SeaOne Overview

TM

November 14, 2023

Game Changer for Global Gas Trade

Company Overview
TM
 SeaOne has developed the most significant improvement in marine gas
transportation and delivery technology in more than 50 years
TM
 SeaOne’s proprietary CGL technology provides the benefits of:

 Lower carbon intensity

 The delivery of both gas and gas liquids in a single carrier

 The ability to backhaul CO2 for geologic sequestration

 Simpler regulatory processes and shorter project cycle time in the U.S.

 The Company is also developing alternative use cases for its patented system,
such as using CGL storage to provide natural gas for peak shaving, in flare gas
capture & monetization, and as a replacement for diesel in locomotives

Key Company Milestones

2013 2014 2015-2018 2014-2022 2022 2023+

Technology
Received DOE Received DOE
Completed 3 Licensing &
Company Export Order for Received Global Export Order for Commercial
First Investor Global FEED
Formation 1.5 Bcf/d of Patents 3.0 Bcf/d of Project
Studies Natural Gas
Natural Gas Development

 CGL Research and Development

 Marine Class Approvals
 Prototype Testing
 Obtaining Patents

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U.S. Patent No. 11,815,451
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SeaOne Management Team
SeaOne's senior management team has extensive domestic and international development experience
and brings decades of combined knowledge to execute projects

Forrest E. Hoglund Dr. Bruce Hall

 Founder, Chairman and Chief Executive Officer; Member of the
Board of Managers  Founder, President and Chief Operating Officer; Member of the
Board of Managers
 Prior: CEO of EOG Resources and Texas Oil and Gas
 Prior: Arctic Resources, British Gas Corp., Total S.A.
 Prior to EOG, served as VP of Gas and Gas Liquids at ExxonMobil

Tolulope O. Okikiolu Lorene Johnson

 Senior Vice President and Chief Technical Officer  Chief Accounting Officer

 Prior: ExxonMobil Nigeria, ExxonMobil U.S.  Prior: Freeport LNG, Direct Energy, Ernst & Young

David Fairley Langley Wall

 Senior Vice President, Fuels and Commodity Supply  Vice President, Business Development

 Prior: BP, ENGIE, Enron  Prior: Excelerate Energy, ENGIE

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What is CGL ? TM
CGL allows for the transportation and delivery of natural gas and NGLs in a single liquid gas cargo
through patented non-cryogenic gas solvation technology
Inputs
 Natural Gas (Methane)
 NGLs (Propane), Ethanes, Butanes
CGL Processing
 Processes and solvates the entire gas stream
(C1-C6), not just methane
 High capital and operational efficiencies allow
for monetization of stranded gas resources
 Non-cryogenic process (-40ºF/C) means 30%
more end-market sales volume and simpler
equipment sets
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U.S. Patent No. 11,815,451
CGL
Transportation & Storage System
CGL Transportation & Storage
 Solvated gas composition with an HHV of
1280-2800 Btu/Scf vs. 950-1100 for LNG
 Scalable solution ranging from
0.4-2.0 Bcf
 Cargo storage is 100% full, with no boil off
losses, no gas blanket/heel (10%), no
sloshing issues, or venting in port
 Carrier’s design allows for the transport of
liquid CO2
Outputs
 Natural Gas (Methane)
 Propane (Liquid)
 All NGLs or Custom Blend (Liquid)
End Product
 Reserve owner maintains the full value of gas
and liquids all the way to delivery—100% of
the product is available to sell, as there are no
losses during processing and shipment
 Gas & liquids are delivered to market in the
most economic and environmentally friendly
method possible
 Lowest carbon intensity methane export and
delivery method—the CGL delivery chain
delivers high-capacity natural gas with a
minimal environmental footprint
3
SeaOne Competitive Advantages
TM

