Rubico Inc. (RUBI) Raises $8.5M via Convertible Notes, Warrants

Rubico Inc. (RUBI) agreed to acquire two MR tankers for $14.5 million, increasing its potential revenue backlog by 40% to $523.1 million. The vessels, with 7-year charters from Trafigura, are set for 2028-2029 delivery. Financing includes sale and leaseback terms. The deal, expected to close by March 2027, was approved by an independent committee.

Rubico (NASDAQ:RUBI) completed the acquisition of a newbuilding MR tanker, scheduled for 2029 delivery, with a 7-year charter and 4-year extension option. This adds to its fleet, increasing potential revenue backlog to $374.6M. 85% of shipbuilding costs are financed. The company also declared a stock dividend.

Rubico Inc. (RUBI) completed the acquisition of a special purpose vehicle (SPV) holding a contract for an MR tanker, with a 7-year charter secured. The tanker is expected to be delivered in Q2 2029, and the deal adds approximately $374.6M to the company's potential gross revenue backlog, assuming all options are exercised.

Rubico Inc. (Nasdaq: RUBI) agreed to buy an SPV from Top Ships Inc. tied to a 47,499 dwt MR tanker newbuilding contract with Guangzhou Shipyard and China Shipbuilding Trading. Purchase price is about $6.25 million, closing by Sept. 30, 2026. Delivery is Q3 2029; 7-year time charter. Potential gross revenue backlog rises to about $305 million.

Rubico Inc. (Nasdaq: RUBI) said it will divest its 60-meter megayacht under construction and exit the megayacht sector to redeploy capital to its core tanker business. The company expects gross cash proceeds of about €30-€35 million and to eliminate a €26.5 million pre-delivery capital commitment. Delivery is targeted for Q2 2027.

ExxonMobil approved a $12.5B investment for the Longtail project offshore Guyana, targeting gas and condensate. Production is expected to start in 2030, adding to ExxonMobil's growing output in the region. The company operates the project with a 45% stake, alongside Hess and CNOOC.