General Oceans intends to apply for a listing on Euronext Oslo Børs

09 Mar 2026 08:09 CET

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Oslo, 9 March 2026: General Oceans ASA (under name change from General Oceans
AS) (the “Company”, and including its consolidated subsidiaries, the “Group” or
“General Oceans”) today announces its intention to apply for a listing on
Euronext Oslo Børs (the “Listing”).

General Oceans is a global provider of advanced underwater technology,
delivering sensors, systems and robotic solutions used in demanding marine
environments. The Group develops and supplies instrumentation technology for
measuring and understanding the ocean and its dynamics, imaging and navigation
systems, and remotely operated and autonomous vehicle solutions with associated
manipulators and control systems. Underwater acoustics is at the core of the
Group’s technology, complemented by optical technology, environmental sensors,
integrated underwater vehicles, and software capabilities. General Oceans
operates through two segments: Sensors and Robotics. The Sensors segment
includes brands such as Nortek, Tritech, Klein, and RS Aqua, while the Robotics
segment comprises Reach Robotics and Strategic Robotic Systems (“SRS”). The
Group had NOK 1,304 million in revenue and approximately 18% Adj. EBITA margin
in 2025 and delivered products to around 67 countries.

General Oceans’ products and solutions are used in marine and subsea operations
where equipment failure or operational interruption may result in significant
financial cost, safety risks or project delays. Key applications include
offshore survey activities, subsea inspection and monitoring, defence and
security operations, and marine infrastructure construction and maintenance,
which are environments where customers relay on accurate data for critical
decision-making, support safe operations and perform underwater tasks where
access is difficult, visibility is poor and conditions are often harsh. In the
Group’s, demand in these markets favour established and trusted brands with
robust track-records, and high technological and operational entry barriers
limit the number of suppliers.

General Oceans was established in 2021 as an industrial platform for underwater
technology brands, building on Nortek, which was founded in 1996 and still forms
the cornerstone of the Group. The Group was created as a strategic move to
expand Nortek’s technology catchment and pursue industry consolidation,
leveraging a multi-decade history within the underwater technology space. Since
2021, the Group has completed five acquisitions of brand platforms, SRS,
Tritech, Reach Robotics, Klein and RS Aqua, and expanded its scale and
geographic reach through organic growth and acquisitions. Between 2023 and 2025,
Group revenue increased from NOK 816 million to NOK 1,304 million, corresponding
to a CAGR of approximately 26%. Over the same period, Adj. EBITA increased from
NOK 100 million to NOK 235 million and the Adj. EBITA margin rose from
approximately 12% to approximately 18%. As of 31 December 2025, Nortek and
Tritech together accounted for 69% of Group revenue, representing the largest
brands.

General Oceans’ long-term competitiveness is supported by its R&D capabilities
and technological expertise, enabling continuous improvements and the
development of next-generation solutions with relatively long economic durations
and product cycles in core technologies. The Group also benefits from a global
sales and distribution platform providing direct access to key markets and
reinforcing customer relationships. The Group has spent decades establishing its
global sales network, both through 18 direct sales offices and a representative
network with over 50 partners, which supports close collaboration with customers
and the development of solutions that are in demand in the market.

The Listing is aimed at supporting General Oceans’ strategy of combining
sustained organic growth with an active approach to M&A to further strengthen
its underwater product portfolio. The Company believes the Listing will
strengthen the brand and organisation and ensure continued innovation of
products and technology. Through the Listing, General Oceans will be able to
have financial flexibility and capacity to act on value-accretive acquisitions
within the fragmented underwater technology market. Leveraging its deep domain
knowledge and industry network, the Group is well positioned to execute on a
sizeable pipeline of targets aligned with its financial objectives.

The Group is currently owned by Atle Lohrmann (President and founder) (~59%),
Ferd (~33%) and employees and other shareholders (~7%) (excluding treasury
shares). Any secondary sale in the Offering is expected to be pro-rata for the
main shareholders, subject to the final transaction structure.

