OKEA ASA

Investor Presentation • Jun 10, 2025

OKEA ASA

Credit investor update

10 June 2025

This presentation contains certain statements and information that constitutes "forward-looking information" and relates to future events, including the Company's future performance, business prospects or opportunities. Forward-looking information is generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions and could include, but is not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration, development and production activities.

Forward-looking information reflects current views about future events and is, by its nature, subject to known and unknown risks and uncertainties because it relates to events and depend on circumstances that will occur in the future. There are a number of factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Such risks include but are not limited to operational risks (including exploration and development risks), productions costs, availability of equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks.

Neither the Company or any officers or employees of the Company provides any warranty or other assurance that the assumptions underlying such forward-looking information are free from errors, nor does any of them accept any responsibility for the accuracy and completeness of the forward-looking information. Any forward-looking information speaks only as of the date on which such statement is made, and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable law.

The presentation is subject to Norwegian law.

Table of contents

Company and business 1

Financials 2

Appendix 3

OKEA at a glance – a leading independent NCS E&P

• Founded in 2015 and listed on the Oslo Stock Exchange since June 2019

• Repeat and successful bond issuer since 2017

• Headquartered in Trondheim, operations centres in Kristiansund and Bergen, and offices in Oslo and Stavanger

• Full scale operator organisation with ~500 employees on- and offshore

• Diversified portfolio with a core focus on midand late-life assets in the North Sea and Norwegian Sea

• In Q1 2025 the production mix was 57% oil, 31% gas and 12% NGL

• Operator of the Draugen, Brage and Bestla fields, and partner shares in Gjøa, Ivar Aasen, Nova and Statfjord area

• Active portfolio management strategy targeting growth through organic developments and M&A

4

Continued strong performance since last bond issue

✓ Strong operational performance, delivering 91% production efficiency with 34 kboepd net production Q1 2025

✓ Material Q1 2025 LTM EBITDA of USD 667m, up 12% compared to Q1 2024 LTM EBITDA, providing strong operational cash flow

✓ Key development projects progressing well – on track to deliver Bestla production in 2027 and electrification of Draugen in 2028

✓ Optimisation of portfolio through sale of non-core Yme field at attractive valuation

✓ Consistently maintained a robust balance sheet with low leverage and material liquidity buffer

Delivering on growth strategy while maintaining low leverage

1) Full-year contribution from acquired assets, excluding divested assets from effective year of the divestment; 2) Net debt per definition in the Bond Terms, including net tax payable per year end

‹#› 6

Strategy underpinned by three core pillars

Profitable growth

• Pursuing accretive organic and inorganic growth initiatives

• Strategy focused on proven mid- and late-life assets on the NCS

• Targeting the right assets where we have a competitive advantage

‹#›

7

Value creation

• Continuously working for value maximisation in existing portfolio

• Finding value where others divest, rejuvenating mature assets

• Leveraging operator capabilities to capture upside and create value

Capital discipline

• Maintaining financial flexibility and robust balance sheet

• Focused on lower risk investments with robust economics

• Balanced capital allocation framework

Track record of value creating through active ownership

8

Success in fighting decline - Hasselmus on-stream in Q4'23; Power from Shore facilitating longer-term value creation

1) Brage and Draugen production efficiency under previous operator calculated as average of last four years prior to transfer of operatorship. OKEA calculated as average from year of assumed operatorship through 2024; 2) 2P/2C year-end 2024 (source: ASR 2024) + production in 2023-2024 for Brage, and 2019-2024 for Draugen; 3) Expected lifetime based on reserves (2P) as assessed by the respective operators

Ongoing development projects progressing well

• Low CO² emissions and reduced costs to extend economic lifetime

• Robustness and visibility through fixed power price²

• Offshore construction currently ramping up to full capacity

• Construction of onshore facilities progressing according to plan

• Qualifies for the temporary tax regime with an effective tax shield of 87% through 2027 as further outlined on page 26

• Tie-back to Brage with substantial volumes and attractive economics

• Facilitating lifetime extension; enabling potential value from future projects

• Progressing according to plan. Installation of subsea template and deck modules scheduled to commence in Q2 2025

• Preparations for drilling in Q3 2025 on track

Continuously working to maximise value of the asset base

Delivering robust and profitable growth

Base production

+

+

Actively pursue further value creation in producing assets and maximising potential of asset base through i.a. life extensions, Improved Oil Recovery ("IOR"), cost reductions and efficiency measures

