SEACON (02409) announced that, effective December 23, 2025, the company will execute four novation agreements with the respective owners, charterers, China Ship Leasing, and four wholly-owned subsidiaries of the charterers—namely Golden Canola Limited, Golden Olive Limited, Golden Flax Limited, and Golden Palm Limited—regarding the transaction documents. Under these agreements, all rights and obligations of the charterers under the transaction documents will be assumed by their respective wholly-owned subsidiaries (the "Novation").

Consequently, the charter guarantees previously provided by the company to secure the charterers' timely performance of obligations under the transaction documents will now apply to the obligations of the charterers' wholly-owned subsidiaries. The novation aligns with standard market practices in the shipping industry, where special purpose vehicles are typically established prior to vessel delivery, and transaction documents are novated accordingly—in this case, to the charterers' wholly-owned subsidiaries.

Following the novation, the guarantor will be the charterers' wholly-owned subsidiaries, meaning the company's exposure as a guarantor remains materially unchanged. Additionally, the novation does not alter any other terms of the transaction documents.

The board of directors believes that: 1. The execution of the four novation agreements will not adversely affect the group. 2. The terms of the agreements are based on ordinary commercial terms, are fair and reasonable, and serve the overall interests of the company and its shareholders.