Okeanis Eco Tankers Corp. – Files for direct listing on NYSE and amendment of share registration structure -November 02, 2023 at 11:47 am EDT

November 2, 2023: Okeanis Eco Tankers Corp. ("OET" or the "Company") is pleased
to announce that it has filed a registration statement with the U.S. Securities
and Exchange Commission ("SEC"), with the intention of directly listing its
common shares on the New York Stock Exchange ("NYSE"). Subject to the
registration statement being declared effective by the SEC, the Company's common
shares are expected to be registered with the SEC and admitted for trading on
the NYSE under the ticker "ECO" in addition to Oslo Børs, which shall continue
to use the ticker "OET". In conjunction with a listing on NYSE, it is expected
that OET will change its listing status in Oslo from primary listing to
secondary listing on Oslo Børs.  

No new OET securities will be issued in connection with the common share listing
on the NYSE. 

Aristidis Alafouzos, CEO of OET, commented: 

"This marks a very important milestone in OET's journey. We believe that a
listing on the NYSE will expand our investor reach and facilitate our long-term
vision of becoming the listed crude oil tanker platform of choice for investors
globally. We wish to provide US investors the access to our fleet, commercial
performance, and track record of returning value to our shareholders, as well as
unlock enhanced trading liquidity for existing investors. Our objective is to
cultivate the same level of trust and reliability with the US market as we have
successfully established within our listing in Oslo. The dual listing further
enhances our access to the capital markets, solidifies our position within the
industry, and offers potential opportunities for accretive transactions in the
future. Our team remains committed to continue steering the Company on the path
that we have paved since our IPO in 2018 and our strategy to create value for
our shareholders". 

CONTEMPLATED CHANGE IN SHARE REGISTRATION AND TRADING SUSPENSION

In connection with the contemplated NYSE listing and to facilitate transfer of
common shares between NYSE and Oslo Børs, the Company intends to amend the
registration structure for its common shares whereby all common shares will be
primarily held and settled within the Depository Trust Company ("DTC") in the
United States and secondarily held and settled in Euronext Securities Oslo (the
"VPS") through a Central Securities Depository ("CSD") link (the "Share
Registration Conversion"). Following the Share Registration Conversion, the
Company's common shares may be moved between the DTC and VPS to enable trading
between the respective trading venues. 

In conjunction with the NYSE listing, the Company's ticker on Oslo Børs is
expected to remain "OET". 

The Company's common shares will continue to trade under the same ISIN as today
(MHY641771016).

Due to technical settlement procedures in the VPS, a trading suspension in the
Company's common shares on Oslo Børs will be required for a period of expected
two trading days in connection with the implementation of the Share Registration
Conversion (the "Trading Suspension"), which is contemplated to take place
shortly prior to the first day of trading on NYSE. The Company will make a
request to Oslo Børs to approve such Trading Suspension. During the Trading
Suspension, the Company's common shares will be temporarily suspended from
trading on Oslo Børs. Following completion of the Share Registration Conversion,
the Trading Suspension will end, and the Company's common shares will resume
trading as normal.

No action will be required by an investor holding common shares in the VPS in
connection with the Share Registration Conversion and investors' registered
holdings in the VPS will continue.

Following completion of the Share Registration Conversion, the Company's common
shares will be registered in the Company's stock ledger in the name of DTC's
nominee, Cede & Co., and DTC will act as the primary securities depository for
the common shares. All common shares of the Company will be primarily recorded
in the DTC and secondarily recorded in the VPS through a CSD link. DNB Bank ASA,
Registrars' Department (the "VPS Registrar"), will continue to administrate the
Company's VPS register.

To facilitate the secondary registration of the common shares in the VPS, the
Company will enter into a deposit and registrar agreement (the "Registrar
Agreement") with the VPS Registrar.  The local agent of Clearstream Banking
Luxembourg ("CBL"), Citibank N.A., acting as a custodian of the VPS, is
registered as the holder of the primarily registered securities in the DTC
pursuant to which the VPS registered shares are derived.

