In connection with the Rights Issue, a total of 12,000,000 new shares (the "Underwriting Commission Shares") shall be issued to the underwriters of the Rights Issue, at a subscription price of NOK 0.50 per share (being the same subscription price as in the Rights Issue), as settlement of their entitlement to underwriting commission pursuant to the underwriting agreements dated 21 October 2025 entered into between the Company and the underwriters.

In accordance with the board authorisation granted by the extraordinary general meeting held on 2 January 2026, the board of directors has today resolved to increase the share capital of the Company with NOK 1,200,000 through the issuance of 12,000,000 Underwriting Commission Shares, each with a par value of NOK 0.10, at a subscription price of NOK 0.50 per share.

Underwriters who subscribe Underwriting Commission Shares as settlement of the underwriting commission shall receive warrants in two series: (i) three (3) warrants for every four (4) Underwriting Commission Shares subscribed by the underwriter, which will be exercisable in the exercise period from 2 March 2026 to 13 March 2026 ("Warrants Series 1"); and (ii) three (3) warrants for every four (4) Underwriting Commission Shares subscribed by the underwriter, which will be exercisable in the exercise period from 1 June 2026 to 12 June 2026 ("Warrants Series 2" and together with Warrants Series 1, the "Warrants"). Consequently, in total 18,000,000 Warrants (9,000,000 Warrants Series 1 and 9,000,000 Warrants Series 2) will be issued based on the number of Underwriting Commission Shares to be issued to the underwriters.

Following the allocation, Hans Hekland, board member of the Company, has been allocated in total 120,000 Underwriting Commission Shares and 180,000 Warrants.

Please see the attached PDMR form for further details.