October 24, 2022 – Seapeak LLC (Seapeak) and Jaccar Holdings (Jaccar) today announced that they have entered into a sale and purchase agreement whereby Seapeak will acquire Greenship Gas Trust and Greenship Gas Manager Pte. Ltd. and their subsidiaries (collectively, Evergas) from Jaccar in an all-cash transaction with an enterprise value of approximately $700 million. Evergas owns and operates two Very Large Ethane Carriers and eight Multigas/LNG Carriers. All are on fixed-rate timecharters to Ineos and are capable of burning gas as fuel. Evergas also controls six LPG carriers under leases ending in 2024. Its corporate and operational headquarters are in Copenhagen and Singapore, respectively.

“Acquiring Evergas is another big step in Seapeak’s evolution as a leading owner and operator of liquefied gas carriers,” commented Mark Kremin, Seapeak’s CEO. “Just as we’re bullish on LNG, we’re also bullish on natural gas liquids (NGLs), especially given the even greener nature of NGLs. Already a world leader in NGLs, Ineos is now growing in LNG, and we are thrilled to be adding them as a key customer, further diversifying our portfolio.” Mr. Kremin continued, “Together, Ineos and Evergas are vital to America’s liquefied gas export story and their collaboration to develop CO2 carrier trades will be vital to decarbonizing Europe.”

According to Philippe Soulie, Executive Chairman of Jaccar, “Evergas is the first of our prize assets to change hands, as per the plan agreed with our creditors, which consists of repositioning, over the next few years, our assets in more powerful and ambitious environments, allowing them to fully exploit their growth potential. With a leading operator such as Seapeak, successful in its core gas transportation business and sharing the same values of excellence in service, Evergas and its first-class operating team will have a bright future and promising new home.”

“At Evergas we are pleased to complete the sales process and become part of Seapeak – one of the gas industry’s biggest players, which also brings us significant financial strength,” said Steffen Jacobsen, CEO of Evergas. “This will provide a solid platform on which we can continue to grow our businesses in NGLs and CO2, where we see outstanding potential for growth.”

The sale is subject to standard closing conditions and is expected to close by the end of this year, at which time Evergas, including its employees, will be rebranded under Seapeak. Deutsche Bank acted as exclusive financial adviser to Jaccar in connection with the divestment of Evergas.

About Seapeak

Seapeak is one of the world’s largest independent owners and operators of liquefied gas carriers, providing services primarily under long-term, fee-based charters through its interests in 46 LNG carriers, 20 mid-size LPG carriers (including two on order) and six multigas carriers. Seapeak’s ownership interests in these ships range from 20 to 100 percent. In addition, Seapeak owns 30 percent of an LNG regasification terminal.

For more information, please visit: www.seapeak.com

About Jaccar

JACCAR Holdings is a company managing a portfolio of investments focused today on gas transportation, and on premium fishing, developing a strong entrepreneurial spirit.

Jaccar Holdings owns 100% of Greenship Gas Trust, aka Evergas, a leader in ethane transportation and semi-cooled technology, and JHW Engineering & Contracting, a specialized engineering unit in marine and gas platform and shipbuilding.

Jaccar Holdings also owns 92% of SAPMER, one of the major players in premium industrial fishery, operating from La Reunion, Mauritius and Seychelles.

For more information, please visit: www.jaccar.net

About Evergas

Evergas is a Danish shipping company with roots back to 1883, wholly owned by Greenship Gas & Jaccar Holdings. We are one of the world’s leading seaborne transporters of petrochemical gases and natural gas liquids. Our focus is to make gas transports simple and safe, and to set new standards for efficient and sustainable gas transports at sea. We employ more than 400 highly experienced and dedicated people.

For more information, please visit: www.evergas.net

Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Statements about the expected timing, completion and effects of the proposed transaction, other than historical facts, constitute forward-looking statements. The words “expect,” “believe,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will” or similar words are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, all of which are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Seapeak may not be able to complete the proposed transaction on the terms described herein because of a number of factors, including, among others: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the sale and purchase agreement, including failure to obtain all required change of control consents and other third-party consents, (2) the potential for regulatory authorities to require divestitures or other concessions in order to obtain their approval of the proposed transaction, (3) the proposed transaction may involve unexpected costs, liabilities or delays, (4) that the proposed transaction may not be completed within the expected time period or at all, and (5) that if the proposed transaction is completed, Seapeak may not realize the expected business benefits as anticipated. The forward-looking statements represent Seapeak’s views as of the date on which such statements were made. Additional factors that may affect the business or financial results of Seapeak are described in the risk factors included in its filings with the SEC, including Seapeak’s Annual Report on Form 20-F for the year ended December 31, 2021, as updated by subsequent filings with the SEC. Seapeak expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences, except as required by applicable law.