OKEA ASA

Capital/Financing Update • Jul 5, 2021

Denne melding til obligasjonseierne er kun utarbeidet på engelsk. For informasjon vennligst kontakt Nordic Trustee AS.

To the bondholders in:

ISIN: NO0010869175 - OKEA ASA Senior Secured Callable USD 150,000,000 Bonds 2019/2024

Oslo, 5 July 2021

Put Option Event

Nordic Trustee AS is appointed as bond trustee (the "Bond Trustee") for the holders (the "Bondholders") of bonds in the above mentioned bond issue (the "Bond Issue") where Okea ASA is the issuer (the "Issuer"). All capitalized terms used herein shall have the meaning assigned to them in the bond terms originally dated 10 December 2019 (the "Bond Terms").

The Issuer has in accordance with the Bond Terms, Clause 12.3 informed the Bond Trustee that the Extraordinary Put Event and corresponding Put Option Event occurred on 30 June 2021.

According to Clause 10.3 of the Bond Terms, a right of pre-payment (a "Put Option") at a price of 100 per cent of the Nominal Amount plus accrued interest is triggered by a Put Option Event. The aggregate redemption amount will be limited to the Put Option Amount, being 15% of the Outstanding Bonds as of 30 June 2021.

Exercise of the Put Option shall be notified by a Bondholder to the Paying Agent, through its Account Manager (No: Kontofører Investor), no later than 4 August 2021 (which is 30 calendar days after the Issuer has given notification of the Put Option Event to the Bond Trustee).

The Put Option Repayment Date will be the tenth (10th) Business Day after the end of the exercise period, which is 18 August 2021.

Yours sincerely Nordic Trustee AS

Ellen Søiland