MODEX AS - ISIN: NO0010932460 - FRN Senior Secured Bond Issue 2021/2026

10 Mar 2023 14:28 CET

MODEX AS (“the Issuer”) notes the announcement by OEG Global Limited, the sole
shareholder of OEG Offshore Group Limited (“the Guarantor”), an indirect
controlling shareholder of the Issuer, that OEG Global Limited has been acquired
by Omega Acquisition Limited, a company majority controlled by funds managed by
Oaktree Capital Management and the current directors of OEG Global Limited.

The Change of Control does not have any implications on the position of the
Guarantor, and the Guarantor remains unchanged. Furthermore, the Change of
Control has no impact on the financial positions of either the Issuer or the
Guarantor (or subsidiaries of the Guarantor).

In accordance with the Bond Terms, the acquisition of OEG Global Limited is a
Change of Control Event and a Put Option Event has occurred which has been
notified to the Bond Trustee and attached is the put option notice.

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584929_Modex AS - Notification - Put Option Event (9 March 2023)(1308821.1).pdf