Bruton Limited (BRUT) Potential Vessel Options, Listing and Launch of a Private Placement

02 Feb 2026 16:55 CET

Hamilton, Bermuda, 2 February 2026

Bruton Limited (the "Company") refers to its press release on 30 January 2026
regarding the exercising of its option for additional two VLCC vessels.
Following this, the Company is also discussing an additional option for the
order of two further VLCC newbuilds with New Times. If exercised, these
options will bring the Company's newbuilding program to a total of ten VLCC
vessels. Furthermore, the Company has initiated a process to prepare for a
listing on one of Euronext s regulated markets in Norway during the first half
of 2026.

As a consequence of the additional vessel orders announced on 30 January 2026,
the Company hereby announces that it is launching a private placement (the
"Private Placement") of up to USD 50 million in new Norwegian Depository
Receipts ("NDRs") representing new underlying common shares on a one-to-one
basis (the "Private Placement Shares").

The subscription price per Private Placement Share (the "Offer Price"), will
be USD 5.25. The final number and allocation of the Private Placement Shares
will be set in accordance with directions from the Company's board of
directors (the "Board") based on an accelerated bookbuilding process conducted
by the Managers (as defined below).

The underlying common shares represented by the new NDRs will be in the same
class as the existing underlying common shares in the Company represented by
existing NDRs, and will have par value of USD 0.10. Upon the issuance of the
Private Placement Shares, they will be recorded in Euronext Securities Oslo
("Euronext VPS") as NDRs and delivered to the subscribers in the Private
Placement.

The proceeds from the Private Placement will be used to pay instalments under
the Company's newbuilding program, and well as for general working capital
purposes.

The bookbuilding period in the Private Placement (the "Bookbuilding Period")
commences today at 16.30 (CET) and closes on 3 February 2026 at 08:00 hours
(CET). The Company may, in its own discretion, extend or shorten the
Bookbuilding Period at any time and for any reason. If the Bookbuilding Period
is extended or shortened, any other dates referred to herein may be amended
accordingly.

The Company has received pre-commitments for a total of USD 25 million of
Private Placement Shares from Drew Holdings Ltd. and Koch Shipping Pte. Ltd.

The Private Placement will be directed towards Norwegian and international
investors subject to and in compliance with applicable exemptions from
relevant registration, filing and prospectus requirements, and subject to
other applicable selling restrictions. The minimum application and allocation
amount in the Private Placement has been set to the USD amount equivalent to
EUR 100,000. The Company may, however, at its sole discretion, allocate an
amount below EUR 100,000 to the extent applicable exemptions from the
prospectus requirement pursuant to applicable regulations, including
Regulation (EU) 2017/1129 (the "EU Prospectus Regulation") and ancillary
regulations, are available.

The conditional allocation of Private Placement Shares will be determined by
the Board at its sole discretion, in consultation with the Managers following
the expiry of the Bookbuilding Period. Based on expected demand from existing
shareholders, non-shareholders should expect little or no allocation. Delivery
of the Private Placement Shares allocated in the Private Placement is expected
to be settled by delivery versus payment ("DVP"), expected on or about 5
February 2026. The Private Placement Shares are expected to be pre-paid by the
Managers, pursuant to a pre-payment arrangement, to facilitate prompt issue of
the Private Placement Shares.

The completion of the Private Placement is subject to customary conditions.
The Company and the Managers reserve the right, at any time and for any
reason, to cancel and/or modify the terms of the Private Placement without
notice. Neither the Managers nor the Company will be liable for any losses
incurred by applicants if the Private Placement is cancelled or modified,
irrespective of the reason for such cancellation or modification.

The Board has carefully considered the structure of the equity raise in light
of the equal treatment considerations under Bermuda law. The Board is of the
view that it will be in the common interest of the Company and its
shareholders to raise equity through a private placement, in particular
because the Private Placement enables the Company to secure equity financing
to accommodate the Company's funding requirements. Further, a private
placement will reduce execution and completion risk, as it enables the Company
to raise equity efficiently and in a timely manner, with a lower discount to
the current trading price, at a lower cost and with a significantly reduced
completion risk compared to a rights issue. It has also been taken into
consideration that the Private Placement is based on a publicly announced
accelerated bookbuilding process.

Clarksons Securities AS is acting as Global Coordinator and Joint Bookrunner
and Arctic Securities AS, DNB Carnegie, a part of DNB Bank ASA, Fearnley
Securities AS and Pareto Securities AS are acting as Joint Bookrunners in
connection with the Private Placement (the "Managers"). Ro Sommernes
advokatfirma AS is acting as legal advisor to the Company in connection with
the Private Placement.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act. This stock exchange
notice was published by Alfi Lao, Contracted Chief Accounting Officer, on the
date and time as set out in the release.

More information:
Access the news on Oslo Bors NewsWeb site

664672_Bruton Company Presentation.pdf