Atle Lohrmann, President and Founder in of General Oceans, comments: “The
contemplated listing marks a significant milestone in General Oceans’ growth
journey, which began with the establishment of Nortek 30 years ago and continued
with the foundation of General Oceans in 2021. I am proud of the journey so far.
Over the years, we have built a strong global platform in advanced underwater
technology, enabling us to deliver high-quality, versatile solutions to a broad
range of end markets and clients performing mission-critical operations in
complex environments. We have delivered strong organic growth and profitability
while executing on our M&A strategy to expand the Group’s technology portfolio.
Looking ahead, General Oceans is well positioned for continued growth through
the delivery of our strategy. This includes strengthening our existing brands
through innovation and technology development, while further enhancing our
position through targeted acquisitions. Our goal is to continue creating value
for both our customers and shareholders.”

Financial highlights

General Oceans delivered NOK 1,304 million in revenue for the year ended 31
December 2025, corresponding to a total revenue growth rate of 26%, with an Adj.
EBITA margin of around 18%. The Company has throughout the period 2023-2025
delivered strong organic performance combined with acquisitive growth, which
remains the at the core of the Company’s growth strategy.

Listing highlights

In connection with the contemplated Listing, the Company intends to conduct a
new share issue of approximately NOK 500 million as well as facilitate a
secondary offering of existing shares from the main existing shareholders in the
Company being Atle Lohrmann and Ferd (the “Offering”). The shares will be
offered through a public offering in Norway and Sweden, as well as a private
placement directed towards institutional investors in Norway and
internationally.

Two cornerstone investors, DNB Asset Management and Folketrygdfondet, have
undertaken to subscribe and to be allocated Offer Shares for a total amount of
NOK 400 million in the Offering (NOK 200 million each), subject to certain
conditions, and for a price per share of up to NOK 21.00, which is equivalent to
a pre-money equity value of the Company of NOK 3,440 million adjusted for shares
held in treasury by the Company.

The offer to institutional investors will only be made (i) to certain
institutional investors outside the United States, pursuant to Regulation S
under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”);
and (ii) in the United States, only to those reasonably believed to be qualified
institutional buyers in reliance on Rule 144A under the U.S. Securities Act.

Full terms, conditions and instructions for the Listing and Offering will be
included in the prospectus expected to be published by the Company in connection
with the Listing and the Offering.

The Company, Board of Directors and management will be subject to a 365 day
lock-up for their shareholdings, subject to customary exemptions. In addition, a
180 day lock-up will be applicable for the existing shares held by the selling
shareholders, except for Atle Lohrmann, who will be subject to the 365 day
lock-up.

Subject to required corporate approvals by the Company and receiving the
relevant approvals from Euronext Oslo Børs and the Norwegian Financial
Supervisory Authority, as well as prevailing equity capital market conditions,
the Offering and the Listing is expected to take place in Q1 2026.

Advisors

ABG Sundal Collier ASA and DNB Carnegie, a part of DNB Bank ASA, act as Joint
Global Coordinators and Joint Bookrunners in the Listing and the Offering, while
Arctic Securities is acting as Joint Bookrunner (collectively the "Managers").
Advokatfirmaet Schjødt AS acts as legal advisor to the Company, and
Advokatfirmaet Wiersholm AS acts as legal advisor to the Joint Global
Coordinators.

For queries, please contact:
Stein J. Frisch, Partner and Senior Adviser in Frisch AS, +47 916 10 911,
stein@frisch.as

Important notice

This announcement does not constitute an offer for sale of, or a solicitation of
an offer to purchase or subscribe for, any securities of the Company. The
information contained in this announcement is for informational purposes only
and does not purport to be full or completed. No reliance may be placed by any
person for any purpose on the information contained in this announcement or its
accuracy, fairness or completeness.

The securities referred to in this announcement have not been and will not be
registered under the U.S.
Securities Act of 1933, as amended (the "Securities Act"), and accordingly may
not be offered or sold
in the United States absent registration or an exemption from the registration
requirements of the Securities Act and in accordance with applicable U.S. state
securities laws. The Company does not intend to register any portion of this IPO
in the United States or to conduct a public IPO in the United States. Copies of
this announcement are not being, and should not be, distributed in or sent into
the United States.

