Stabilisation and over-allotment option notice

26 Mar 2026 08:01 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NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR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
INFORMATION" AT THE END OF THE PRESS RELEASE.
General Oceans – Stabilisation and over-allotment option notice
Oslo, 26 March 2026: Reference is made to the announcement by General Oceans ASA
(the "Company") on 24 March 2026 regarding the successful completion of the
bookbuilding in its initial public offering of shares (the "Offering") and the
Company's announcement earlier today regarding commencement of trading in the
Company's shares on Euronext Oslo Børs.

ABG Sundal Collier ASA (the “Stabilisation Manager”) may, on behalf of the
Managers (as defined below), engage in stabilisation activities in the Company's
listed shares (the "Shares") from today, 26 March 2026, to and including, 26
April 2026 (the “Stabilisation Period”). Any stabilisation activities will be
aimed at supporting the market price of the Shares.
In connection with the Offering, the Managers have over-allotted a total of
7,500,000 Shares to applicants in the Offering (the "Additional Shares"), which
equals 15% of the Shares allocated in the Offering (excluding the Additional
Shares).

In order to facilitate for the delivery of over-allotted shares, Atle Lohrmann
and Ferd Go Holding AS (the "Selling Shareholders") and the Company, have lent
to the Stabilisation Manager, on behalf of the Managers, a number of existing
Shares in the Company equal to the number of the Additional Shares, which will
either be redelivered to the Company and the Selling Shareholders after expiry
of the Stabilisation Period or sold pursuant to the Greenshoe Option (as defined
below). The Company has lent 2,500,000 Shares (held in treasury), while Atle
Lohrmann and Ferd Go Holding AS have lent 2,421,121 and 2,578,879 Shares,
respectively. For further details on over-allotment and stabilisation
activities, please see the prospectus dated 16 March 2026 prepared by the
Company (the “Prospectus”).
Further, to cover short positions made or created in connection with the
Offering as a result of over-allotments, the Company and the Selling
Shareholders have granted to the Stabilisation Manager, on behalf of the
Managers, a greenshoe option with a right to purchase up to 7,500,000 Shares at
a price per Share of NOK 21.00 (the "Greenshoe Option"), which is equal to the
offer price in the Offering (the “Offer Price”). The Greenshoe Option shall
first be utilised in full towards the Company. The Greenshoe Option from the
Selling Shareholders shall be exercised pro-rata based on the number of Shares
lent by each Selling Shareholder. The Greenshoe Option is exercisable, in whole
or in part, by the Stabilisation Manager, on behalf of the Managers, within the
Stabilisation Period.
The Stabilisation Manager may close out the short position created by
over-allotting shares in the Offering by purchasing shares in the open market
through stabilisation activities and/or by exercising the Greenshoe Option.
The Stabilisation Manager may effect transactions with a view to supporting the
market price of the Shares at a level higher than what might otherwise prevail,
by buying Shares in the open market at prices equal to or lower than (but not
above) the Offer Price. There is no obligation on the Stabilisation Manager to
conduct stabilisation activities and there can be no assurance that
stabilisation activities will be undertaken. If stabilisation activities are
undertaken, they may be discontinued at any time, and must be brought to an end
upon or before expiry of the Stabilisation Period.

Any stabilisation activities will be conducted based on the same principles as
set out in article 5(4) of the EU Market Abuse Regulation and chapter III of the
supplemental rules set out in the Commission Delegated Regulation (EU)
2016/1052, as implemented into Norwegian law by Section 3-1 of the Norwegian
Securities Trading Act, with regard to regulatory technical standards for the
conditions applicable to buy-back programmes and stabilisation measures. If
stabilisation activities are undertaken, information on the activities will be
published no later than seven trading days following such transaction(s).
Further, within one week after the expiry of the Stabilisation Period, the
Company will publish information as to whether or not price stabilisation
activities were undertaken. If stabilisation activities were undertaken, the
statement will also include information about: (i) the total amount of Shares
sold and purchased; (ii) the dates on which the Stabilisation Period commenced;
(iii) the price range between which stabilisation was carried out for each day
during the Stabilisation Period; and (iv) the date at which stabilisation
activities last occurred.

***

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 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 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 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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669369_General Oceans Stabilisation and over-allotment option notice.pdf