability to play a key role in the fight against climate change, we also recognize that the CCTS market is developing slower than expected. This is primarily due to lower than expected technological efficiency and cost challenges. Any significant  ship requirements are likely to materialize in the latter part of this decade.

On a more positive note,  we have made significant progress with another exciting project, which also is a strong potential climate change fighter, and we are currently in advanced negotiations with key counterparties and suppliers. We expect these negotiations to be concluded by the end of September. But, as always; nothing is agreed until everything is agreed.

Key events Q2 2023

Annual general meeting (“AGM”) was held on 30 June. All resolutions were passed in accordance with the proposals set out in the notice for the AGM, including the 20:1 reverse share split. The minutes of the Annual General Meeting are attached to this announcement and are also available on the Company's website.

Subsequent events

Completed the 20:1 reverse share split, reducing outstanding shares from 575,362,020 to 28,768,101 shares as of 3 July 2023.

As of the date of this report, the Company has a remaining liquidity runway of approx. 3.5 years


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.