Pelican Aqua Holding has entered into contracts for the construction of four 5,000 cubic metre live fish carriers, with deliveries scheduled for 2029, as the newly established company prepares for a planned listing on Euronext Growth Oslo.
The Cyprus-incorporated company also holds options for up to six additional vessels.
Pelican Aqua completed a $60 million private placement on 13 May to fund initial instalments tied to the four firm newbuilding contracts. Investors in the placement included Condire, Odfjell Partners Holding, Aconcagua Management, J.J. Ugland Group, Blystad and Magni Partners.
The company said it is targeting a first day of trading on Euronext Growth Oslo by the end of June.
The vessels have been designed by Salt Ship Design and will be built by CIMC Raffles in China. MMC First Process will supply fish handling systems for the vessels.
According to the company, the vessels will be configured with flexibility for treatment systems and battery solutions to meet both Norwegian and international market requirements.
CIMC Raffles Vice President Li Minggao said the vessels are intended to deliver operational performance, fish welfare and safety standards for the aquaculture sector.
Pelican Aqua Chairman Gunnar Winther Eliassen said the company would focus on building its organisation and commercial platform ahead of delivery of the vessels.
Arctic Securities and DNB Carnegie acted as joint global coordinators and joint bookrunners in the private placement and will serve as Euronext Growth advisers for the planned listing process. Arctic Offshore acted as asset adviser, while Schjødt served as legal adviser.
Pelican Aqua Holding currently has four vessels on order from CIMC Raffles, with options for a further six vessels.