Development projects

Organic developments as complementary growth lever. Focus on development projects adjacent to existing hubs with robust economics and short payback. Selective Infrastructure-Led Exploration ("ILX")-focused exploration

Inorganic initiatives

Mergers and acquisitions to further strengthen core areas and add new portfolio legs. Capitalise on OKEA's operator organisation and capabilities in sourcing deals, executing transactions and integrating assets

Table of contents

1 Company and business

Financials 2

Appendix 3

Prudent financial strategy and capital allocation framework

financial management

Conservative

• Prudent leverage through the cycle

• Active hedging strategy and conservative budgeting

• Robust offshore insurance coverage in line with best industry practice

• Maintain robust liquidity at all times

• Material production base generating solid cash flow from operations

• Additional financial flexibility through RCF for working capital management

• Control pace of investments with operatorship of key capex projects, including the Bestla development

• Diversification across assets, type of projects and oil / gas mix

• Risk-cost-benefit evaluations applied in all phases of the company's business activities

• Disciplined growth with focus on value over volume

• allocation

• Track record of deleveraging and proactive liability management

• Sound balance between leverage, investments, and distributions

• Demonstrated capital discipline with stringent criteria for new investment

Sustained track record of robust financial performance

Reported interest-bearing debt less cash (USDm) Free cash flow (USDm)^{2 3}

14 1) Full-year contribution from acquired assets, excluding divested assets from effective year of the divestment; 2) Cash flow from operating activities less investments in oil and gas properties and exploration capex; 3) Excluding tax payable

Maintaining a robust balance sheet through investment phase

Leverage ratio development Conservative financing and liquidity management ¹

Demonstrated consistent deleveraging in recent years

15

• Strong cash generation from robust asset base, investments focused on production and short-cycle projects

• Managed liabilities through buybacks and early refinancings

• Proven track record of ensuring organic and inorganic growth initiatives are robustly financed

• Leverage ratio projected to remain well below 1x through the life of the new bond on current forward oil and gas prices¹

Interest-bearing debt and cash per Q1 2025 (USDm)

No changes to Q1 2025 outlook and guidance

Production	Production guidance > Production guidance for 2025 of 28 – 32 kboepd > Production guidance for 2026 of 26 – 30 kboepd
Capex	Capex guidance > Capex guidance for 2025 of USD 310 - 350 million > Capex guidance for 2026 of USD 300 - 360 million (does not include capitalised interest and exploration spending)
Other	> Tax: Two instalments due in Q2 2025, each amounting to USD ~50 million > Dividend: The company is in a period of relatively high spending on organic investments near term which will add value over time. In line with the company's first capital allocation principle of maintaining a healthy balance sheet, dividend payments have been temporarily put on hold. The board will revert with a dividend plan when it considers to be in a position to distribute

Table of contents

1 Company and business

Financials 2

Appendix 3

Income statement

Q1 2025 figures	Q1 2025 comments
Amounts in USD million	Q1 2025	Q4 2024	Q1 2024	2024
Total operating income	271	205	330	1,050	from sale of petroleum products
					> Production expenses of USD 62 million; corresponding to 18.6 USD/boe
Production expenses	-62	-73	-80	-309	> Impairment expense of USD 12 million from
Changes in over/underlift positions and production inventory	-13	33	-37	3
Depreciation, depletion and amortisation	-57	-62	-74	-268	in forward prices
Impairment (-) / reversal of impairment	-12	0	-15	41	USD 14 million
Exploration, general and administrative expenses	-14	-16	-9	-54
Profit/ loss (-) from operating activities	114	88	116	463	USD 9 million in exploration expenses
					USD 5 million in SG&A expenses
Net financial items	8	-24	-14	-37	> Net financial income of USD 8 million
Profit/ loss (-) before income tax	122	64	103	426	USD 12 million in net FX gain
					USD 4 million in net expensed interest
Taxes (-) / tax income (+)	-101	-58	-107	-390	> Income tax expense of USD 101 million
Net profit/ loss (-)	21	6	-5	36	Effective tax rate of 83%
EBITDA	183	149	205	690

• Operating income of USD 271 million; USD 266 million from sale of petroleum products

• Production expenses of USD 62 million; corresponding to 18.6 USD/boe

• Impairment expense of USD 12 million from impairment of technical goodwill due to a reduction in forward prices

