Bookbuilding successfully completed

24 Mar 2026 21:55 CET

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN,
SWITZERLAND OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD
BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE "IMPORTANT NOTICE" AT
THE END OF THE PRESS RELEASE.

General Oceans – Bookbuilding successfully completed

Oslo, 24 March 2026: General Oceans ASA (the "Company", ticker "GENO", and
together with its consolidated subsidiaries, "General Oceans" or the "Group")
announces today the successful completion of the bookbuilding in its initial
public offering of shares (the "Offering" or the "IPO"). Reference is also made
to previous announcements by the Company regarding the IPO.

The Company is pleased to welcome more than 3,000 new shareholders as the
Company's shares are expected to commence trading on Euronext Oslo Børs on 26
March 2026 (the "Listing"), following the completion of the IPO. The IPO
attracted significant interest from high quality investors, as well as from the
general public in Norway and Sweden. The offer price of NOK 21.00 per Offer
Share (as defined below) implies market capitalisation of the Company of
approximately NOK 4.0 billion based on 192,245,306 outstanding shares following
completion of the Offering.

Atle Lohrmann, the Company's President said: "We are pleased to see strong and
broad international interest in our IPO, reflecting confidence in both our
strategy and the markets we serve."

The Offering in brief:

A total number of 57,500,000 Offer Shares (including the Additional Shares (as
defined below)) were allocated at the Offer Price of NOK 21.00 in connection
with the Offering for a total transaction size of approximately NOK 1,208
million. The Offering represents approximately 29.9% of the outstanding shares
in the Company, assuming that the Greenshoe Option (as defined below) is
exercised in full.

The Company will issue 23,809,523 new shares in connection with the Offering
(the "New Shares"), raising gross proceeds to the Company of approximately NOK
500 million, pursuant to a share capital increase resolved by the board of
directors today under an authorisation granted by the Company's annual general
meeting held on 27 February 2026. A total of 26,190,477 existing ordinary shares
(the "Sale Shares") have been sold in the Offering by Atle Lohrmann (16,610,637
shares) and Ferd Go Holding AS (9,579,840 shares) ("Ferd", and together with
Atle Lohrmann, the "Selling Shareholders"). In addition, the Managers (as
defined below) have over-allotted 7,500,000 shares (the "Additional Shares", and
together with the New Shares and the Sale Shares, the "Offer Shares"),
representing approximately 15% of the number of shares initially allocated in
the Offering before over-allotments.

As further described in the prospectus prepared and published by the Company on
16 March 2026 (the "Prospectus"), the Company and the Selling Shareholders have
granted the Managers a greenshoe option, exercisable by ABG Sundal Collier ASA
as stabilisation manager on behalf of the Managers within 30 days from the first
day of Listing, to cover over-allotments and short positions in connection with
the Offering (the "Greenshoe Option"). A separate disclosure will be issued
regarding the over-allotment and stabilisation activities.

Notifications of allocated shares and the corresponding amount to be paid by
investors are expected to be communicated to investors on or about 25 March
2026. Investors in the retail offering having access to investor services
through their Euronext Securities Oslo account manager will be able to check the
number of shares allocated to them from approximately 10:00 CET on 25 March
2026. The Managers may also be contacted for information regarding allocation,
payment and delivery of the Offer Shares.

The existing shares held by Ferd not sold in the Offering will be subject to
lock-up of 180 calendar days lock-up, while the existing shares held by Atle
Lohrmann will be subject to a 365 calendar day lock-up. Further, the Company and
members of the Company's board of directors and management will have their
shares subject to a 365 calendar days lock-up.

***

About General Oceans

General Oceans is a global provider of advanced underwater technology delivering
sensors, systems and robotic solutions used in demanding marine environments.
The Group produces technology for measuring and understanding the ocean, imaging
& navigation systems, and autonomous/remotely operated vehicles with associated
manipulators and control systems. Underwater acoustics is the core of the
Group's technology, complemented by optical technology, environmental sensors
and software capabilities.

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 Managers.

For queries, please contact: Stein J. Frisch, Partner and Senior Adviser at
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 and Sweden,
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 Managers 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 the selling shareholders
in the Offering and no one else and will not be responsible to anyone other than
the Company and the selling shareholders in the Offering 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 selling shareholders in the Offering and 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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