HIGHLIGHTS

Havstjerne CCS Project, a large-scale offshore LCO₂ storage development on the Norwegian Continental Shelf being advanced by Harbour Energy and Stella Maris CCS (a Yinson Production company) continues investment and project advancement towards investment ready decision.

Major CCS project advances development: Havstjerne CCS project has appointed SLB as its strategic reservoir partner, marking another important step towards development of one of Europe's emerging large-scale offshore LCO₂ storage projects.

Continued investment signals commitment: The ongoing investment in reservoir appraisal, wells and FEED engineering demonstrates the project owners' commitment to progressing Havstjerne towards commercial deployment and advancing large-scale CO₂ storage in Europe.

Growing demand for LCO₂ shipping infrastructure: Leading industry organisations recognise that scaling CCS will require a new fleet of specialised LCO₂ carriers, supporting the need for marine transport solutions as projects move towards operation.

Strategic relevance to Provaris: Provaris and Yinson are progressing joint development activities include FEED and Class Approvals for a low-pressure LCO₂ tank design, positioning the Company within a rapidly emerging market for large-scale LCO₂ transport and storage infrastructure.

FEED and Class Approvals Progressing: Provaris continues to advance final FEED engineering and Class Approval activities with DNV for its proprietary low-pressure LCO₂ tank, with the first-stage approvals expected shortly.

Dear Shareholders,

We draw your attention to recent news from the Havstjerne CCS Project, a large-scale offshore CO₂ storage development on the Norwegian Continental Shelf being advanced by Harbour Energy and Stella Maris CCS (a Yinson Production company).

Last week, the project announced the appointment of SLB, a global energy technology company, SLB (NYSE:SLB) as strategic reservoir partner to support the next phase of progressing concept to FEED activities. The announcement highlights continued project investment and maturation, which includes the award of a €225 million EU Innovation Fund grant and ongoing development of a low-pressure offshore LCO₂ storage solution for European industrial emitters.

https://investorcenter.slb.com/news-releases/news-release-details/slb-selected-strategic-reservoir-partner-havstjerne-carbon

As a reminder…. FEED (Front-End Engineering Design) is the stage where a project's design, costs, risks and construction plan are refined to a level that supports a Final Investment Decision, reducing uncertainty before major capital is committed.

Lars Gunnar Vogt, CTO, Yinson Production commented: “We believe large-scale, cost-competitive CO₂ storage infrastructure will play an important role in serving industrial emitters, and we look forward to continuing our collaboration with Harbour Energy and SLB.”

Yinson’s continued investment in new large-scale low-pressure LCO2 infrastructure is key to lowering the cost per tonne… and that is why Yinson continues to support the investment in our LCO₂ tank development timeline.

For Provaris investors, the significance of this announcement is that it demonstrates continued investment, technical and commercial advancement of one of Europe's emerging CCS developments in which Yinson has a strategic interest. As the project owners increase investment in reservoir, wells and offshore infrastructure studies, the Havstjerne project moves towards an investment decision and demonstrates continued confidence in the long-term opportunity for large-scale offshore LCO₂ storage in Europe.

As CCS projects such as Havstjerne mature, increasing focus is being placed on the large-scale efficient infrastructure required to safely and economically transport LCO₂ from industrial emitters to storage hubs.

Meanwhile Provaris continues to advance final FEED engineering and Class Approval activities with DNV for its proprietary low-pressure LCO₂ tank, designed for marine storage and transport applications including FSIUs, LCO₂ carriers and floating terminal storage. The Norway-based project team is currently in detailed technical review with DNV, with the first-stage approvals expected shortly.

Key takeaway: The Havstjerne CCS project announcement reinforces the growing momentum behind large-scale CCS infrastructure in Europe, with continued investment moving projects closer to commercial deployment. For Provaris, this supports the strategic relevance of its low-pressure LCO₂ tank solution and ongoing collaboration with Yinson to develop scalable, lower-cost CO₂ shipping and storage infrastructure for the emerging CCS market.

Please contact the company at info@provaris.energy if you have any questions.