(Verdal, 06 May 2026) Ocean GeoLoop AS (Ocean GeoLoop, OSE: OCEAN) announces
that the board of its subsidiary CAPTURED AS ("Captured") has initiated a formal
process to scale down Captured's operating activities in line with Ocean
GeoLoop's revised strategy. The process may result in the termination of all
employment relationships in Captured.

The Company intends to use the transition period to preserve and seek to
capitalize on the technology and assets already developed. This may include
CapturedŽs intellectual property, the industrial pilot, and the pilot
installation at SINTEF.

Ocean GeoLoop will now focus its available resources on COOL, where the Company
sees the strongest near-term commercial potential. As communicated at the
Capital Markets Day, the Company expects to publish results from the
industrial-scale COOL prototype during the current quarter. The objective is for
these results to substantiate the Company's ambition to deliver a step-change in
energy efficiency for industrial cooling applications.

As part of this strategic focus and the Company's continued efforts to reduce
costs and simplify the group structure, Viggo Iversen, former Chief Operating
Officer of Ocean GeoLoop, will assume the role as Chief Executive Officer of
Ocean GeoLoop. Mr. Iversen will also serve as interim Chief Executive Officer of
COOL, ensuring close alignment between the two companies.

Mr. Iversen brings extensive renewable energy and business development
experience from Ocean GeoLoop, NVE, Enova SF and Proneo, where he led the
advisory business for seven years, supporting more than 40 companies on
innovation and business development annually. He holds a Cand. Agric. in
Resource Economics from the Norwegian University of Life Sciences.

"As Chief Operating Officer Viggo has shown his entrepreneurial and commercial
drive needed to guide OGL into its next phase and to maximise the value of the
technology and assets developed in Captured. The board has full confidence in
his ability to lead Ocean GeoLoop through this transition," said Anders
Onarheim, Chairman of Ocean GeoLoop.

K.C. Littlefield will continue to support the development of COOL through an
active board position.


For further information, please contact:

Anders Onarheim, Chairman of the Board Ocean GeoLoop AS, phone: +47 97 40 15 11
Ole R. Jørstad, Chairman of the Board Captured AS, phone +47 93 23 12 00
Viggo Iversen, CEO Ocean GeoLoop AS, phone: +47 474 56 601


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 is organized as a holding structure with three
subsidiaries: CAPTURED, COOL and Energi Teknikk AS. CAPTURED has introduced the
GeoLoop CC technology to capture CO2 from point source emissions using natural
processes. COOL develops eLoop cooling solutions for energy-efficient data
centers and industrial applications while Energi Teknikk AS is a full-service
provider of equipment and services for small hydropower plants. Together, the
companies contribute to reduced emissions and improved energy efficiency for the
green transition. Ocean GeoLoop is listed on Euronext Growth Oslo under the
ticker OCEAN.
Visit Ocean GeoLoop on LinkedIn/OceanGeoLoop.