 Modular, scalable systems can be used to capture, store, ship, and monetize onshore and offshore gas that
would otherwise be flared or vented
 Facilities can be grid powered, and therefore can be 100% renewable powered
1  CGL
TM
generates 0.099 tonnes of CO2e per tonne of product, ~73% less than LNG
 Propane-fueled carriers provide an attractive well-to-wake carbon emissions profile, yielding a 17% CO2e
savings as compared to marine gasoil
Lower
Emissions

More Gas  Non-cryogenic solvation process at -40 degrees Fahrenheit

Sold
2  No boil-off during transport or storage
 Results in 30% more gas delivered to market across the entire value chain

 Small land use of 8 acres for every 400 mmscfd of production and storage (equivalent to 3 mtpa of LNG)
 CGL has a much faster approval process (estimated 2-3-year advantage) and requires fewer regulatory and
Capital export approvals than LNG, resulting in overall lower development costs in the U.S.
Efficient
3  Integrated levelized development cost of ~$4.00-5.75 / mcfe(1) for the entire system, including shipping
 Delivering gas and liquids together eliminates redundant capital costs associated with a second carrier
dedicated to NGLs
 The NGLs transported per carrier can represent a third to a half of the value of the total shipment

TM
 Technology and design of CGL system is protected by 96 patents (12 in the U.S., 84 international) and 72
Robust trademarks filed in the U.S., Europe, the Middle East, Asia, and South America
Technology  Patents protect each leg of the delivery system including production and export, transport and storage, and
Portfolio 4 import
 Specific protection surrounds the methods of transport and storage of natural gas and NGLs in solvents and
Multiple similar liquid mediums
Applications

 Complements LNG in high-cost-of-carbon jurisdictions by providing the ability to tailor CI of delivered gas
 Carriers are designed to transport liquid CO2, eliminating dead legs and providing a critical transportation and
storage solution for the global CCUS market
5  Modular production increases gas resource availability and opens up new gas consumer markets
 Low capex / opex peak shaving solution for gas-fired power generation
 Energy dense CGL can be used as a lower carbon fuel in heavy-duty transportation applications like rail

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U.S. Patent No. 11,815,451
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Tailoring Carbon Intensity of Landed Gas in High-Carbon-Cost Jurisdictions

CGL complements LNG strategies by providing global gas marketers the ability to deliver tailored
TM

carbon intensity gas, creating another dimension of value and service to customers

Carbon Intensity Offering (tons CO2e / ton of product) CGLTM Complements Traditional LNG

 Lower in-system emissions allows gas marketers to tailor CI of landed gas,

0.361 providing high-value service to gas buyers with low-carbon commitments

0.296
 Non-FERC jurisdictional exports means shorter project cycle times and lower
overall project costs for U.S. natural gas exports
0.230

0.165
 Smaller land footprint, lower regulatory burden, and modular design should
open up East Coast and West Coast export sites for shorter transportation
0.099 distances to Europe and Asia, respectively

 Provides a hedge against potential tighter carbon intensity restrictions for

imported natural gas in the future
0% / 100% 25% / 75% 50% / 50% 75% / 25% 100% / 0%

CGL % / LNG %

LNG Value Maximizing Product Offering Mix CGL

Adding CGL to the energy mix is a cost-effective way to help utilities deliver on their net zero commitments

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Validation of CGL Technology TM

Third Party Engineering & Testing

CGL Pilot Project

& Marine Classification
 Marine
Classification
 Design Feasibility
Studies
 Natural Gas Exports
Contained in CGL


CGLC Designs
& Containment
 Engineering  CGL Lab Tests  Integrated CGL
Carrier FEED


CGL Containment
System
 Constructability  Naval Architect and Ship
Management
 Naval Architect 

Shipyard  Shipyard  FEED for CGL Production

& Receiving Terminals

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No Technical or Regulatory Hurdles Remaining

Prototype Testing – CGLTM Production, Loading and Unloading - ABS CGL Gas Carrier – ABS

 Lloyd’s & ABS “Approval in Principle” received for pipeline Containment  ABS Class A1 Liquefied Gas Carrier (with description “Compressed Gas
System designs Liquid”), Circle E, AMS, ACCU, SH, SHCM, FL(30), R2, BWT, UWILD, HAB,
IHM, POT

