OKEA ASA

Earnings Release • May 27, 2021

OKEA expects significant operational synergies and positive cash flow effects following reorganisation of operations at the Yme field

OKEA expects significant operational synergies and positive cash flow effects following reorganisation of operations at the Yme field

Repsol Norge AS ("Repsol"), as operator of the Yme licence, has on behalf of the

license entered into agreements to take over day-to-day operations of the jack

-up rig Mærsk Inspirer from Maersk Drilling ("MD"). According to the agreements,

MD will sell Mærsk Inspirer to Havila Sirius AS ("Havila") and the Yme licensees

will lease the rig from Havila under a bareboat charter whereby the Yme licence

will take ownership of the rig at the end of the lease period.  The

reorganisation of operations is expected to enable operational synergies and

significant positive cash flow effects for the Yme licence partners.

'As partner in the Yme licence, OKEA expects that the transaction will realize

significant operational synergies as well as positive effects on corporate cash

flow', says Knut Gjertsen, SVP Projects and Technology in OKEA. 'We look forward

to getting Yme in production in the second half of this year and believe that

this structure will support an efficient start-up of the production from the

field'.

The transaction is subject to certain conditions being satisfied, including

relevant authorities' approval.

Facts about the Yme New Development Project and Mærsk Inspirer

Repsol (55% WI) is the operator of the Yme field and partners are Lotos

Exploration and Production Norge AS (20% WI), KUFPEC Norway AS (10% WI) and OKEA

ASA (15% WI).

The Yme field was discovered in 1987 located in Block 9/2 and 9/5 in the

Egersund Basin in the Southern North Sea, approximately 100 km from the

Norwegian coastline. The Yme New Development Project consists of the

engineering, procurement, construction and installation of a new wellhead module

on top of existing facilities at the Yme field, the modifications and upgrading

of the Maersk Inspirer and subsequent hook-up of the unit to existing wells and

seabed installations offshore.

The Mærsk Inspirer was delivered in 2004, and following an initial drilling

campaign in UK, the rig was converted to a Mobile Offshore Drilling and

Production Unit to provide simultaneous drilling and production service on the

Volve field offshore Norway for Equinor in the period from 2007 to 2017. From

late autumn 2018 until 29 December 2020, Mærsk Inspirer was at the Aker

Solutions' yard in Egersund for upgrading and modifications work. Mærsk Inspirer

was successfully installed at the Yme field on 31 December 2020.

Contact persons:

Knut Gjertsen, SVP Projects & Technology, +47 911 24 571

Birte Norheim, CFO, +47 952 93 321

Trond Omdal, VP Investor Relations, +47 915 32 578

About OKEA

OKEA ASA is an independent Exploration and Production (E&P) company and operator

on the Norwegian Continental Shelf with a current production around 16,000

boepd. OKEA targets profitable production growth within the current portfolio

combined with an opportunistic approach to M&A.

OKEA ASA is listed on the Oslo Stock Exchange under the ticker "OKEA".

More information at okea.no