Following the Share Registration Conversion, the book entry interests recorded
in the VPS and listed on Oslo Børs will still be regarded as the Company's
common shares pursuant to the Central Securities Depositories Regulation
("CSDR"). The common shares in the VPS will not carry any direct shareholder or
voting rights in the Company, but shareholders in the VPS may instruct the VPS
Registrar to vote for their common shares. The Company is expected to furnish
voting materials to the VPS Registrar and the VPS Registrar is expected to
notify the owners of the common shares of upcoming votes and arrange to deliver
the Company's voting materials to the owners of such common shares. The VPS
Registrar's notice is expected to describe voting materials and explain how
owners of the common shares may instruct the VPS Registrar to vote or cause the
vote of the underlying common shares. The VPS Registrar shall only vote or
attempt to vote on the instruction of the owners of common shares held through
the VPS and shall not itself exercise any voting rights.

TIMING

The Trading Suspension and the Share Registration Conversion is expected to be
completed in conjunction with the first day of listing on NYSE. The exact timing
for the actual listing on NYSE is not yet determined, but is expected to take
place during mid-December 2023. The expected dates for the Trading Suspension,
completion date for the Share Registration Conversion, and first day of listing
on NYSE will be announced by the Company no later than two trading days on Oslo
Børs prior to the first day of the Trading Suspension.

ADVISORS

Fearnley Securities AS is acting as financial advisor to the Company in relation
to the listing on the New York Stock Exchange. Advokatfirmaet BAHR AS is acting
as Norwegian legal advisor to the Company and Watson Farley & Williams LLP is
acting as Marshall Islands and U.S. legal counsel to the Company.

Contact: 
Iraklis Sbarounis, CFO 
Tel: +30 210 480 4200 
[email protected] 

This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act. 

About OET 
OET is a leading international tanker company providing seaborne transportation
of crude oil and refined products. The Company was incorporated on April 30,
2018 under the laws of the Republic of the Marshall Islands and is listed on
Oslo Børs under the symbol OET. The sailing fleet consists of six modern
scrubber-fitted Suezmax tankers and eight modern scrubber-fitted VLCC tankers. 

Forward-Looking Statements 
Matters discussed in this release may contain certain forward-looking statements
relating to corporate affairs, the business, financial performance and results
of the Company and its subsidiaries and/or the industry in which they operate.
Forward-looking statements provide the Company's current expectations or
forecasts of future events. Forward-looking statements include statements about
the Company's expectations, beliefs, plans, objectives, intentions, assumptions
and other statements that are not historical facts or that are not present facts
or conditions. Words or phrases such as "anticipate," "believe," "continue,"
"estimate," "expect," "intend," "may," "ongoing," "plan," "potential,"
"predict," "project," "will" or similar words or phrases, or the negatives of
those words or phrases, may identify forward-looking statements, but the absence
of these words does not necessarily mean that a statement is not
forward-looking.   Forward-looking statements are subject to known and unknown
risks and uncertainties and are based on potentially inaccurate assumptions that
could cause actual results to differ materially from those expected or implied
by the forward-looking statements.  The forward-looking statements contained in
this release, including assumptions, opinions and views of the Company or cited
from third-party sources, are solely opinions and forecasts that are subject to
risks, uncertainties and other factors, including risks described under the
section captioned "Risk Factors," in OET's registration statement on Form 20-F
filed with the SEC on November 2, 2023, which contains additional information
about factors that could affect actual results, including risks relating to the
Company's industry, business operations, financing and liquidity, regulation and
other risks described in the registration statement. The Company's actual
results could differ materially from those anticipated in forward-looking
statements for many reasons.  The Company does not provide any assurance that
the assumptions underlying such forward-looking statements are free from errors,
nor does the Company accept any responsibility for the future accuracy of the
opinions expressed in the presentation or the actual occurrence of the
forecasted developments. No obligations are assumed to update any
forward-looking statements or to conform to these forward-looking statements to
actual results. 

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date and are subject to change without notice.

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