Stainless Tankers ASA

M&A Activity • Mar 25, 2025

Management Service Provider completes Management Buyout

Management Service Provider completes Management Buyout

25 March 2025

Stainless Tankers ASA("STST" or the "Company")

Management Service Provider completes Management Buyout

The Company notes that its Management Service Provider, Tufton Management Ltd (“Tufton”), has announced the completion of a management-led buyout of all the equity interests in Tufton previously held by a European Family Office. This carefully planned buyout has greatly increased the ownership stake of, and control by, senior management in line with the leadership strategy developed over the past few years.

The Board of the Company is reassured that there will be no changes to the team currently providing services to the Company and that service levels will be unaffected by the transaction. It views positively the fact that Tufton will be fully independently managed and will continue to operate under its current brand and with the same team. Tufton has $1.5bn+ of mandated assets across a number of funds, including Tufton Assets Limited which, as at 31 December 2024, had a NAV of $428.9m and the Company which, as at 31 December 2024, had a NAV of $103.8m or $7.69/share (approx. NOK 87.3/share).

Andrew Hampson (Tufton Group CEO) and Nicolas Tirogalas (Tufton Group CIO and President) said, “We are very pleased and excited with the outcome of the management-led buyout. This is the result of a carefully planned process that leaves the existing business in its current, healthy form and further strengthens and aligns management incentives with future growth opportunities. We also wish to thank the outgoing shareholder for their cooperation over the past few years and for their support in completing this transaction.”

For further information, please contact:

Tufton Management Ltd (Management Service Provider)

Andrew Hampson

Nicolas Tirogalas

+44 (0) 20 7518 6700

About the Company

Stainless Tankers ASA is a shipping company specialized in providing seaborne transportation of chemical cargoes worldwide. The Company provides investors with pure-play stainless steel chemical tanker exposure in an investor friendly structure through its fleet of nine stainless steel vessels, each with an approximate total carrying capacity of 20,000dwt. The fleet is managed by Tufton Management Ltd, with a primary focus on maximizing earnings and distributing excess operating cashflow to shareholders.