• Exploration, general and administrative expenses of USD 14 million

  • ̶ USD 9 million in exploration expenses
  • ̶ USD 5 million in SG&A expenses

• Net financial income of USD 8 million

  • ̶ USD 12 million in net FX gain
  • ̶ USD 4 million in net expensed interest

• Income tax expense of USD 101 million

  • ̶ Effective tax rate of 83%

Statement of financial position

Amounts in USD million	31.03.2025	31.12.2024	31.03.2024
ASSETS
Goodwill	140	142	190
Oil and gas properties	659	597	660
Asset retirement reimbursement right	424	407	377
Trade and other receivables	166	183	179
Cash and cash equivalents	343	289	197
Other assets	142	125	119
TOTAL ASSETS	1,874	1,743	1,722
Total equity	128	98	63
Liabilities
Asset retirement obligations	890	837	857
Deferred tax liabilities	140	111	94
Interest bearing bond loans	247	246	123
Other interest-bearing liabilities	0	0	46
Trade and other payables	247	267	272
Income tax payable	186	143	218
Other liabilities	40	41	50
Total liabilities	1,747	1,645	1,659
TOTAL EQUITY AND LIABILITIES	1,874	1,743	1,722

Q1 2025 figures Q1 2025 comments

• Goodwill of USD 140 million; of which technical goodwill of USD 125 million and ordinary goodwill of USD 15 million

• Oil and gas properties of USD 659 million

• Cash and cash equivalents of USD 343 million, in addition USD 24 million invested in money-market funds classified as other assets

• Interest-bearing bond loans of USD 247 million; comprising OKEA04 and OKEA05

• Income tax payable of USD 186 million

• Asset retirement obligation of USD 890 million; partly offset by the asset retirement reimbursement right of USD 424 million

Cash development Q1 2025

Key transactions, deferred and contingent payments

Statfjord acquisition – Key terms Yme divestment – Key terms

• OKEA acquired a 28.00% WI in PL037 Statfjord area from Equinor Energy AS (SPA signed 19 March 2023 with effective date 1 January 2023, completed on 29 December 2023)

• PL037 comprises 23.93123% WI in Statfjord Unit, 28% WI in Statfjord Nord, 14% WI in Statfjord Øst and 15.4% WI in Sygna

• Initial fixed consideration of USD 220m including tax balances of approximately NOK 300m

• Equinor retains responsibility for 100% of OKEA's share of total decommissioning costs related to Statfjord A, while OKEA is liable for its share of decommissioning costs related to Statfjord B and C. However, Equinor retains responsibility for any decommissioning costs relating to a full or partial removal of the Statfjord B and C gravity-based structures, should it be required.

• OKEA will pay Equinor USD 48m (real 2023 terms) in 2028 as decommissioning security which will be repaid to OKEA at 4% p.a. real interest in accordance with OKEA's actual payment of its share of decommissioning costs until abandonment is completed

• In addition, the agreement contains a contingent consideration structure based on profit sharing on crude oil and dry gas (OKEA will receive 100% of the incremental revenue generated above USD 72/bbl and 75p/th, respectively), the remaining potential liability summarised below. All numbers are in real 2023 terms and realised prices are based on annual averages. There is no contingent payment structure for NGL

• Contingent payments for 2024 of USD ~7 million were recognised in the balance sheet and will be paid in June 2025

		Realised price		Profit share		Realised price	Profit share
Year	Crude oil price	Dry gas price	OKEA	Equinor	Crude oil price	Dry gas price	OKEA	Equinor
	USD/bbl	p/th		%	USD/bbl	p/th	%
2025	53-72	37-75	10	90	>72	>75	100	0

• In September 2024, OKEA entered into an agreement with Lime Petroleum AS ("Lime") to sell its 15% working interest in the Yme licence for a post-tax cash consideration of USD 15.65 million

• Effective date of the transaction was 1 January 2024. The transaction was completed on 29 November 2024

• Lime will pay OKEA a post-tax consideration of USD 9.2 million in 2027 which will be repaid to Lime in four 25 per cent tranches upon completion of four pre-defined stages of abandonment of the field (subject to 4% p.a. interest)

Asset retirement obligations

Draugen and Gjøa (Norske Shell transaction, Nov 2018) PL037 Statfjord area (Equinor transaction, Dec 2023)

• Seller covers abandonment and removal cost for equipment installed as of completion of the transaction (30 November 2018). Two-fold structure:

