Elias Neocleous & Co LLC acted as Cyprus legal counsel in connection with the successful completion of the USD 75 million private placement and admission to trading of the shares of Pelagic Credit Plc on Euronext Growth Oslo, one of the world’s leading capital markets for shipping and maritime-related companies. The company announced that the first day of trading of its shares on Euronext Growth Oslo took place on 9 March 2026.
The transaction involved a private placement to international institutional and industrial investors raising gross proceeds of approximately NOK 728 million (approximately USD 48 million) through the issuance of new shares. Following completion of the offering, Pelagic Credit Plc has a post-money equity capitalisation of approximately USD 75 million.
Pelagic Credit Plc is a Cyprus-incorporated maritime leasing and ship owning platform providing asset-backed financing solutions to established shipowners through long-term bareboat charter structures designed to generate stable and predictable cash flows. The platform currently owns vessels employed under multi-year charter arrangements and is evaluating a pipeline of additional acquisitions as part of its fleet expansion strategy.
The development of investment platforms such as Pelagic Credit reflects the increasing intersection between the shipping and investment funds sectors in Cyprus. The combination of Cyprus’s established position as a global shipping hub and the rapid growth of its funds industry continues to create attractive opportunities for maritime investment platforms and international investors, further reinforcing the island’s role as a strategic base for international shipping and maritime investment structures.
The listing further reinforces Euronext Growth Oslo’s position as a leading international capital markets venue for shipping and maritime investment platforms, attracting global shipowners, maritime financiers and institutional investors.
Clarksons Securities AS, Fearnley Securities AS and Arctic Securities acted as Joint Global Coordinators and Joint Bookrunners in connection with the private placement and the listing. Advokatfirmaet BAHR AS acted as Norwegian legal counsel to the company.
Acting as Cyprus legal counsel, Elias Neocleous & Co LLC advised on all Cyprus law aspects of the transaction, working alongside international advisers and financial institutions as part of a complex multi-jurisdictional capital markets transaction.
This transaction further highlights the firm’s leading role in cross-border capital markets, maritime finance and international investment structures involving Cyprus companies, particularly in connection with listings and financing transactions in the global shipping sector.
Elias Neocleous, Managing Partner of Elias Neocleous & Co LLC, commented:
“We are delighted to have advised on this significant international capital markets transaction supporting the successful listing of Pelagic Credit Plc on Euronext Growth Oslo. The transaction demonstrates the continued relevance of Cyprus structures in sophisticated maritime and capital markets transactions and reflects the importance of the Oslo market as one of the world’s premier financial centres for the shipping industry. We congratulate Pelagic Credit and all parties involved on this important milestone.”
Deal Team
The Elias Neocleous & Co LLC team advising on the transaction included:
Elias Neocleous – Managing Partner
Demetris Roti – Partner
Konstantinos Michael – Senior Associate
Norwegian legal counsel to the company was Advokatfirmaet BAHR AS, with the team led by partner Robin Bakken.
