Bruton Limited (BRUT) Delivery of Mount Vision, sale leaseback financing secured, demerger and new CEO

07 Jul 2026 16:55 CEST

Hamilton, Bermuda, July 7, 2026

Delivery of Mount Vision
Bruton is pleased to announce it has taken delivery of its first VLCC, Mount
Vision. The ship will commence a 3+1+1-year index-linked time charter with an
international trading company on the 8th July 2026. This ship will earn a
premium to certain VLCC index routes, which was converted to a fixed rate of
$95k per day for the first 9 months when the contract was entered into on the
5th May 2026.

Sale leaseback financing for the first 4 newbuildings
Bruton has signed definitive documentation for a sale lease-back financing
covering pre-delivery and delivery financing for the first 4 VLCCs from New
Times Shipyard with a Chinese leasing house. The financing covers 85-90% of
the newbuilding cost, depending on length of charter coverage. Mount Vision
has been financed with 90% of its newbuilding cost. The financing has a tenor
of 15 years, and the Company will pay a fixed bareboat rate equivalent to an
interest rate of 5.6% with a 20-year profile. The Company has customary
purchase options on certain dates in the future.

The first two DF LNG VLCCs will have approximately $39k/d in cash breakeven
and the following two conventional VLCCs will basis the same financing have
approximately $35k/d in cash breakeven.

Demerger of 8 newbuildings
In order to maximize shareholder value, the Board has resolved to demerge the
Company to create one company with immediate cash flow and dividend ability
based on the early delivered ships, and another company with exposure to
future asset values based on the later deliveries.

The first 4 VLCCs to be delivered from New Times Shipyard will remain with
Bruton Limited. The intention is to create a monthly dividend-paying company
owning 4 VLCCs. Of these 4 VLCCs, one has now been delivered and the remaining
three are scheduled to be delivered January, August and October 2027. In
parallel, Bruton will initiate a process to list its securities on Euronext
Expand or Euronext Oslo Børs, which is expected to complete within end
September 2026.

The first of Bruton's delivered VLCCs has been chartered at $95k/day and is
estimated to generate a free cash-flow to equity of $0.32/share on an
annualized basis. Based on consensus VLCC rate expectations of an achieved
VLCC index rate of $64k/day for 2028, this Company is expected to generate a
free cash-flow to equity of $0.83/share when all 4 VLCCs are delivered, when
considering Bruton's premium, scrubber benefit, subtracting its cash
break-even.

The remaining 8 VLCCs (four being built by New Times Shipyard and four being
built by CIMC Raffles) will be included in a separate Bermuda company to be
demerged to Bruton's shareholders, which will be an asset play with forward
delivery of ships. These 8 VLCCs are expected to be delivered between Q1 2028
and Q3 2029. The company anticipates to secure financing on some or all the
remaining ships within the next months.

For reference Bruton has ordered 12x VLCCs for $1,472m in total and raised
$216m in equity, i.e. 15% has been raised in equity.

Bruton will initiate a process to list the demerged company's securities on
Euronext Growth Oslo, to deliver Bruton's shareholders immediately tradeable
securities in the new company upon completion of the demerger. Bruton's
intention is to complete the listing process and the demerger by the end of
August 2026.

Hence, the demerger is conditional upon a completed listing process for the
securities of the demerged company, including customary corporate and
practical conditions relating to such listing process, including, i.a., Bruton
resolving the distribution of the shares in the new company and the
dematerialized registration of the demerged company's securities with Euronext
Securities Oslo.

Bruton will make further announcements regarding the timing and details of the
demerger in due course.

New CEO
The Company is also pleased to announce the appointment of Lars-Christian
Svensen as interim CEO of Bruton as we transition from a project company to a
shipping company. The Board would like to thank Gunnar Eliassen for the
stewardship in the building of this company and wish him well in future
endeavors.

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, Chief Accounting Officer, on the date and
time as set out in the release.

For further information, please contact:

Lars-Christian Svensen, Contracted interim CEO
Telephone +47 476 38 756

Vidar Hasund, Contracted CFO
Telephone +47 913 617 26

About Bruton Limited:
Bruton Limited is a pure-play modern VLCC company with 1 vessel in operation
and 11 vessels under construction at New Times Shipyard and CIMC Raffles, with
scheduled deliveries between Q1 2027 and Q3 2029.

Forward-looking statements: This announcement includes forward-looking
statements, including a potential demerger of Bruton, the conditions to the
demerger, the uplisting of Bruton and listing of the demerged entity, earnings
and profit expectations, expectations regarding dividends and other statements
relating to matters announced herein, and other non-historical statements.
These forward-looking statements are subject to risks, uncertainties, and
assumptions, including risks relating to the completion of the demerger, the
listing process, earnings and profits and other risks. Forward-looking
statements reflect knowledge and information available at, and speak only as
of, the date they are made. Except as required by law, Bruton undertakes no
obligation to update or revise publicly any forward-looking statements,
whether because of new information, future events or otherwise, after the date
hereof or to reflect the occurrence of unanticipated events. Readers are
cautioned not to place undue reliance on such forward-looking statements.

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