Okeanis Eco Tankers Corp. – Agreements to acquire vessels and contemplated USD 115 million offering of new common shares

20 Jan 2026 22:22 CET

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY
OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

ATHENS, GREECE, 20 January 2026 – Okeanis Eco Tankers Corp. (together with its
subsidiaries, unless context otherwise dictates, “OET” or the “Company”) (NYSE:
ECO, OSE: OET) today announces a contemplated acquisition of two Suezmax tanker
newbuilding resales (the “Vessel Acquisitions”), and a contemplated offering of
new common shares (the “Offering”).

The completion of the Vessel Acquisitions are subject to completion of the
Offering, as further described below.

The Vessel Acquisitions
The Company has entered into two memoranda of agreement, whereby the Company,
pursuant to each individual memorandum of agreement, has agreed to purchase one
newbuilding Suezmax vessel (with an estimated approximate deadweight tonnage of
157,000), currently under construction at Daehan Shipbuilding Co., Ltd., a South
Korean shipyard, being sister vessels to two vessels acquired during January
2026, each from an unrelated third-party seller for an acquisition price of USD
99.3 million per vessel. Each vessel is expected to be delivered from the
shipyard in the second quarter of 2026.
Each of the Vessel Acquisitions is contingent on, among other things, the
Company raising sufficient capital to fund a portion of the purchase price
through the Offering, as well as the Company obtaining the necessary debt
financing required to fully fund the Vessel Acquisitions beyond equity raised in
the Offering, but the purchase of one vessel is not contingent on the purchase
of the other.

The Offering
In connection with the Vessel Acquisitions, the Company is contemplating an
offering of new common shares (the “Offer Shares”) to raise gross proceeds of
approximately USD 115 million.
The subscription price for the Offer Shares and the total number of Offer Shares
will be determined by the Board of Directors of the Company (the "Board") based
on an accelerated bookbuilding process.
The net proceeds from the Offering are expected to be used to partly finance the
consideration to the sellers in the Vessel Acquisitions. However, if one or both
of the Vessel Acquisitions does not consummate, the net proceeds from the
Offering may be used for general corporate purposes.
The bookbuilding period for the Offering will commence today, 20 January 2026 at
22:15 CET and is expected to close on 21 January 2026 at 11:00 CET. The Company
reserves the right to at any time and in its sole discretion resolve to close or
to extend the application period or to cancel the Offering in part or in whole.
To facilitate an efficient bookbuilding process, a trading halt will be imposed
on the Company’s shares that are trading on Euronext Oslo Børs throughout the
bookbuilding period and until final results have been announced, expected on or
about 13:00 CET on 21 January 2026.

Notification of allocation is expected to take place on or about 21 January 2026
at 13:00 CET. Payment and delivery is expected to take place on 23 January 2026
based on delivery vs payment (DVP, T+2). The Offer Shares will be delivered
through the DTC. The Offer Shares will be available for trading on New York
Stock Exchange once the Offer Shares have been issued and settlement has taken
place through the DTC, expected on 23 January 2026. After delivery of Offer
Shares, such shares may be transferred from DTC to Euronext Securities Oslo (the
"VPS") in accordance with the customary arrangements for transfers of the
Company’s shares between DTC and VPS.

The minimum application and allocation amount has been set to the USD equivalent
of EUR 100,000. The Board may however, at its sole discretion, allocate Offer
Shares for amounts below the USD equivalent of EUR 100,000 to the extent
exemptions from the prospectus requirement in accordance with applicable
regulations, including the Norwegian Securities Trading Act and ancillary
regulations, are available.

Completion of the Offering by settlement of Offer Shares in the Depository Trust
Company (DTC) to investors in the Offering is subject to, among other things,
(i) all corporate resolutions of the Company required to complete the Offering
being validly made, including without limitation, the Board or a committee
thereof approving the allocation and issuance of Offer Shares; and (ii) the
agreements for the Vessel Acquisitions remaining in full force and effect at the
time of settlement of the Offer Shares. The Offering will be cancelled if the
conditions are not fulfilled and may be cancelled by the Company in its sole
discretion for any other reason.

Completion of the Offering is not conditional upon completion of the Vessel
Acquisitions. The Company has entered into agreements with respect to the
Vessels Acquisitions and expects such Vessel Acquisitions to be completed in
accordance with those agreements subject to and following completion of the
Offering, as well as the Company obtaining the necessary debt financing required
to fully fund the vessels beyond equity raised in the Offering.

The Offering will be made pursuant to the Company’s shelf registration statement
on Form F-3 (File No. 333-287032), which was declared effective by the U.S.
Securities and Exchange Commission (the “SEC”) on 21 May 2025, and is being made
by means of a prospectus supplement prepared specifically in relation to the
Offering and to be filed under Rule 424(b) under the U.S. Securities Act of
1933, which can be obtained at www.sec.gov. A written prospectus may also be
obtained by contacting Fearnley Securities AS at prospectus@fearnleys.com,
Clarksons Securities AS at compliance.oslo@clarksons.com or Pareto Securities AS
at subscription@paretosec.com.

