OKEA ASA

Capital/Financing Update • Sep 6, 2023

OKEA ASA - Exercise of call option

OKEA ASA - Exercise of call option

ISIN: NO0010869175 - OKEA ASA Senior Secured Callable Open Bond Issue 2019/2024

Nordic Trustee AS (the "Bond Trustee") acts as bond trustee for the Bondholders

in the above mentioned bond issue (the "Bond Issue") where OKEA ASA is issuer

(the "Issuer"). All capitalised terms used herein shall have the meaning

assigned to them in the bond terms originally dated 10 December 2019 (as amended

and restated, the "Bond Terms").

The Issuer has in a letter to the Bond Trustee on 6 September 2023 notified that

the Issuer will exercise the Call Option to redeem all of the Outstanding Bonds

in accordance with Clause 10.2 (Voluntary early redemption - Call Option) of the

Bond Terms.

The payment will be carried out as follows:

Redemption amount: In full

Redemption price: 103.20% of Nominal Amount for each redeemed Bond (plus accrued

unpaid interest on the redeemed amount)

Record Date: 18 September 2023

Settlement Date: 20 September 2023

This information is published in accordance with the requirements of the

Continuing Obligations.

For further information, please contact:

Birte Norheim, CFO

Birte.norheim@okea.no

+47 952 93 321

Anca Jalba, VP IR & Communication

Anca.jalba@okea.no

+47 410 87 988

About OKEA

OKEA ASA is a leading mid- to late-life operator on the Norwegian continental

shelf (NCS). OKEA finds value where others divest and has an ambitious strategy

built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE: OKEA).

More information at www.okea.no.