It may be unlawful to distribute this announcement in certain jurisdictions.
Copies of this announcement
are not being made and may not be distributed or sent into the United States of
America, Australia, Canada, Japan and Switzerland or to any other jurisdiction
where such distribution would be unlawful.
The information in this announcement does not constitute an offer of securities
for sale in such jurisdictions.

These materials are an advertisement and not a prospectus for the purposes of
Regulation (EU) 2017/1129, as amended (together with any applicable implementing
measures in any Member State, the "Prospectus Regulation"). Investors should not
subscribe for any securities referred to in these materials except on the basis
of information contained in the prospectus.

In the United Kingdom, these materials are only being communicated to (a)
persons who have professional experience, knowledge and expertise in matters
relating to investments and qualifying as "investment professionals" for the
purposes of article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (all such persons being referred to as
"relevant persons") and (b) only in circumstances falling within the
circumstances set out in Part 1 of Schedule 1 to The Public Offers and
Admissions to Trading Regulations 2024. These materials are directed only at
relevant persons and must not be acted on or relied on by persons who are not
relevant persons.

This announcement has been prepared on the basis that any offer of securities in
any Member State of the European Economic Area, other than Norway, which has
implemented the Regulation (EU) 2017/1129 (as amended, the "Prospectus
Regulation") (each, a "Relevant Member State") will be made pursuant to an
exemption under the Prospectus Regulation, as implemented in that Relevant
Member State, from the requirement to publish a prospectus for offers of
securities. Accordingly any person making or intending to make any offer in that
Relevant Member State of securities which are the subject of the IPO
contemplated in this announcement, may only do so in circumstances in which no
obligation arises for the Company or any of the joint global coordinators to
publish a prospectus pursuant to Article 3 of the Prospectus Regulation or
supplement a prospectus pursuant to Article 23 of the Prospectus Regulation, in
each case, in relation to such offer. Neither the Company nor any of the
Managers have authorised, nor do they authorise, the making of any offer of the
securities through any financial intermediary, other than offers made by the
Managers which constitute the final placement of the securities contemplated in
this announcement. Neither the Company nor any of the Managers have authorised,
nor do they authorise, the making of any offer of securities in circumstances in
which an obligation arises for the Company or any Managers to publish or
supplement a prospectus for such offer.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

The Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the IPO.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of
Directive 2014/65/EU of the European Parliament and of the Council on markets in
financial instruments; or (b) a recommendation to any investor or group of
investors to invest in, or purchase, or take any other action whatsoever with
respect to the Company's shares.

Each distributor is responsible for undertaking its own Target Market Assessment
in respect of the Company's shares and determining appropriate distribution
channels

The Managers are acting exclusively for the Company and no one else and will not
be responsible to anyone other than the Company for providing the protection
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

This announcement includes forward-looking statements which include statements
regarding the Company’s business strategy, financial condition, profitability,
results of operations and market data, as well as other statements that are not
historical facts. Words such as "believe," "anticipate," "plan," "expect,"
"target," "estimate," "project," "predict," "forecast," "guideline," "should,"
"aim," "continue," "could," "guidance," "may," "potential," "will," as well as
similar expressions and the negative of such expressions are intended to
identify forward-looking statements, but are not the exclusive means of
identifying these statements. By their nature, forward-looking statements are
subject to numerous factors, risks and uncertainties that could cause actual
outcomes and results to be materially different from those projected. Readers
are cautioned not to place undue reliance on these forward-looking statements.
Except for any ongoing obligation to disclose material information as required
by the applicable law, the Company does not have any intention or obligation to
publicly update or revise any forward-looking statements after it distributes
this announcement, whether to reflect any future events or circumstances or
otherwise. Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This is not a prospectus, but an advertisement and investors should not
subscribe for or purchase any securities or make any investment decisions
referred to herein except on the basis of information contained in the
prospectus issued by the Company. The prospectus will be published and made
available on the Company’s website https://www.generaloceans.com/.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaim any obligation or undertaking to update, review or revise any statement
contained in this announcement whether as a result of new information, future
developments or otherwise.

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