The Company will announce the results of the Offering, the number of Offer
Shares allocated in the Offering and the subscription price for the Offer Shares
through an announcement expected to be published on or about 12:45 CET on 21
January 2026.

The shareholders of the Company will not have preferential rights to subscribe
for new shares in the Offering. The Board has considered the Offering in light
of the rules of equal treatment set out in the Norwegian Securities Trading Act
section 5-14. The Board is of the opinion that the Offering will reduce
execution and completion risk as it, amongst other things, allow for the Company
to raise capital more quickly, and is more flexible, especially considering the
Offering being part of a larger transaction comprising the Vessel Acquisitions
and that the shares of the Company are traded on both the New York Stock
Exchange and Euronext Oslo Børs. Furthermore, the Board is of the opinion that,
in the current market, the Offering enables the Company to raise equity at a
lower discount compared to a rights issue. It has also been taken into
consideration that the Offering is based on a publicly announced accelerated
bookbuilding process and that the Company has applied for a trading halt on
Euronext Oslo Børs (as described above) to facilitate participation of investors
trading on the Euronext Oslo Børs. On this basis, the Board has concluded that
the Offering is in the interest of the Company and its shareholders and is in
compliance with the requirements relating to equal treatment as set out in the
Norwegian Securities Trading Act section 5-14.

Advisors
Fearnley Securities AS and Clarksons Securities AS are acting as joint global
coordinators and joint bookrunners, and Pareto Securities AS is acting as joint
bookrunner, in the Offering (collectively referred to as the “Managers”).
Fearnley Securities AS is not a U.S. registered broker-dealer, and to the extent
that this offering is made within the United States, its activities will be
effected only to the extent permitted by Rule 15a-6 of the Securities Exchange
Act of 1934, as amended or through its affiliate Fearnley Securities Inc.
Clarksons Securities AS is not a U.S. registered broker-dealer and to the extent
that this offering is made within the United States, its activities will be
effected only to the extent permitted by Rule 15a-6 of the Securities Exchange
Act of 1934, as amended or through its affiliate Clarksons Securities, Inc.
Pareto Securities AS is not a U.S. registered broker-dealer, and to the extent
that this offering is made within the United States, its activities will be
effected only to the extent permitted by Rule 15a-6 of the Securities Exchange
Act of 1934, as amended or through its affiliate Pareto Securities Inc.

Advokatfirmaet BAHR AS is acting as Norwegian legal counsel, and Watson Farley &
Williams LLP is acting as US legal counsel, to the Company. Advokatfirmaet
Thommessen AS is acting as Norwegian legal counsel, and Seward & Kissel LLP is
acting as US legal counsel, to the Managers.

This announcement does not constitute an offer of any of the securities
described herein.

Contacts

Company:
Iraklis Sbarounis, CFO
Tel: +30 210 480 4200
ir@okeanisecotankers.com

Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1540, New York, N.Y. 10169
Tel: +1 (212) 661-7566
okeanisecotankers@capitallink.com

This information is considered to be inside information pursuant to article 7 of
the EU Market Abuse Regulation and is subject to the disclosure requirements
pursuant to article 17 of the EU Market Abuse Regulation and Section 5-12 the
Norwegian Securities Trading Act.
This stock exchange release was published by Irene Chaidemenou, Legal Counsel,
Okeanis Eco Tankers Corp., on the time and date provided.

About OET
OET is a leading international tanker company providing seaborne transportation
of crude oil and refined products. The Company was incorporated on April 30,
2018 under the laws of the Republic of the Marshall Islands and is listed on
Oslo Stock Exchange under the symbol OET and the New York Stock Exchange under
the symbol ECO. The sailing fleet consists of eight modern scrubber-fitted
Suezmax tankers and eight modern scrubber-fitted VLCC tankers.

Important Note
The information contained in this announcement is for background purposes only
and does not purport to be full or complete. No reliance may be placed for any
purpose on the information contained in this announcement or its accuracy,
fairness or completeness.
Neither this announcement nor the information contained herein is for
publication, distribution or release, in whole or in part, directly or
indirectly, in or into or from the United States (including its territories and
possessions, any State of the United States and the District of Columbia),
Australia, Canada, Japan, Hong Kong, South Africa or any other jurisdiction
where to do so would constitute a violation of the relevant laws of such
jurisdiction. The publication, distribution or release of this announcement may
be restricted by law in certain jurisdictions and persons into whose possession
any document or other information referred to herein should inform themselves
about and observe any such restriction. Any failure to comply with these
restrictions may constitute a violation of the securities laws of any such
jurisdiction.

This announcement does not constitute an offer of securities for sale in the
United States. Securities may not be offered or sold in the United States absent
registration under the Securities Act of 1933, as amended, or an exemption from
registration. Any public offering of securities to be made in the United States
will be made by means of a prospectus that may be obtained from the Company and
that will contain detailed information about the Company and management, as well
as financial statements. In any EEA Member State, this communication is only
addressed to and is only directed at qualified investors in that Member State
within the meaning of the EU Prospectus Regulation, i.e. only to investors who
can receive the offer without an approved prospectus in such EEA Member State.
The expression "EU Prospectus Regulation" means Regulation (EU) 2017/1129 of the
European Parliament and of the Council of 14 June 2017 (together with any
applicable implementing measures in any Member State).

