(Oslo, 20 December 2019) The Board of Directors of AqualisBraemar ASA (the
“Company”) has implemented a long-term incentive plan (the “LTIP”) aimed to
align the interests of the participating employees with those of the Company's
shareholders. 

Under the LTIP, the Company has granted a total of 8,505,000 share options to
selected employees, where each option will give the holder the right to acquire
one share in AqualisBraemar ASA. The options are granted without consideration.
The grant of options is based on the authorization granted by the annual general
meeting on 11 June 2019 to issue new shares in connection with the Company’s
employee incentive program.

The exercise price for the options is NOK 3.96, equal to the issue price in the
rights issue and private placement completed on 9 July 2019.  The options will
vest and become exercisable on 11 June 2022, three years after the authorization
granted by the annual general meeting. All unexercised options will expire nine
months after vesting. Exercise periods will be set by the Company. 

The options are non-tradable and conditional upon the option holder being
employed by the Company and not having resigned prior to exercise.

Subject to certain conditions, the option holders are obligated to reinvest 25
percent of the pre-tax net gain on the options in AqualisBraemar shares, and to
hold these shares for up to three years following exercise. One third of these
shares will be released from this obligation for every year following exercise.

The Board of Directors may choose to settle the options by way of cash
settlement in lieu of issuing new shares. Exercise terms may be reasonably
adjusted by the Board of Directors in the event of dividend payments, share
splits or certain other events relating to the equity share capital of the
Company. 

Primary insiders in the Company have received the following option grants,
according to the terms described above:

Kim Boman, CFO, has been granted 135,000 share options. Following the grant, he
holds 605,000 shares and 135,000 share options in the Company.

Reuben Segal, COO, has been granted 135,000 share options. Following the grant,
he holds 1,502,923 shares and 135,000 share options in the Company.

Bader Diab, Regional MD Americas, has been granted 135,000 share options.
Following the grant, he holds 1,001,302 shares and 135,000 share options in the
Company.

Rodger Dickson, Group MD Rig Moving & Offshore Operations, has been granted
135,000 share options. Following the grant, he holds 619,500 shares and 135,000
share options in the Company.

Geoff Jones, Group MD Adjusting, has been granted 90,000 share options.
Following the grant, he holds 90,000 share options in the Company.

Ben Lazenby, Regional MD Middle East & India, has been granted 135,000 share
options. Following the grant, he holds 187,550 shares and 135,000 share options
in the Company.

Mark Lomas, Regional MD Europe & Africa, has been granted 135,000 share options.
Following the grant, he holds 135,000 share options in the Company.

Mark McGurran, Group MD Marine, has been granted 135,000 share options.
Following the grant, he holds 135,000 share options in the Company.

Will Cleverly, Managing Director OWC, has been granted 135,000 share options.
Following the grant, he holds 31,717 shares, 135,000 share options with exercise
price NOK 3.96 and 30,000 share options with exercise price NOK 6.75.

Amish Sanghavi, Finance Director, has been granted 90,000 share options.
Following the grant, he holds 330,553 shares and 90,000 share options in the
Company.

David Brand, Finance Director, has been granted 90,000 share options. Following
the grant, he holds 90,000 share options in the Company.

Haakon Brandrud, Director of Strategy and Corporate Development, has been
granted 135,000 share options. Following the grant, he holds 110,000 shares and
135,000 share options in the Company.

Stuart Mill, Group Commercial Director, has been granted 90,000 share options.
Following the grant, he holds 165,766 shares and 90,000 share options in the
Company.

Santosh George, Group QHSE Director, has been granted 90,000 share options.
Following the grant, he holds 253,325 shares and 90,000 share options in the
Company.

Andreas Theophanatos, Director South Americas, has been granted 90,000 share
options. Following the grant, he holds 619,747 shares and 90,000 share options
in the Company.

Lisa Zaman, Group Operations & HR Director, has been granted 45,000 share
options. Following the grant, she holds 45,000 share options in the Company.

Primary insider holdings above include indirect holdings and close associates.


For additional information, please contact: 

Investors and financial media: 
Kim Boman, CFO, AqualisBraemar ASA, telephone: +47 959 63 912 

Other media enquiries: 
Endre Johansen, Corporate Communications AS, telephone: +47 41 61 06 05, email:
endre.johansen@corpcom.no 

This information is subject to the disclosure requirements pursuant to Sections
4-2 and 5-12 of the Norwegian Securities Trading Act.

About AqualisBraemar ASA 
AqualisBraemar ASA (OSE: Aqua) offers independent consultancy services to the
offshore energy (oil & gas and renewables), shipping and insurance industries.
The group employs specialist engineers, naval architects, master mariners, loss
adjusters and technical consultants in 33 countries worldwide. AqualisBraemar
ASA operates under three brands: 
• AqualisBraemar: a leading adjusting, marine and offshore consultancy to the
energy, shipping and insurance industries. 
• AqualisBraemar Yacht Services: a specialised marine consultant to the
superyacht market. 
• Offshore Wind Consultants: an independent engineering and project management
consultancy to the offshore renewables sector