  • 80%: Shell reimburses OKEA up until a CPI-adjusted post-tax liability cap of NOK 812m for Draugen and NOK 66m for Gjøa
    • The CPI adjusted cap by 31 December 2024 equals NOK 812m → any cost exceeding the cap (CPI adjusted going forward)
  • 20% of the expected removal cost as per 1 January 2018 was paid to Shell at completion of the transaction and will be repaid in 3 instalments pursuant to completion progression of removal execution (NOK 418m for Draugen and NOK 48m for Gjøa) subject to CPI adjustment
    • The CPI adjusted cap by 31 December 2024 equals NOK 473m, any cost exceeding the cap (CPI adjusted going forward)

• In sum zero expected net exposure to OKEA for wells and infrastructure at place in time of acquisition

• Seller retains responsibility for decommissioning/removal of the Statfjord A platform

• OKEA has responsibility for decommissioning/removal of the Statfjord B and C platforms

  • All potential cost for full or partial removal of the gravity-based structures (GBS) will be covered by seller
  • OKEA to pay USD 48m (real 2023 terms, subject to CPI adjustment) by 1 February 2028 to seller as a guarantee. The deposit will be repaid with interest of 4% based on actual progress (real terms)

• In sum 100% net exposure to OKEA for Statfjord B and C, limited by scope & GBS removal; zero exposure for Statfjord A

Brage (Wintershall Dea transaction, Nov 2022) Ivar Aasen and Nova

• Seller retains responsibility for 80% of OKEA's share of total decommissioning costs related to > 100% exposure with OKEA the Brage Unit, limited to a pre-tax cap of NOK 1,634m subject to CPI adjustment (31 December 2024 value)

• In sum 20% net expected exposure to OKEA

Abandonment spending is fully tax deductible against corporate tax and special petroleum tax (78% total tax shield)

Overview of material contracts and agreements

• Crude Oil is sold on term contracts (yearly and multi-year) where underlying benchmark is Dated Brent

• Gas sales are annual contracts where underlying benchmark is NBP for gas exported to UK and the respective price index according to delivered hub for gas delivered to continental Europe

Oil and gas sales Other material contracts

Joint Operating Agreement (JOA): The Company has several production licences on the NCS in various stages of maturity. In connection to these production licences, the Company has entered into joint operating agreements (JOAs). The JOAs are provided by the Ministry of Petroleum and Energy. The JOAs contain voting rules, with two elements for a decisive vote: number of companies and a passmark (usually 50 % or more). Thus, OKEA may risk to be voted into arrangements. Each production licence is issued with a work obligation and may have conditions for drill/drop or PDO/drop decisions

Insurances

• Market standard offshore insurance program in place, including Loss of Production Income (LOPI)

• All assets are insured at USD 60/boe for oil and USD 45/boe for gas and NGL production

• The insurance has been placed and syndicated with Standard & Poor A rated (or higher) international insurance companies

• Insurance includes other standard coverage, e.g., physical damage, re-drilling of wells, oil in storage, third-party liability etc

Legal disputes

• Statfjord arbitration: The company has filed a claim against Equinor Energy AS. The claim relates to the interpretation of the sales agreement for OKEA's purchase of a 28% ownership interest in PL 037. A claim has been filed for damages determined at the court's discretion

• Claim against Repsol: The company, together with the other licensees in PL 316/PL 316B (Yme), has filed a claim against Repsol Norge AS for wrongful retention of oil volumes related to a cargo lifted in December 2023 (Cargo51). The claim relates to the interpretation of the lifting agreement on Yme

• Litigation: No other material litigation is current, pending or threatened

Firm and ambitious target of 30% CO² emission reductions by 2030

classification from Position Green for 2023 ESG report

Tax paid

3.1 NOKbn

A+

27% of staff

Female employees

Female leaders

87

40% of leaders

scale of 0 to 100 Employee engagement score

Performance highlights Power from Shore: 95% reduction in CO2 intensity from Draugen by 2030 vs 2019 baseline

