Ocean GeoLoop intends to sell its subsidiary Ocean Tunicell

Norway, June 23 -- Ocean GeoLoop ASA has entered into a Heads of Terms agreement to sell all shares in its subsidiary Ocean Tunicell AS ("OTC") to a third party.The agreement is non-binding and can or can not be executed. A due diligence process is in progress, and the result is expected soon.There will be no cash element in the deal, and Ocean GeoLoop might receive shares and warrants in the acquiring company with a face value of approximately 5-10 million NOK.

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