Calm Seas is a special purpose acquisition company formed to complete a merger, share exchange, asset acquisition, or similar business combination with one or more operating businesses. The company has no operations or revenue and focuses on acquiring assets within the oil and gas, offshore drilling, and maritime and shipping sectors. Calm Seas specifically targets businesses with tangible assets, including energy production and storage facilities, pipelines, ultra-deepwater drillships, jackup rigs, and seaborne takeaway and fuel logistics vessels. The company's strategy focuses on acquiring distressed, dislocated, or capital-starved businesses that trade at a discount to private market value. Calm Seas is sponsored by an affiliate of Pilgrim Global, an investment firm with operational and investment experience across energy and maritime markets. Under the SPAC business model, proceeds raised from public investors are placed into a trust account invested in government securities. Public investors maintain the right to redeem their shares for cash from the trust or participate as equity owners in the combined public company upon the closing of an acquisition.