Hunter Group ASA - Market update

Oslo, 9 November 2023

Hunter Group ASA (the “Company”) is pleased to announce that it, in close collaboration with DNV and Vedam Design, a leading engineering company, has successfully completed the first phase of the development of a low-pressure mid-stream shipping solution for Carbon Capture, Transportation and Storage (“CCTS”), involving 40k cbm deep sea liquefied CO2 carriers (“LCO2”), 12k cbm LCO2 feeder vessels and 2k cbm LCO2 barges for riverine/port support. The solution is technically innovative and should lead to significant cost savings compared with existing LCO2 ship designs. As the project is progressing towards commercialization, we are now entering a new phase which will involve adapting the solution to the latest IMO and EU regulations. We have been contacted by several interested parties, but given the recent headwinds in the CCTS value chain, and the high price of new buildings, firm long-term contracts will be needed before any vessel orders can be placed. We remain firm believers in CCTS’ role in the fight against climate change, and will continue to diligently develop and promote our CCTS solution to ensure that we are ready when the market for maritime LCO2 transportation gains traction.

On a different note, the Company is pleased to report that we are in advanced negotiations on two exciting projects within the maritime sector and hope to make an announcement in the near future. 

As of today, the Company has cash and receivables of approx. NOK 43m (NOK ~1.5 per share), which equates to a liquidity runway of around 3.5 years.

Contact:

Erik A.S. Frydendal, CEO, Ph. +47 957 72 947 E-mail: ef@huntergroup.no

Lars M. Brynildsrud, CFO, Ph. +47 932 60 882 E-mail: lb@huntergroup.no

This stock exchange announcement is made pursuant to section 5-9 of the Norwegian Securities Trading Act.