OKEA ASA – Successful completion of initial public offering

OKEA Oslo Bors IPO

Trondheim, 17 June 2019.

OKEA ASA (“OKEA” or the “Company”) announces the successful completion of its initial public offering (the "IPO" or the "Offering"). The first day of trading in the Company's shares on Oslo Børs will be 18 June 2019.

The IPO in summary:

- The shares in the IPO are priced at NOK 21 per share. The price implies a market capitalization of OKEA of approximately NOK 2,139 million.

- OKEA will issue 15,000,000 new shares in connection with the Offering (the "New Shares"), raising gross proceeds of NOK 315 million. There will in total be 101,839,050 shares in issue following the issuance of the New Shares, and the New Shares will represent approximately 15% of the total shareholding in OKEA after the IPO.

- The Managers (as defined below) have over-allotted 2,250,000 shares, representing 15% of the number of New Shares issued in the Offering.

- After completion of the Offering, the free float of OKEA will be ~29% if the over-allotment option is not utilized and ~31 % if the over-allotment option is utilized in full. The Company will have more than 900 shareholders.

- Trading of the shares in OKEA on Oslo Børs will commence on 18 June 2019, under the ticker "OKEA".

Notifications of allocated shares and the corresponding amount to be paid by investors are expected to be communicated to investors today, 17 June 2019. Investors having access to investor services through their VPS account manager will be able to check the number of shares allocated to them from about 09:00 hours (CET) today. The Managers may also be contacted for information regarding allocations.

The following primary insiders have been allocated shares in the IPO:

- Erik Haugane (co-founder and CEO) has been allocated 200,000 Offer Shares.

- Anton Tronstad (co-founder and SVP Projects and Technology) has been allocated 200,000 Offer Shares.

- Knut Evensen (co-founder and SVP Finance and IR) has been allocated 7,142 Offer Shares.

- Ola Borten Moe (co-founder and SVP Business Development) has been allocated 7,142 Offer Shares.

- Finn Haugan (board member) has been allocated 14,285 Offer Shares.

- Frank Stensland (board member, employee representative) has been allocated 9,523 Offer Shares.

- Andrew McCann (SVP Subsurface) has been allocated 30,952 Offer Shares.

- Tor Bjerkestrand (SVP Operations) has been allocated 11,904 Offer Shares.

- Jan Atle Johansen (board member, employee representative) has been allocated 7,142 Offer Shares.

- Anne Lene Rømuld (board member, employee representative) has been allocated 7,142 Offer Shares.

- Ragnhild Aas (board member, employee representative) has been allocated 2,380 Offer Shares.

- BCPR Pte. Ltd., the Company's largest shareholder and a primary insider represented on the Board of Directors, has been allocated 2,891,574 Offer Shares.

The over-allotment will as originally envisaged be facilitated through a lending and over-allotment option to be granted by OKEA Holdings Ltd. and BCPR Pte. Ltd., 33% and 67% respectively , to Pareto Securities AS (the “Stabilisation Manager”). The Stabilisation Manager, on behalf of the Managers, has the option to purchase a number of shares equal to the number of over-allotted shares at the end of the stabilisation period to cover any short positions created by the stabilisation activities. A separate disclosure will be issued by the Stabilisation Manager regarding the stabilisation activities.

Pareto Securities AS, Skandinaviska Enskilda Banken AB (publ.), Oslo Branch and SpareBank 1 Markets AS are acting as Joint Global Coordinators and Joint Bookrunners in the IPO (collectively, the "Managers"). Advokatfirmaet Schjødt AS is acting as legal advisor to OKEA, and Arntzen de Besche Advokatfirma AS is acting as legal advisor to the Managers.

For further media queries, please contact:

Erik Haugane, CEO +47 90 72 16 55

Jan Petter Stiff, Crux Advisers (media) +47 99 51 38 91


OKEA is a fast-growing oil and gas producer operating on the Norwegian Continental Shelf (NCS) aiming to bring undeveloped discoveries with less than 100 million boe in reserves into production. We are a trusted partner on a local, regional and national level with a clear ambition to create value for owners, employees and society as a whole.

Our overall vision is to be the leading company on the NCS in terms of delivering safe and cost-effective field developments and operational excellence, while maintaining a competent organization with direct management engagement in all of our projects.

OKEA was established in June 2015 and founded with capital contributions from the active E&P manager Seacrest Capital Group, and the four founding members of management.

OKEA consists of a strong management team coupled with a tier-one operator organization of more than 200 employees ensuring operational excellence. The NOK 4.5 billion acquisition of interests in Draugen and Gjøa in 2018 transformed OKEA from an E&P start-up to an established player.

Our head office is based in Trondheim and includes most of our management functions. Our offshore operational center for existing and future OKEA-operated fields is based in Kristiansund.