Robin Energy has announced it is spinning off its tanker business into a newly formed subsidiary named AI OKTO. The company stated the move followed a recommendation from a special committee of independent directors and will include one tanker vessel alongside Xavier Shipping and cash.
Under the terms of the transaction, Robin Energy shareholders will receive one common share of AI OKTO for every 6.5 shares held in the parent company.
AI OKTO has applied to list its shares on the Nasdaq Capital Market and appointed Petros Panagiotidis to serve as its Chairman and Chief Executive Officer.
The board of directors reported that creating a "pure play tanker company" is a core part of its strategy for the new entity. This subsidiary intends to establish an artificial intelligence-enabled operating model through partnerships with vendors and maritime-technology firms to implement technical solutions across its fleet.
Robin Energy stated that its shareholders do not need to take any action or pay consideration to receive their entitled shares as part of the distribution. It explained that a distribution agent will aggregate fractional shares into whole units to be sold on the open market, with net cash proceeds paid to holders.
The proposed spin-off is subject to a registration statement being declared effective by the US Securities and Exchange Commission. Robin Energy noted that the transaction is also dependent on the approval of the listing on the Nasdaq Capital Market.
The company cautioned there is no assurance that the spin-off will occur or of its final timing and terms. After the separation, Robin Energy will maintain a fleet of two LPG carriers used to transport petrochemical gases and refined petroleum products.