 Loading, unloading and sequence of operations tested in pilot plant located in

Texas City
 Current flag will be the Marshall Islands; the Carriers will be certified
according to the requirements of the International Code for the Construction
and Equipment of Ships Carrying Liquefied Gases in Bulk (IGC code)
 Use of materials under process and operational conditions tested in pilot plant
located in Texas City

CGL Containment System – ABS / USCG Engineers of Record

 Determined the performance of the CGL Containment Pipeline per testing

protocols and criteria in the ABS Guide for Vessels Intended to Carry
Compressed Natural Gas in Bulk

 After successful completion of hydrostatic test, pressure cycle fatigue test

(7,800 cycles), cooling an external notch to the Joule-Thompson temperature Process and Containment
of -150 F, and burst test, the following results were obtained:

– Burst test reached a maximum pressure of 2,869 psig at a temperature of

-54 F Ocean Tug
and Barge
– Failure occurred in the base pipe approximately 12 degrees away from the
long seam weld
CGLC and AT/B

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Patent Protected Technology Portfolio

U.S. Patent Detail

 Comprehensive system for the storage and transportation of natural gas in a light hydrocarbon liquid medium (U.S, 11485455 B2)

 Methods for storage and transportation of natural gas in liquid solvents (U.S. 11280451 B2)

 Methods for storage and transportation of natural gas in liquid solvents (U.S. 10801672 B2)

 Comprehensive system for the storage and transportation of natural gas in a light hydrocarbon liquid medium (U.S. 10780955 B2)

 Methods for storage and transportation of natural gas in liquid solvents (U.S. 10100980 B2)

 Methods for storage and transportation of natural gas in liquid solvents (U.S. 9574710 B2)

 Methods for storage and transportation of natural gas in liquid solvents (U.S. 9182080 B2)

 Method of bulk transport and storage of gas in a liquid medium (U.S. 8257475 B2)

 Storage of natural gas in liquid solvents and methods to absorb and segregate natural gas into and out of liquid solvents (U.S. 8225617 B2)

 Storage of natural gas in liquid solvents and methods to absorb and segregate natural gas into and out of liquid solvents (U.S. 7607310 B2)

 Method of bulk transport and storage of gas in a liquid medium (U.S. 7517391 B2)

 Multi-vessel gas storage system and liquid displacement shuttle system (U.S. 7219682 B2)

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TRL 6 and Validation of 5 Critical Technical Elements

The CGL technology concept has progressed from an idea through rigorous laboratory and analytical
TM

work

 Every developmental stage has been vetted by credible third parties from industry and academia

 Five critical technical elements (CTEs) of the technology were identified early, and these formed the roadmap to maturing the technology

– A demonstrated capabilities test (Pilot) confirmed the solvation and displacement fluid CTEs, laying the groundwork for the development of the solvent optimizer
program CTE and maturation of the static mixer design

– The CGL storage CTE went through a rigorous test program as mandated by the American Bureau of Shipping (ABS) culminating in the ABS approval of the CGL
storage system

 An extensive industry search for suitable CGL loading arm suppliers, who could tackle a combination of cold temperature and moderately high pressure, led to a
resolution of the CGL loading arms CTE

 As appropriate, numerous HAZOPs and risk analyses were conducted ensuring risks were identified and mitigated

 All the lessons learned were successfully incorporated into various design feasibility and FEED studies

 The FEED studies have produced credible technical scope, schedule, and cost basis for further project execution

 All the technology development efforts (in terms of deliverables) have been analyzed using NASA’s TRL calculator to produce a TRL 6 result

 Subsequently, there are no technical hurdles left to hinder this technology from being deployed in a commercial project

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CGL Carriers (CGLCs)
TM

CGLCs deliver the full value of the natural gas and NGLs, omitting the need for separate LNG and NGL
carriers

