Ocean GeoLoop : Transperancy Act Statement Ocean GeoLoop June 2023

Transparency Act

Statement

Ocean GeoLoop AS, June 2023

Content

1. The company's report under the Transparency Act for 2022 . . . 3
2. About the company's operations, organization, and procedures.. 4

3.	Due diligence assessment	6
4.	Negative consequences and measures	7

Transparency Act Statement • Ocean GeoLoop AS, juni 2023

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1. The company's report under the Transparency Act for 2022

The Act on Business Transparency and Work on Fundamental Human Rights and Decent Working Conditions (Transparency Act) aims to promote companies' respect for fundamental human rights and decent working conditions in the production of goods and provision of services.

Ocean GeoLoop supports the purpose of the law and aims to contribute to promoting respect for fundamental human rights and requirements for decent working conditions in its operations. This also includes expectations that our suppliers - throughout the supply chain - and our business partners also act in accordance with this purpose.

Ocean GeoLoop is required to annually report on the company's due diligence assessments in accordance with the Transparency Act and disclose this no later than June 30 each year, as well as in the event of significant changes in the risk profile.

Ocean GeoLoop is subject to the Transparency Act. The company continuously carries out due diligence assessments and measures in accordance with the law. We have established internal control systems to ensure compliance.

Compliance with the Transparency Act is anchored in the company's board, management, and the organization. If you have any questions or need more information on how Ocean GeoLoop handles the Transparency Act, please contact the managing director: Odd-Geir Lademo, odd.geir. [e-mail]

Transparency Act Statement • Ocean GeoLoop AS, juni 2023

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2. About the company's organization and scope of operations

About the company and the corporate group

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.

Ocean GeoLoop develops technology that captures CO2 and valuable nutrients that are released. The company's core business is to offer its customers/partners access to its technologies and system solutions, both in the pilot phase and later in full scale. The company focuses on technology development and a business model where the company develops, builds, operates, and owns its technology and system solutions. A key element of the business idea is to leverage and take advantage of several of nature's own processes that are freely available. Converting carbon and nutrients into new resources to create value in a circular cycle. In doing so, the company turns what is considered a cost by many into income.

For Ocean GeoLoop, the Transparency Act is a natural part of our sustainability efforts.

Ocean GeoLoop's activities are only sustainable if our progress and profitability do not come at the expense of others' fundamental rights. Through the Transparency Act, the company aims to gain knowledge in order to work more on these issues with all suppliers and business partners. This is an important part of our strategy and is documented in the company's internal reports.

Ocean GeoLoop regularly conducts systematic due diligence assessments as provided by the Transparency Act.

Ocean GeoLoop operates solely in Norway. The company is part of a group as shown below:

Ocean GeoLoop AS

51%			67%
Ocean M AB			Energi Teknikk AS
46,8693%		31,0746%	100%
Ocean Tunicell		AS	Brekke Turbiner AS
51%			51,5%
Ocean Bergen AS		Ocean Tunifeed AS

Transparency Act Statement • Ocean GeoLoop AS, juni 2023

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The company has ten employees. In addition, the company receives services from an independent contractor/consultant.

Ocean GeoLoop AS's compliance measures under the Transparency Act also include Ocean AB and Ocean Tunicell with its subsidiaries.

Energi Teknikk AS and Brekke Turbiner AS implement their own measures in accordance with the Transparency Act and report on these in their own statement. These are included in Ocean GeoLoop's assessments on par with other suppliers and business partners.

Ocean AB is a holding company with no activity. It has no employees, and no measures have been associated with this company.

Ocean Bergen AS and Ocean Tunifeed AS have no employees and operate with very limited activity. The business operations are so marginal that the activities of these companies are not included in Ocean GeoLoop's due diligence efforts. The total operating costs in 2022 for these two companies were respectively NOK 109,889 and NOK 17,295. No measures have been taken in relation to these companies.

Ocean Tuncell AS is covered by Ocean GeoLoop's compliance with the Transparency Act. The company has 11 employees. This statement also includes the operations of Ocean Tunicell AS.

During the reporting period, Ocean GeoLoop AS has developed environmental technology and established strategic customer relations, but has not yet delivered associated goods or services.

Ocean Tunicell AS supplies various variants of marine hydrogel, endotoxin analysis, and marine services.

The companies within the group trade with and receive services from suppliers primarily in the Nordic region. Ocean GeoLoop has utilized consultancy services from Europe and North America, while Ocean Tunicell has made purchases of laboratory materials and equipment from Europe.

Internal guidelines

The company's internal guidelines also apply to Ocean Tunicell AS.

The company has the following guidelines:

• Code of conduct for suppliers and business associates
• Procedure for due diligence assessments
• Procurement terms and conditions

Company organization

Compliance with the Transparency Act is anchored in the board of directors. The board has delegated the specific tasks to the managing director. The day-to-day work is monitored by the management team of the company.

Ocean GeoLoop AS has a small organization. Due diligence assessments are carried out on a daily basis in connection with procurement.

Ocean Tunicell AS has established compliance with the Transparency Act through board resolutions. The board has delegated the work to the managing director. The day-to-day work is monitored by the management team of the company.

Ocean Tunicell AS has a small organization. Due diligence assessments are carried out on a daily basis in connection with procurement and are followed up with control or measures where identified as necessary.

Transparency Act Statement • Ocean GeoLoop AS, juni 2023

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