September 10, 2019

The General Meeting in OKEA ASA (“OKEA” or the “company”) granted on May 9 2019 an authorization to the board of directors to issue up to 1,650,000 new shares for the implementation of the company’s incentive programs for its employees and board of directors.

The company has today resolved to establish a long-term share incentive program for its key employees. The estimated numbers of shares included in the program during the next 12 months will be limited to an issue of 620,000 new shares. Any shares subsequently issued under the long-term share incentive program will be subject to a 12 months lock-up period.

Further, pursuant to the above authorization the board has today resolved to issue 210,000 new shares in connection with an approved incentive program for the members of the board.

The program for the board is both related to the successful completion of the listing of the company’s shares in June 2019 and an incentive for continued work and dedication to the company’s development and success. The subscription price is NOK 0.10 per share. The shares are subject to a lock-up period of 12 months.

The following board members who are primary insiders have subscribed for and been allocated the following number of shares (the total number of shares in the company following this issue in brackets):

Chaiwat Kovavisarach, 30,000 shares (30,000 shares), Prisana Praharnkhasuk, 20,000 shares (20,000 shares), Michael William Fischer, 20,000 shares (20,000 shares), Liv Monica Stubholt, 20,000 shares (20 000 shares), Rune Olav Pedersen, 20,000 shares (20 000 shares), Nicola Gordon, 20,000 shares (20,000 shares), Ida Ianssen Lundh, 20,000 shares (46,280 shares), Finn Haugan, 20,000 (43,535 shares), Jan Atle Johansen, 20,000 shares (31,902 shares) and Anne Lene Rømuld, 20,000 shares (27,142 shares).

In addition to the above, the board has today also approved the issuance of 15,000 new shares pursuant to exercise of warrants held by an employee. The warrants were issued by the General Meeting on 23 February 2018. The subscription price in this issue is NOK 17.9 per share.

Following the above share issuances, the total number of outstanding shares in the company will increase from 101,839,050 shares to 102,064,050 shares. The company's share capital will increase from NOK 10,183,905 to NOK 10,206,405.00.

Contact persons:

Marit Vik-Langlie, VP Legal, + 47 40763671

Erik Haugane, CEO, +47 90721655