Ocean GeoLoop: Annual report and 2023 financial results

(Verdal, 14 March 2024) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN) today
announces 2023 revenues of NOK 172.9 million, up from NOK 128.1 in 2022. The
company entered the commercial stage during the year, and has in 2024 announced
an Enova funded carbon capture project with NorFraKalk to make the company
climate neutral.

"In 2023, we successfully passed the 3,000-hour milestone for safe operations of
our industrial point source carbon capture pilot at Norske Skog Skogn in Norway.
Having an autonomous carbon capture plant with no harmful chemicals or need for
residual heat are features that are highly appreciated by our industrial
partners. The pilot shows solid performance related to industrial robustness,
including when run autonomously over longer periods," says Odd-Geir Lademo,
Chief Executive Officer of Ocean GeoLoop.

Ocean GeoLoop reported revenues in 2023 of NOK 172.9 million, which marked an
increase from NOK 128.1 million from 2022, with Energi Teknikk AS being the
primary contributor. The company continued the planned investments in technology
development and reports a negative EBITDA of NOK 27.9 million, an improvement
from a negative EBITDA of NOK 32.3 million in 2022. The company had a cash and
cash equivalents of NOK 114.3 million at the end of the period. 

During 2023, Ocean GeoLoop built an agile test facility within SINTEF's CO2 lab
in Trondheim, Norway. This test facility is a flexible test and optimization
tool that improves the core technology, in close collaboration with world-class
experts from SINTEF. Ocean GeoLoopŽs two test facilities allow rapid
experimental simulation of customerŽs flue gas composition and operating
conditions and represents a powerful means for industrial customers to save both
time and cost in evaluation and testing of the technology.

"In our annual report weŽre presenting the most promi¬nent industry partners
with whom we work