Pelican Aqua Holding Plc., a newly established maritime aqua-service company, has entered into contracts for the construction of four 5,000 m³ Live Fish Carriers (LFCs) to be delivered in 2029. The Company also holds options for up to six additional similar LFC vessels.

The Company successfully completed a $60 million private placement on 13th May 2026 to fund the initial installments relating to the four firm newbuilding contracts. The private placement attracted support from a strong group of industrial and financial investors, including Condire, Odfjell Partners Holding, Aconcagua Management Ltd., J.J. Ugland Group, Blystad and Magni Partners.

The Company has initiated a process to list the Company on Euronext Growth Oslo with a targeted first day of trading by the end of June.

DESIGNED BY SALT SHIP DESIGN
The vessels have been designed by Salt Ship Design and will be constructed by CIMC Raffles in China. CIMC Raffles is an internationally recognized shipyard with extensive experience in advanced vessel construction across the offshore, maritime and aquaculture sectors.

MMC First Process will deliver state-of-the-art fish handling systems for the vessels. In addition, the vessels will have flexibility with respect to treatment systems and battery solutions, enabling adaptation to both Norwegian and international market requirements.

The co-operation between Pelican Aqua, Salt Ship Design, MMC First Process and CIMC Raffles is expected to deliver modern, high-quality vessels with a strong focus on fish welfare, biosafety, operational efficiency and environmental performance.

LANDMARK TRANSACTION
Li Minggao, Vice President of CIMC Raffles and Chairman of CIMC Raffles, Longkou Yard, commented:

“We are pleased to have been selected as shipyard for the Company for this landmark transaction. Pelican Aqua combines a strong industrial platform with a modern vessel design focused on high-quality delivery, operational performance and safety. Together with Salt Ship Design and MMC First Process, we believe these vessels will represent a strong and modern offering to the aquaculture industry.”

Gunnar Winther Eliassen, Chairman of Pelican Aqua Holding Plc, commented:

“We are proud of the establishment of Pelican Aqua, and highly appreciate the strong support received from investors, industrial partners and other stakeholders. We look forward to continuing the close co-operation with Salt Ship Design, MMC First Process and CIMC Raffles to deliver high-quality Live Fish Carriers to the aquaculture industry. Pelican Aqua is committed to maintaining the highest standards within fish welfare, biosafety and HSEQ. Going forward, the Company will focus on further strengthening its organization and commercial platform, and expects to announce employment of additional key executives in the near future.”

Arctic Securities AS and DNB Carnegie, a part of DNB Bank ASA acted as Joint Global Coordinators and Joint Bookrunners in the Private Placement and as Euronext Growth advisors in the upcoming listing process. Arctic Offshore acted as Asset Advisor. Schjødt acted as Legal Advisor to the Company.

 About Pelican Aqua Holding Plc

• Pelican Aqua Holding Plc is a maritime aqua-service company that currently has four modern 5000 m3 wellboats for transportation of live fish on order from CIMC Raffles shipyard in China for delivery in 2029 with options for delivery of further six vessels.
• The Company is incorporated under the laws of Cyprus.