CGL Carrier Vessel Qualifications

 Purpose-built ocean-going CGLCs are designed and outfitted with SeaOne’s
proprietary, patented and regulator approved containment system to transport
the CGL liquid gas cargo from the export terminal to the receiving terminal
 These carriers also have the ability to back haul liquid CO2 and other
products, optimizing the value chain
 Classed and containment system approved by American Bureau of Shipping
(ABS) and U.S. Coast Guard
 Propane-fueled, low-emission reciprocating engines with hybrid power
components

 Marshall Island-flagged, or flagged by other responsible flag state

 Vetted designs for 4 CGLC cargo capacities, but can be designed to fit
customer’s exact market delivery requirements

 Cargo storage is 100% full, with no boil off losses (typically 0.10-0.25% of
total volume/day on an LNGC), no sloshing issues, no gas blanket, and no
venting in port

Volumes Mix Across Vessel Size (Bcf) Operating Statistics

2.26
1.70 0.26 C1 to C6+
Liquefied Gas Composition
1.13 0.20 HHV 1280-2800 Btu/Scf
0.50 0.13 2.00
1.00 1.50
0.44 0.06

0.44 Bcf 1.0 Bcf 1.5 Bcf 2.0 Bcf 1400 psig (100 bar) &
Operating Condition
-40ºF/Ⅽ
Gas Volumes Liquids Volumes

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Additional Applications: Onsite Natural Gas Storage for Peak Shaving

The CGL system enables the processing and storage of natural gas for use at any time that gas
TM

supply to the plant is needed

CGL Storage System Benefits Natural Gas Storage Illustrative Design & Process Flow

 Presents an alternative to LNG for gas storage when extra

pipeline capacity is not available

 Allows for natural gas purchasing and storage during lowest

cost cycles

 Will reduce generator’s blended gas price while increasing

trading optionality

 Provides a lower emissions, cost-efficient natural gas

storage option as compared to LNG or oil storage

 Allows quick on and off with the ability to ramp up and down
across a wide turndown range

Area Gas
Pipelines

CGL
Delivery Methane
Production CGL Storage End User
Pipeline Separation
Facility

Propane
Source

Recycled Propane
Truck or
Pipeline

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Additional Applications: Flare Gas Monetization

Flare gas monetization captures lost value across both onshore and offshore applications

Onshore Flare Gas Package Offshore Flare Gas Package

 Flared gas from offshore sites is

solvated and stored on standard
floating gas plants, complete with
production & export facilities

 Flared gas (as CGL) is then

transported for fractionation via
ABS Classed CGL Carriers

3
 Flared gas (as CGL) arrives at the
receiving facilities of standard
fractionation plants with storage
 Used as an input for methane,
propane, NGLs or custom blends

Onshore and offshore flare gas packages provide a mobile transportation and storage solution

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CGL as Fuel for Bi-fuel Locomotives

CGL is one of the only portable liquid fuels which offers a low carbon footprint and high BTU content

CGL Fuel Benefits Comparison of Liquid Fuel Options

CGL Diesel
 The CGL process can be applied to locomotive transportation to deliver an
optimized fuel blend which can replace diesel Btu per Gallon (MMBtu / Gal) 60,000 139,000
Gallon per MMBtu 16.7 7.2
 This fuel blend can significantly reduce carbon emissions Ignition Temperature (degrees Fahrenheit) 985 437
Storage Temperature (degrees Fahrenheit
-40˚ F / 1,400 70˚ F / atm
/ Pressure, psig)
 Offers economic advantage by delivering substantially lower fuel costs to the
rail industry 1,000-Gallon Diesel Equivalent (Gal) 2,315 1,000
Carbon Footprint (lbCO2 / MMBtu) 119.5 163.1
Cost per Gallon ($ / Gal) $0.66 $4.11

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Next Steps

 Houston visit with technical team for technology deep dive

 Project development framework, including project scope and schedule, working agreement etc.

 Discuss project execution path forward

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