DNV awards KNCCs “Approval in Principle” for PCO2® tank system for Liquified CO2 transport at ambient temperatures

DNV has awarded Knutsen NYK Carbon Carriers AS (KNCC) with an Approval in Principle
(AiP) for our PCO2® containment system for the transportation of liquefied CO2 at ambient
temperatures. The award represents an important milestone in the technical and commercial
development of KNCC enabling the company to provide a cost-effective, scalable and flexible
offering across the CCS value chain.

For KNCC, the Approval in Principle forms a key element in our plans for building and operating
CO2 carriers. Receiving a validation of our core technical concept by DNV, representing word class
expertise in marine transportation of CO2, further strengthens our market position and growth

KNCC is NYK’s and Knutsen’s gateway to CO2 shipping and represents a vital part in both
shareholders’ business strategy to ensure that the Paris global climate objectives are met. The
capturing and storing of CO2 will play a vital role in reaching these objectives and KNCC is well
positioned to serve the CCS industry.

Svein Steimler, President and CEO of NYK Group Europe Ltd. and Chair of KNCC said “NYK is
investing significantly in green technology to ensure that global targets for emission reductions are
met. These investments are aimed to reduce emissions from our existing operations and equally
important, to identify and verify alternative fuels and propulsion systems for the future. KNCC
provides the solution for handling CO2 until the required global energy transition is in place, and
represents an important additional element in NYKs strategy”.

Trygve Seglem, Owner and President of the Knutsen Group and Vice Chair of KNCC said “DNVs
validation of the PCO2 technology for marine transportation of CO2 is proving, once again, that
our technological and innovative approach to the shipping business is beneficial. I am certain that
with the AIP in place, the foundation for building a commercially viable business in KNCC is
further strengthened.

For further information about Knutsen NYK Carbon Carriers AS and its shareholders please visit the
websites: www.kn-cc.com www.nyk.com www.knutsenoas.com

Knutsen NYK Carbon Carriers AS

NYK and the Knutsen Group of Norway have established the joint venture company Knutsen
NYK Carbon Carriers AS (KNCC) for the commercial development of a liquefied CO2 marine
transportation and storage business worldwide using the PCO2® / Ambient solution. NYK and the
Knutsen Group, each holds 50% stake in the KNCC. KNCC will also build and operate low/mid
pressure vessels based on other technologies.

Carbon capture, utilization and storage (CCS) is an effective and necessary concept for realizing a
carbon-neutral society. In this value chain, liquefied CO2 carriers play an essential role in
transporting liquefied CO2 to the sites where it is stored and/or utilized.

For contact details, please refer to www.kn-cc.com/news/press-release

Overview of each company

Head Office: Haugesund, Norway
Business: Marketing and business development of liquefied CO2 transportation and storage
Investment Ratio: NYK 50%, Knutsen Group 50%
CEO: Anders Lepsøe
Website: https://www.kn-cc.com

Head Office: Tokyo, Japan
President and CEO: Hitoshi Nagasawa
Website: https://www.nyk.com/english/

<Knutsen Group>
Head Office: Haugesund, Norway
CEO: Trygve Seglem
Website: https://knutsenoas.com/