New long-term incentive plan

The Board of Directors has resolved to establish a long-term incentive plan (“LTIP”) for the management team of Sea1 Offshore. Under the LTIP, members of the management team will purchase a total of 400,000 shares from the Company. Shares purchased under the LTIP will be subject to a 3-year lock-up obligation. The shares will be purchased at NOK 17.92 per share, which represents a discount to the closing price on 13.11.2024, accounting for the cost associated with the lock-up obligation. Acquisition of shares under the LTIP will be partly financed by loans from Sea1 Offshore. The sale and purchase of the shares is conditional upon Sea1 Offshore successfully acquiring 400,000 shares under a share buy-back programme, which will be launched today (see separate notice). The aim of the LTIP is to enable the management to participate in the continued, successful equity journey of the Company.