Arctic: Credit Daily - Tankers, Jadestone, Wallenius Wilhelmsen, Titania ++

Research evidence excerpt

Arctic: Credit Daily - Tankers, Jadestone, Wallenius Wilhelmsen, Titania ++

identified in the 2023 infill campaign. Based on Well 1 performance and subsurface data gathered

during drilling of the second well, the contingent third well has been sanctioned and spud. 2026

capex guidance of USD 50-80m is unchanged, with the upper end previously allowing for the

contingent well. Reflecting the infill campaign, we had estimated an Malaysian WI production

increase from ~2.3k boepd in 2025 to ~3.5k boepd in 2026E. With the first well already adding

~1.8k boepd on a WI basis this estimate could prove conservative. The Malaysian production sells

at a USD 14/bbl realisation premium to Brent, further adding to the positive impact.

Wallenius Wilhelmsen: Extends shipping contract from mid '28

Wallenius Wilhelmsen has agreed an early three-year extension of a shipping contract with a

leading European auto manufacturer, running from mid-2028 to mid-2031. The extension has an

estimated value of around USD 420m, on top of around USD 180m of remaining initial value,

and covers continued outbound supply-chain support with potential logistics scope over time.

The award is final, but the value is based on forecast volumes, the customer is unnamed, and

geography is not specified beyond the European OEM relationship. The company describes the

contract as providing earnings visibility at sustainable rate levels for the next five years, with low-

emission fuels included. Latest reported shipping backlog was USD 7.0bn with a 3.2-year volume-

weighted duration, so the extension mainly adds long-dated revenue visibility rather than near-

term utilization support (to USD ~7.4bn). We expect a modest positive share reaction because the