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