🇬🇱 Pelican Acquisition Corp. and Greenland Energy secure critical Arctic logistics support, select Desgagnés to mobilize for Jameson Land Basin drilling

Quebec City and Houston, February 23, 2026 – The leadership team behind the formation of Greenland Energy Company (“Greenland”) today announced a strategic logistics agreement with Desgagnés, a premier Canadian maritime group, to support the transportation of cargo for upcoming drilling operations in the Jameson Land Basin with coordination from and approval by Royal Arctic Line, Greenland’s exclusive license holder for maritime logistics.

This agreement provides the specialized ice-class vessel and Arctic beach landing capacity required to mobilize equipment and crews for one of the industry’s most anticipated frontier projects. Desgagnés also provides port services at the Port of Valleyfield, a port specializing in consolidating Arctic projects and handling breakbulk cargo. Desgagnés’ beach-landing services are designed to complement Royal Arctic Line’s essential sealift services and operate within RAL’s national logistics framework. It marks a pivotal operational milestone as the company prepares to unlock a basin with significant oil resource potential.

This agreement was executed by March GL Company, the entity along with Greenland Exploration Ltd. set to merge with Pelican Acquisition Corporation (“Pelican”) (NASDAQ: PELI). Upon closing of the pending business combination, the resulting company – Greenland Energy Company – is expected to list on Nasdaq under the ticker symbol “GLND.”

“Reliable Arctic logistics are the backbone of execution in this region,” said Robert Price, CEO of March GL and incoming CEO of Greenland Energy Company.

“We are moving from planning to action. Desgagnés brings the specific high-latitude experience and marine assets necessary to safely transport our drilling infrastructure into the Jameson Land Basin. Working closely with Royal Arctic Line ensures alignment with Greenland’s logistics framework and strengthens overall supply chain resilience. This partnership ensures we have the supply chain resilience to execute our 2026 campaign and deliver on the basin’s world-class potential.”

The collaboration supports the launch of Greenland’s first onshore oil exploration program in more than half a century. Larry Swets, CEO of Greenland Exploration Limited and future executive chairman, emphasized the strategic timing:

“We are rapidly de-risking this project – not just geologically, but operationally.”

Headquartered in Quebec, Desgagnés operates a modern fleet of ice-class vessels across the Arctic. The partnership underscores a shared commitment to responsible development in sensitive environments. As the national maritime logistics authority and key partner, Royal Arctic Line’s collaboration with Desgagnés on the beach-landing scope supports safe, coordinated execution in Greenland.

“Operating in the Arctic requires deep respect for the region’s population, environment, and its technical complexity,” said Louis-Marie Beaulieu, chairman of the board and CEO of Desgagnés.

“Our collaboration with the Greenland Energy team reflects a shared commitment to safety and the long-term prosperity of northern communities. We also value our operational alignment and collaboration with Royal Arctic Line to ensure safety, compliance, and complementary capabilities. We are proud to help enable one of the most ambitious energy projects in the world.”

About the transaction

Greenland Exploration Limited and March GL Company are currently in the process of a business combination with Pelican Acquisition Corporation. The transaction aims to create a publicly traded energy company focused on enhancing global energy security through the responsible development of Greenland’s natural resources.

About Greenland Exploration Limited

Greenland Exploration Limited is a Texas-based entity focused on developing strategic positions in North American energy assets. Through its partnerships, Greenland aims to deliver long-term shareholder value in a dynamic and evolving energy market.

About March GL Company

March GL Company, a privately-owned Texas Corporation, entered into an agreement with 80 Mile for drilling to commence at the Jameson oil and gas basin in Greenland. March GL will fund 100% of the costs associated with up to two exploration wells, which are designed to delineate the sedimentary structure and energy potential of the Jameson Land Basin. In return, March GL will earn through 80 Mile’s subsidiary company up to 70% interest in the entire basin. March GL Company will be appointed as the Field Operations Manager. More information is available on its website: www.marchgl.com.

About Pelican Acquisition Corporation

Pelican Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Pelican is not limited to any particular industry or geographic region in identifying prospective targets.

About Royal Arctic Line

Royal Arctic Line (RAL) is Greenland’s state-owned shipping company and the exclusive license holder for maritime transport to, from, and within Greenland. RAL provides essential sealift services that connect Greenlandic communities with international markets and works with partners to ensure safe, compliant logistics for projects across the country. More information: www.ral.gl

About Desgagnés

Desgagnés is a Quebec-based maritime and logistics group operating a modern fleet of ice-class vessels serving the Great Lakes–St. Lawrence corridor, the Canadian Arctic, and international routes. The company provides integrated marine transportation, commercial port operations—including project cargo consolidation at the Ports of Valleyfield and Bécancour—and specialized lifting services through its crane rental division. Desgagnés also maintains long-standing partnerships with Indigenous communities across the Canadian Arctic, supporting sustainable northern supply chains and major industrial projects. With more than 1,200 employees in peak season, Desgagnés is a leading contributor to Canada’s marine and Arctic logistics sectors.

Contact

Robert Labbe
Chief executive officer
[email protected]
Tel: (212) 612-1400

Originally published on February 23, 2026 by GlobeNewswire.