1. INTRODUCTION

The Board of Directors of Orkim Berhad (“ORKIM”) wishes to announce that its wholly-owned subsidiary, Orkim Power Sdn Bhd (“Orkim Power”), had on 29 January 2026 entered into a Side Letter to the existing Consecutive Voyage Charter (“CVC”) Contracts with Shell Malaysia Trading Sdn Bhd and Shell Timur Sdn Bhd (collectively, the “Charterers”).

2. VALUE AND DURATION OF THE CONTRACT

The value of the CVC contracts is on ‘cargo-nominations’ basis whereby ‘cargo-nominations’ will be issued at the discretion of the Charterers based on the schedule of rates as set forth in the CVC contracts, throughout the duration of the contract. As such, there is no firm value for the CVC contracts.

The CVC contracts were initially entered into for a firm period of one (1) year commencing 01 April 2024 and expiring on 31 January 2025, with options for extension in accordance with the original contractual terms. The Charterers subsequently exercised the extension option, extending the CVC contracts for a further one (1) year, with the current contractual term ending on 31 January 2026.

Pursuant to the Side Letter dated 29 January 2026, the parties have agreed to extend the CVC contracts by an additional firm period of one (1) year commencing 01 February 2026. The CVC contracts may thereafter be further extended for (1) year, up to 31 January 2028, exercisable at the Charterers’ option, subject to the terms of the CVC contracts.

3. FINANCIAL EFFECTS

The CVC contracts will not have any effect on the issued share capital or substantial shareholdings of Orkim and is expected to contribute positively to the earnings and net assets of ORKIM over the duration of the CVC contracts.

4. RISK FACTORS

The risk factors affecting the CVC contracts comprises operational and execution risks associated with the provision of marine transportation services. Orkim Power shall ensure strict compliance with the relevant safety and operational procedures in the execution of the CVC contracts.

5. INTEREST OF DIRECTORS, MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED TO THEM

None of the Directors, major shareholders of ORKIM, or persons connected with the Directors or major shareholders have any interest, whether direct or indirect, in the CVC contracts.

6. DIRECTORS’ STATEMENT

The Board of Directors of ORKIM, having considered all relevant aspects of the CVC contracts, is of the opinion that the extension of the CVC contracts is in the best interests of ORKIM. 

This announcement is dated 29 January 2026.