Ocean GeoLoop: Business update Q1 2024

(Verdal, 30 May 2024) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN) today
announces revenues in the first quarter of 2024 of NOK 38.3 million (Q1
2023:46.0) and positive carbon capture technology developments. After the
closing of the quarter, the company announced strong preliminary results from
the ongoing NorFraKalk feasibility study. The results confirm the attractiveness
of the company's carbon capture offering to the quicklime and cement industry
and provide significant commercial opportunities. 

"Our team delivered solid technological development during the first quarter,
proven by the preliminary results from the ongoing feasibility study with
quicklime producer NorFraKalk, which documents the performance of Ocean
GeoLoopŽs carbon capture technology for the quicklime and cement industry. The
results demonstrate that we are on track to deliver world-class carbon capture,"
says Odd-Geir Lademo, Chief Executive Officer of Ocean GeoLoop.

Ocean GeoLoop reported revenues in the first quarter of 2024 of NOK 38.3
million, down from NOK 46.0 million in same period last year due to some
periodization and large contract deliveries in 2023, with Energi Teknikk AS as
the main revenue contributor. Ocean GeoLoop continued the planned investments in
technology development and reports a negative EBITDA* of NOK 11.6 million, a
decrease from a positive EBITDA of NOK 0.5 million in the same period last year.
Cash and cash equivalents stood at NOK 96.7 million at the end of the period.

The test program at 25% flue gas CO2 concentration confirmed carbon capture
rates exceeding 90% and product gas purity of 95%, enabling delivery of
liquified CO2 above 99% purity. Ocean GeoLoop today reaffirms the target to
provide corresponding data for energy consumption before summer.

"We are currently working on optimizing the technology for the lowest possible
energy use towards the ultimate technical capacity of 100% capture and
separation rate when optimally implemented," Lademo ends.

An updated company presentation is enclosed. 

                              ENDS

For further information, please contact:
Odd-Geir Lademo, CEO, e-mail: odd.geir.lademo@oceangeoloop.com, cell: +47 92 05
29 01 
Anders Onarheim, Chairman of the board, Ocean GeoLoop AS, cell: +47 97 40 15 11 

About Ocean GeoLoop | www.oceangeoloop.com 
Ocean GeoLoop AS uses nature's own way to solve the challenges of our time in a
circular way. The company has introduced the GeoLoop CC technology that captures
CO2 from point source emissions using natural and harmless processes. Ocean
GeoLoop will help companies and countries achieve their goals of reduced
emissions and access to renewable electricity for the green transition. The
company is listed on the Oslo Stock Exchange Euronext Growth under the ticker
OCEAN.

Visit Ocean GeoLoop on LinkedIn/OceanGeoLoop