OKEA ASA

Major Shareholding Notification • Dec 20, 2022

Notification of large shareholding

Notification of large shareholding

Seacrest Energy Partners II L.P. and Seacrest NCS Fund LP (together the "Seacrest Funds") and Azimuth II Limited, a Seacrest affiliate ("Azimuth II"), currently hold 16,072,993 shares in OKEA ASA ("OKEA"), equal to 15.47% of the total issued shares of OKEA on an aggregated basis, all of which are held through OKEA Holdings Ltd. ("OKEA Holdings"). The Seacrest Funds are managed by affiliates of Seacrest Capital Group Ltd. (the "Manager").

On 20 December 2022, i) the Manager has decided to distribute in specie 13,698,440 shares in OKEA, held by the Seacrest Funds through OKEA Holdings, to underlying investors in the Seacrest Funds, and ii) Azimuth II has decided to distribute in specie 546,925 shares in OKEA, held by Azimuth II through OKEA Holdings, to its shareholders (together the "Distributions"). The Distributions will be completed on 20 December 2022.

OKEA Holdings, and ultimately Seacrest Energy Partners II L.P., will, following the Distributions, hold only 1,827,628 shares in OKEA, equal to 1.76% of the total issued shares of OKEA. Following the Distributions, Seacrest NCS Fund LP and Azimuth II will not hold any shares, voting rights, rights to shares or other financial instruments directly or indirectly in OKEA.