Pelagic Credit Plc: Relaunch of private placement and listing on Euronext Growth Oslo

27 Feb 2026 09:30 CET

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THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

27 February 2026: Pelagic Credit Plc. (the “Company”) refers to the contemplated
private placement of new shares in the Company (the “Offering") and listing of
the Company’s shares on Euronext Growth Oslo (the “Listing”) announced on 9
February 2026, the approval of the Listing by Euronext Oslo Børs on 16 February
2026, and the update on the Offering and Listing announced on 17 February 2026.

The Company hereby announces a relaunch of the Offering, targeting a post-money
equity capitalization of approximately USD 75 million. This is based on an
in-kind pre-money equity valued at USD 17.56 million. The Offering will comprise
a private placement of new shares expected to raise gross proceeds of
approximately USD 75 million to the Company (the “Offer Shares”). The Offering
will be offered at a fixed price per Offer Share of the NOK equivalent of USD
2.03 (the “Offer Price”).

The Company has received firm indications from a broad range of high quality
investors across the industrial and institutional investor universe.
Furthermore, Pelagic Partners (the “Sponsor”) will contribute up to USD 50
million through its managed funds, consisting of both in-kind equity of USD
17.56 million already contributed to the Company and representing the pre-money
valuation, and additional cash equity up to USD 32.44 million which may be
scaled down depending on investor demand but not below approximately USD 27.44
million. The aforementioned firm indications together with the Sponsor
contribution cover the full size of the Offering at the Offer Price.

The book building period in the Offering will commence on 2 March 2026 at 09:00
CET and close on 3 March 2026 at 16:30 CET. The Managers and the Company may at
any time resolve to shorten or extend the book building period. If the book
building period is shortened or extended, any other dates referred to herein may
be amended accordingly.

The net proceeds from the Offering are expected to be used to equity-finance the
acquisition of vessels pursuant to asset-backed financing transactions and for
general corporate purposes. In addition to the equity financing, the
acquisitions are expected to be partly funded by senior secured loans.

The Company’s largest shareholder, Marevia Holding I Co. Ltd., a wholly owned
subsidiary of Pelagic Investment Fund RAIF V.C.I.C. PLC, and members of the
management and the board of directors will enter into lock-up agreements
pursuant to which their shares held prior to the Offering are subject to lock-up
for a period of 24 months, subject to customary terms and exemptions.

Euronext Oslo Børs has approved the Listing, subject to satisfaction of
applicable admission requirements. Subject to successful completion of the
Offering, the first day of Listing is expected to be on or about 9 March 2026.

Further announcements relating to the Offering and the Listing will be made in
due course.

Clarksons Securities AS and Fearnley Securities AS are acting as Joint Global
Coordinators and Joint Bookrunners in respect to the Offering and Listing (the
“Joint Global Coordinators”). Arctic Securities AS is acting as Joint Bookrunner
in connection with the Offering (together with the Joint Global Coordinators,
the “Managers”). Advokatfirmaet BAHR AS is acting as legal counsel to the
Company.


For further information, please contact:
Atef Abou Merhi, Chairman
atef@pelagic-partners.com
+357 99 405605

C. Tobias Backer, Chief Executive Officer
tobias@pelagic-credit.com
+357 97 771 170 / +44 7799 815 020 / +1 917 207-8680

Important notice:
This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. Copies of
this announcement are not being made and may not be distributed or sent into any
jurisdiction in which such distribution would be unlawful or would require
registration or other measures.

The Offering will be directed towards Norwegian and international investors, in
each case subject to an exemption being available from offer prospectus
requirements and any other filing or registration requirements in the applicable
jurisdictions and subject to other selling restrictions. The minimum application
and allocation amount has been set to the NOK equivalent of EUR 100,000. The
Company may, however, at its sole discretion, allocate shares corresponding to
an amount below EUR 100,000 to the extent applicable exemptions from the
prospectus requirements pursuant to Regulation (EU) 2017/1129 and ancillary
legislation are available.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering in the United
States or to conduct a public offering of securities in the United States. Any
sale in the United States of the securities mentioned in this announcement will
be made solely to "qualified institutional buyers" as defined in Rule 144A under
the Securities Act.

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
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Regulation" means Regulation (EU) 2017/1129 as amended (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 (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 for
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.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believe that these assumptions were reasonable
when made, these assumptions are inherently subject to significant known and
unknown risks, uncertainties, contingencies and other important factors which
are difficult or impossible to predict, and are beyond their control. Actual
events may differ significantly from any anticipated development due to a number
of factors, including without limitation, changes in public sector investment
levels, changes in the general economic, political and market conditions in the
markets in which the Company operates, the Company's ability to attract, retain
and motivate qualified personnel, changes in the Company's ability to engage in
commercially acceptable acquisitions and strategic investments, and changes in
laws and regulation and the potential impact of legal proceedings and actions.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this release by such forward-looking statements. The Company does not make any
guarantee that the assumptions underlying the forward-looking statements in this
announcement are free from errors nor does it accept any responsibility for the
future accuracy of the opinions expressed in this announcement or any obligation
to update or revise the statements in this announcement to reflect subsequent
events. You should not place undue reliance on the forward-looking statements in
this announcement.

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement.

Neither the Managers nor any of their affiliates makes any representation as to
the accuracy or completeness of this announcement and none of them accepts any
responsibility for the contents of this announcement or any matters referred to
herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of its affiliates accepts any liability arising from the use of
this announcement.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

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