Summary of reserves and resources per YE 2024

		1P/P90 (Low estimate, mmboe)
	Asset/Project	OKEA WI	Gross Oil	Gross NGL	Gross Gas	Net OE	Gross Oil	Gross NGL	Gross Gas	Net OE
	Reserves – On Production
	Brage	35.2%	4.9	0.1	0.3	1.9	6.5	0.2	0.7	2.6
	Draugen	44.6%	44.2	3.9	6.4	24.3	48.8	5.3	8.7	28.0
	Gjøa	12.0%	0.8	5.9	11.5	2.2	1.0	7.5	14.5	2.8
	Ivar Aasen	9.2%	10.5	0.7	2.1	1.2	31.2	2.3	7.2	3.8
	Nova	6.0%	14.7	3.5	6.1	1.5	29.4	4.9	8.6	2.6
eserves	Statfjord	23.9%	8.8	8.2	12.6	7.1	17.4	20.2	30.9	16.4
	Statfjord Nord	28.0%	5.6	0.2	0.3	1.7	12.8	0.5	0.7	3.9
P r	Statfjord Øst	14.0%	5.0	1.1	1.6	1.1	9.1	1.9	2.9	1.9
	Sygna	15.4%	0.9	0.0	0.0	0.1	1.8	0.0	0.0	0.3
d 2	Total Net					41.1				62.2
n	Reserves – Approved for Production
P a	Bestla	39.3%	10.8	1.7	4.8	6.8	13.7	2.0	5.5	8.3
1	Brage (Fensfjord5000; Bowmore; SE first producer)	35.2%	1.7	0.2	0.4	0.8	3.6	0.4	1.1	1.8
	Draugen (Power from Shore)	44.6%	0.0	1.6	2.7	1.9	0.0	1.7	2.7	2.0
	Gjøa (B1 LWI; LLP)	12.0%	0.3	1.7	3.3	0.6	0.4	2.3	4.4	0.9
	Statfjord (LPT pilot; SFC FFE)	23.9%	0.0	0.2	0.3	0.1	0.0	0.8	1.2	0.5
	Total Net					10.2				13.5
					Reserves – Total

Total Net 51.3 75.6

			Gross Oil equivalents (mmboe)		Net Oil equivalents (mmboe)
	Field or Discovery	OKEA WI	1C/P90	2C/P50	3C/P10	1C/P90	2C/P50	P10
	Aurora	65.0%	10.2	13.0	19.3	6.6	8.4	12.5
	Brage	35.2%	22.1	43.8	68.0	7.8	15.4	23.9
urces	Bestla	39.3%	1.3	2.9	4.9	0.5	1.2	1.9
	Calypso	30.0%	13.0	17.8	24.2	3.9	5.3	7.3
o es	Draugen	44.6%	26.9	32.6	38.6	12.0	14.5	17.2
	Galtvort	44.6%	7.3	13.8	21.4	3.3	6.1	9.5
nt r	Gjøa	12.0%	1.2	2.3	3.5	0.1	0.3	0.4
e	Hamlet	12.0%	5.6	12.0	15.2	0.7	1.4	1.8
g n	Ivar Aasen	9.2%	9.7	19.3	30.6	0.9	1.8	2.8
	Nova	6.0%	12.1	24.2	37.9	0.7	1.5	2.3
nti	Statfjord	23.9%	26.6	38.0	49.4	6.4	9.1	11.8
o C	Statfjord Nord	28.0%	0.9	1.3	1.7	0.3	0.4	0.5
	Statfjord Øst	14.0%	3.6	4.9	6.3	0.5	0.7	0.9
	Sygna	15.4%	0.0	0.0	0.0	0.0	0.0	0.0
	Total Contingent Volumes					43.6	66.1	92.9

Introduction to the Norwegian petroleum tax system

78% total cost recovery on investments with majority recouped in year of investment

Remaining tax balances 01.01.2025 - corporate tax (22%)

NOKm	2020	2021	2022	2023	2024	Total
Draugen	25	76	294	704	700	1,798
Gjøa	62	23	-1	4	21	110
Ivar Aasen	26	43	53	39	1	162
Brage	20	117	176	332	372	1,017
Nova	27	43	73	47	52	242
Bestla				31	358	389
Statfjord Unit	75	194	359	517	699	1,844
Statfjord North	1	11	108	63	128	311
Statfjord East	2	12	55	262	83	414
Sygna	0	1	3	3	4	11
Total	238	521	1,119	2,002	2,419	6,299

Tax depreciation and tax values per year

NOKm	2025	2026	2027	2028	2029	Total
Depreciation corporate tax	1,856	1,618	1,357	984	484	6,299
Tax value from corporate tax	408	356	299	217	106	1,386

Introduction to technical goodwill

Description and effects Illustrative example

• Whilst ordinary goodwill represents any excess consideration paid in an M&A transaction exceeding fair value of net assets, technical goodwill arises as an offsetting entry to deferred tax related to the acquired assets

• All licences on the NCS are sold on an after-tax basis the buyer inherits the seller's tax values and are only entitled to tax relief on those values

• Technical goodwill arises as IFRS (IAS 12) still requires that a provision is made for deferred tax

• Once book value exceeds the fair value of an asset, the order of impairment is (1) goodwill and (2) fixed asset

