NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR
SWITZERLAND, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE
WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT
NOTICE AT THE END OF THE PRESS RELEASE.
General Oceans - First day of trading
Oslo, 26 March 2026: Reference is made to the announcement by General Oceans ASA
(the "Company", ticker: "GENO") dated 24 March 2026 regarding the successful
completion of the bookbuilding process in connection with the initial public
offering of shares in the Company (the "IPO" or the "Offering").
The Company is pleased to announce that all of its ordinary shares have been
admitted to trading on Euronext Oslo Børs under the ticker code "GENO" and ISIN
NO 0013713115. Trading in the Company's shares will commence today, 26 March
2026, at 09:00 CET.
Atle Lohrmann, the Company's President said: "This marks an important milestone
in building General Oceans into a leading contributor to ocean technology
development. We appreciate the trust our new shareholders place in us."
***
About General Oceans
General Oceans is a global provider of advanced underwater technology delivering
sensors, systems and robotic solutions used in demanding marine environments.
The Group produces technology for measuring and understanding the ocean, imaging
& navigation systems, and autonomous/remotely operated vehicles with associated
manipulators and control systems. Underwater acoustics is the core of the
Group's technology, complemented by optical technology, environmental sensors
and software capabilities.
Advisors
ABG Sundal Collier ASA and DNB Carnegie, a part of DNB Bank ASA, act as Joint
Global Coordinators and Joint Bookrunners in the Listing and the Offering, while
Arctic Securities is acting as Joint Bookrunner (collectively the "Managers").
Advokatfirmaet Schjødt AS acts as legal advisor to the Company, and
Advokatfirmaet Wiersholm AS acts as legal advisor to the Managers.
For queries, please contact: Stein J. Frisch, Partner and Senior Adviser at
Frisch AS, +47 916 10 911, stein@frisch.as
Important notice
This announcement does not constitute an offer for sale of, or a solicitation of
an offer to purchase or subscribe for, any securities of the Company. The
information contained in this announcement is for informational purposes only
and does not purport to be full or completed. No reliance may be placed by any
person for any purpose on the information contained in this announcement or its
accuracy, fairness or completeness.
The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an exemption from the registration requirements of the
Securities Act and in accordance with applicable U.S. state securities laws. The
Company does not intend to register any portion of this IPO in the United States
or to conduct a public IPO in the United States. Copies of this announcement are
not being, and should not be, distributed in or sent into the United States.
It may be unlawful to distribute this announcement in certain jurisdictions.
Copies of this announcement are not being made and may not be distributed or
sent into the United States of America, Australia, Canada, Japan and Switzerland
or to any other jurisdiction where such distribution would be unlawful. The
information in this announcement does not constitute an offer of securities for
sale in such jurisdictions.
These materials are an advertisement and not a prospectus for the purposes of
Regulation (EU) 2017/1129, as amended (together with any applicable implementing
measures in any Member State, the "Prospectus Regulation"). Investors should not
subscribe for any securities referred to in these materials except on the basis
of information contained in the prospectus.
In the United Kingdom, these materials are only being communicated to (a)
persons who have professional experience, knowledge and expertise in matters
relating to investments and qualifying as "investment professionals" for the
purposes of article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (all such persons being referred to as
"relevant persons") and (b) only in circumstances falling within the
circumstances set out in Part 1 of Schedule 1 to The Public Offers and
Admissions to Trading Regulations 2024. These materials are directed only at
relevant persons and must not be acted on or relied on by persons who are not
relevant persons.
This announcement has been prepared on the basis that any offer of securities in
any Member State of the European Economic Area, other than Norway and Sweden,
which has implemented the Regulation (EU) 2017/1129 (as amended, the "Prospectus
Regulation") (each, a "Relevant Member State") will be made pursuant to an
exemption under the Prospectus Regulation, as implemented in that Relevant
Member State, from the requirement to publish a prospectus for offers of
securities. Accordingly any person making or intending to make any offer in that
Relevant Member State of securities which are the subject of the IPO
contemplated in this announcement, may only do so in circumstances in which no
obligation arises for the Company or any of the Managers to publish a prospectus
pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus
pursuant to Article 23 of the Prospectus Regulation, in each case, in relation
to such offer. Neither the Company nor any of the Managers have authorised, nor
do they authorise, the making of any offer of the securities through any
financial intermediary, other than offers made by the Managers which constitute
the final placement of the securities contemplated in this announcement. Neither
the Company nor any of the Managers have authorised, nor do they authorise, the
making of any offer of securities in circumstances in which an obligation arises
for the Company or any Managers to publish or supplement a prospectus for such
offer.
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.
The Target Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation to the IPO.
For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of
Directive 2014/65/EU of the European Parliament and of the Council on markets in
financial instruments