November 27, 2019

27 November 2019 – Reference is made to the announcement on 19 November 2019 regarding a contemplated bond issue by OKEA ASA (the “Company”). The Company is pleased to announce the successful completion of a USD 120 million five-year senior secured bond issue with a coupon rate of 8.75 percent and an issue price of 99% of the nominal value. The bond issue attracted broad international investor interest.

The bond issue is expected to be settled on or about 11 December 2019, subject to customary conditions precedent. An application will be made for the bonds to be listed on the Oslo Stock Exchange.

The Company has repurchased USD 39.5 million of its outstanding USD 120 million senior secured bonds, with ISIN NO 001 0810062 (“OKEA01”). The remaining OKEA01 bonds will be called with settlement in December 2019.

An updated credit investor presentation has been published on the Company’s website.

DNB Markets, a part of DNB Bank ASA, acted as Global Coordinator and Joint Bookrunner, and SpareBank 1 Markets AS acted as Joint Bookrunner in connection with the bond issue.

For further information, please contact:

Erik Haugane, CEO, +47 907 21 655

Ståle Myhre, VP Investor Relations, +47 917 51 878

About OKEA

OKEA ASA is an Exploration and Production (E&P) company and operator on the Norwegian Continental Shelf with production of ~20,000 boe per day. The company aims to grow through low-cost field developments of discoveries with reserves up to 100 million boe and mergers and acquisitions (M&A). The operating organisation is built on the acquisition of the producing field Draugen in 2018.

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

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