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are "qualified investors" within the meaning of the
EU Prospectus Regulation as it forms part of English law by virtue of the
European Union (Withdrawal) Act 2018 and that are (i) investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net
worth entities, and other persons to whom this announcement may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as "relevant persons"). This communication
must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication relates is
available only to relevant persons and will be engaged in only with relevant
persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

NO ACTION HAS BEEN TAKEN BY THE COMPANY, THE MANAGERS OR ANY OF THEIR RESPECTIVE
AFFILIATES THAT WOULD PERMIT AN OFFERING OF THE OFFER SHARES OR POSSESSION OR
DISTRIBUTION OF THIS PRESS RELEASE OR ANY OFFERING OR PUBLICITY MATERIAL
RELATING TO THE OFFER SHARES IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE
IS REQUIRED. PERSONS INTO WHOSE POSSESSION THIS PRESS RELEASE COMES ARE REQUIRED
BY THE COMPANY AND THE MANAGERS TO INFORM THEMSELVES ABOUT, AND TO OBSERVE, ANY
SUCH RESTRICTIONS.

EACH PROSPECTIVE INVESTOR SHOULD PROCEED ON THE ASSUMPTION THAT IT MUST BEAR THE
ECONOMIC RISK OF AN INVESTMENT IN THE OFFER SHARES. NONE OF THE COMPANY OR THE
MANAGERS MAKE ANY REPRESENTATION AS TO (I) THE SUITABILITY OF THE OFFER SHARES
FOR ANY PARTICULAR INVESTOR, (II) THE APPROPRIATE ACCOUNTING TREATMENT AND
POTENTIAL TAX CONSEQUENCES OF INVESTING IN THE OFFER SHARES OR (III) THE FUTURE
PERFORMANCE OF THE OFFER SHARES EITHER IN ABSOLUTE TERMS OR RELATIVE TO
COMPETING INVESTMENTS.

THE MANAGERS ARE ACTING ON BEHALF OF THE COMPANY AND NO ONE ELSE IN CONNECTION
WITH THE OFFERING AND WILL NOT BE RESPONSIBLE TO ANY OTHER PERSON FOR PROVIDING
THE PROTECTIONS AFFORDED TO CLIENTS OF THE MANAGERS OR FOR PROVIDING ADVICE IN
RELATION TO THE OFFER SHARES.

EACH OF THE COMPANY, THE MANAGERS AND THEIR RESPECTIVE AFFILIATES EXPRESSLY
DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO UPDATE, REVIEW OR REVISE ANY
STATEMENT CONTAINED IN THIS PRESS RELEASE WHETHER AS A RESULT OF NEW
INFORMATION, FUTURE DEVELOPMENTS OR OTHERWISE.

Forward-Looking Statements
This communication contains “forward-looking statements”, including as defined
under applicable laws, such as the US Private Securities Litigation Reform Act
of 1995. Forward-looking statements provide the Company’s current expectations
or forecasts of future events. Forward-looking statements include statements
about the Company’s expectations, beliefs, plans, objectives, intentions,
assumptions and other statements that are not historical facts or that are not
present facts or conditions. Words or phrases such as “anticipate,” “believe,”
“continue,” “estimate,” “expect,” “hope,” “intend,” “may,” “ongoing,” “plan,”
“potential,” “predict,” “project,” “should,” “will” or similar words or phrases,
or the negatives of those words or phrases, may identify forward-looking
statements, but the absence of these words does not necessarily mean that a
statement is not forward-looking. Forward-looking statements are subject to
known and unknown risks and uncertainties and are based on potentially
inaccurate assumptions that could cause actual results to differ materially from
those expected or implied by the forward-looking statements. The Company’s
actual results could differ materially from those anticipated in forward-looking
statements for many reasons, including as described in the Company’s filings
with the SEC. Accordingly, you should not unduly rely on these forward-looking
statements, which speak only as of the date of this communication. Factors that
could cause actual results to differ materially include, but are not limited to,
the Company's operating or financial results; the Company's liquidity, including
its ability to service its indebtedness; competitive factors in the market in
which the Company operates; shipping industry trends, including charter rates,
vessel values and factors affecting vessel supply and demand; future, pending or
recent acquisitions and dispositions, business strategy, areas of possible
expansion or contraction, and expected capital spending or operating expenses;
risks associated with operations; broader market impacts arising from war (or
threatened war) or international hostilities; risks associated with pandemics,
including effects on demand for oil and other products transported by tankers
and the transportation thereof; and other factors listed from time to time in
the Company's filings with the SEC. Except to the extent required by law, the
Company expressly disclaims any obligations or undertaking to release publicly
any updates or revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with respect thereto or any
change in events, conditions or circumstances on which any statement is based.
You should, however, review the factors and risks the Company describes in the
reports it files and furnishes from time to time with the SEC, which can be
obtained free of charge on the SEC’s website at www.sec.gov.

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