Ocean GeoLoop: Business update Q3 2023

(Verdal, 26 October 2023) Ocean GeoLoop AS (Ocean GeoLoop, OSE:OCEAN) today
announces revenues in the third quarter of 2023 of NOK 118.4 million (Q3
2022:79.2). The company announced the successful 3,000-hours milestone for the
point-source carbon capture pilot at Norske Skog Skogn, Norway, during the
quarter. The company has thus entered the commercial stage, while in parallel
initiating the company's next generation carbon capture solution.

"We passed the important 3,000-hour milestone of safe operations of our
industrial carbon capture pilot at Norske Skog Skogn in the third quarter,
demonstrating an autonomous carbon capture plant with no harmful chemicals or
need for residual heat. We continue to see a massive and growing demand for
carbon capture solutions across regions and markets, and look forward to
leverage our results in a commercial setting," says Odd-Geir Lademo, Chief
Executive Officer of Ocean GeoLoop.

Ocean GeoLoop reported revenues in the third quarter of 2023 of NOK 118.4
million, which marked an increase from NOK 79.2 million during the same period
last year, with Energi Teknikk AS being the primary contributor. The company
continued the planned investments in technology development and reports a
negative EBITDA of NOK 13.9 million, an improvement from a negative EBITDA of
NOK 26.5 million in the same period last year. The company had a cash and cash
equivalents of NOK 129.1 million at the end of the period. 

In the third quarter of 2023, the company has strengthened the work on
developing commercial carbon capture projects, together with industrial
partners. In parallel, the company has strengthened its execution ability both
by recruiting personnel to the company and developing the collaboration with EPC
partners. Ocean GeoLoop is progressing on the technology roadmap for the for the
next generation Ocean GeoLoop carbon capture offering.
 
«The board is pleased about the recent commercial progress with targeted
industrial partners. We are equally enthusiastic about the recent deliveries
from the organization towards the next generation low-energy Carbon Capture
solution. The uncompromising work of our founder, Hans Gude Gudesen, and his
progress in developing technology, towards making carbon capture self-sufficient
of electricity, is running in parallel. The recent developments excite us. This
is more important than ever in an increasingly uncertain global energy
situation," says Anders Onarheim, Chairman of the board of directors at Ocean
GeoLoop.

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 90 70 86 43 

About Ocean GeoLoop | www.oceangeoloop.com 

Ocean GeoLoop AS is a green-tech company using nature's own way of solving the
challenges of our time in a circular way. The company has introduced the GeoLoop
CC technology that captures point source CO2 emissions, using natural and
harmless processes. In 2023 the company will build a pilot to further develop
the e-Loop, a novel technology for electricity production. The GeoLoop CC and
the e-Loop will help companies and countries to reach their goals of reduced
emissions and to get access to renewable electricity for the green transition.
The company is listed on Oslo Børs Euronext Growth under the ticker OCEAN. 

Visit Ocean GeoLoop on LinkedIn/OceanGeoLoop