Seaway 7 ASA

Share Issue/Capital Change • Dec 3, 2020

OHT ASA: SHARE CAPITAL INCREASE AND MANDATORY NOTIFICATION OF TRADE

OHT ASA: SHARE CAPITAL INCREASE AND MANDATORY NOTIFICATION OF TRADE

Reference is made to the Private placement 14 September 2020 and the Admission Document where a share incentive scheme is described for certain members of the Management and Turbin Capital AS provided certain milestones are reached. The Company is pleased to announce that such milestones have today been met.

The board of directors of OHT ASA ("OHT" or the "Company") has today, 3 December 2020, resolved to increase the share capital of the Company by NOK 138,948.70, from NOK 12,084,803.40 to NOK 12,223,752.10, through the issuance of 1,389,487 new shares, each with a nominal value of NOK 0.10 (the "New Shares"), based on an authorization from the general meeting of the Company. The subscription price per New Share is NOK 20.00.

1,042,115 New Shares have been subscribed for by, and will be issued to, Turbin Capital AS as settlement for the additional purchase price of USD 2,308,400 payable to Turbin Capital AS for the acquisition of the shares in Vind Offshore Installation AS upon the effective date of the shipbuilding contract with China Merchants Industry Holdings Co., Ltd for the first Gusto MSC NG-14000XL-G unit (the "SBC). The effective date of the SBC was 30 November 2020.

As part of the Company's bonus agreement with the Company's CEO Torgeir E. Ramstad, 347,372 New Shares have been subscribed for by, and will be issued to, the Company's CEO Torgeir E. Ramstad against a cash consideration of NOK 6,947,440. Torgeir E. Ramstad may be entitled to a bonus payment 12 months after the subscription on and subject to the terms of his bonus agreement. Following the issuance of the New Shares, Torgeir E. Ramstad will hold 397,372 shares in the Company, corresponding to approximately 0,33% of the total shares and votes in the Company.

For further information, please contact:

Torgeir E. Ramstad, CEO

Phone: +47 915 98 690

Email: tr@oht.no

Tom E. Jebsen, CFO

Phone: +47 907 47 997

Email: tj@blystad.no

About OHT ASA

OHT is a Norwegian based supplier of special heavy transportation services to the ship transportation/cargo industry, the oil service industry and the offshore wind industry, such as drilling rigs, offshore modules and offshore windfarm foundations. Through its wholly-owned subsidiaries, the group owns five HTVs and will take delivery of a custom-built semi submersible offshore wind foundation installation vessel at the end of 2021 and an offshore wind turbine installation vessel in 2023.