• Goodwill is not depreciated and will therefore be impaired over the lifetime of the asset – i.e. with inorganic growth, technical goodwill impairments are to be expected over time

• Technical goodwill impairments are reflected as a cost affecting reported net profit after tax but will never have a cash effect

• Unlike fixed asset impairments, goodwill impairments do not provide a tax shield and cannot be reversed

Highly experienced executive management team…

… supported by Board of Directors with strong expertise

Chaiwat Kovavisarach

Chairman of the board

Non-executive

• President and Group CEO of Bangchak Corporation Public Company Limited since 2015
• Also serves on the board of several listed and nonlisted companies and is chairman of the Thai-Europe Business Council, vice chairman of the Federation of Thai industries, executive chairman of the Board of Trustees of the Asian Institute of Technology, director of the Government Pension Fund, director of Bank of Thailand's Credit Information Protection Committee and board of trustee of KMITL

Mike Fischer Deputy Chair Non-executive

• Nearly 40 years' experience in the oil & gas industry
• Currently an Executive Advisor to the Natural Resources business unit of Bangchak

Elizabeth Williamson

Board member Independent, non-executive

• Head of energy corporate finance in Rand Merchant Bank
• Master in energy, trade and finance from Cass Business School

Rune Olav Pedersen Board member Independent, non-executive

• CEO of Geoquip Marine since January 2025
• Previously President & CEO of PGS ASA, and partner of the law firm Arntzen de Besche

Pairoj Kaweeyanun Board member Non-executive ▪ Independent Director in Bangchak Corporation ▪ +20 years of experience in the oil and gas industry from Chevron

Nicola Gordon Board member

Independent, non-executive

• Broad experience within oil & gas, including several positions at Shell
• Holds several board positions in the industry

Jon Arnt Jacobsen Board member Independent, non-executive

▪ +30 years' experience in the oil & gas industry

▪ Broad experience within finance, trading and shipping, procurement and supply chain, internal audit

Phatpuree Chinkulkitnivat Board member Non-executive

• Group CFO at Bangchak Corporation
• More than 20 years experience in banking industry prior to joining Bangchak Group

Sverre Nes Board member Employee elected

• Discipline Responsible for Process at Brage
• Worked in Hydro between 1991 and 2012 and joined Wintershall from 2013

Ragnhild Aas Board member Employee elected

• VP technology & development with more than 25 years' experience in the oil & gas industry
• Experience as Board member and Employee Representative

Per Magne Bjellvåg Board member Employee elected

• Lead Process Engineer for Process and Technical Safety
• Nearly 30 years of experience in the oil and gas industry, mostly from Norske Shell

Shareholder overview

Rank	Investor	Geography	Type	%	Shares
1	BCPR PTE. LTD.	Thailand	Ordinary	45.58%	47,362,377
2	CLEARSTREAM BANKING S.A.	Luxembourg	Nominee	3.52%	3,659,112
3	UBS AG	United Kingdom	Nominee	1.72%	1,782,145
4	MATHIASSEN	Norway	Ordinary	1.31%	1,360,000
5	NORDNET LIVSFORSIKRING AS	Norway	Ordinary	0.92%	958,448
6	SPAREBANK 1 MARKETS AS	Norway	Ordinary	0.82%	850,000
7	SKJEFSTAD VESTRE AS	Norway	Ordinary	0.75%	780,617
8	The Bank of New York Mellon SA/NV	Belgium	Nominee	0.63%	654,937
9	SKANDINAVISKA ENSKILDA BANKEN AB	Sweden	Ordinary	0.62%	647,079
10	Nordnet Bank AB	Sweden	Nominee	0.55%	569,274
11	NIMA INVEST AS	Norway	Ordinary	0.54%	559,517
12	Morgan Stanley & Co. Int. Plc.	United Kingdom	Nominee	0.52%	544,312
13	KØRVEN AS	Norway	Ordinary	0.46%	481,941
14	Avanza Bank AB	Sweden	Broker	0.46%	474,786
15	HAAS AS	Norway	Ordinary	0.39%	402,289
16	Interactive Brokers LLC	United States	Nominee	0.38%	399,744
17	Nordea Bank Abp	Denmark	Nominee	0.38%	393,393
18	REKSNES	Norway	Ordinary	0.38%	390,000
19	J&J INVESTMENT AS	Norway	Ordinary	0.37%	380,000
20	Saxo Bank A/S	Denmark	Nominee	0.36%	368,989
Sum Top 20					63,018,960
	Total outstanding shares				103,910,350