On 28 January 2022, OXE Marine AB (publ) communicated that the Company had initiated a written procedure to obtain the bondholders' approval to amend and waive certain terms in its up to MSEK 200 (or its equivalent in NOK and EUR) Senior Secured Callable Fixed Rate Bonds with ISIN SE0010831545, SE0010831594 and NO0010815442 (the "Bonds"). The agent for the Bonds (Intertrust (Sweden) AB) has administered the written procedure which was completed 16 February 2022. The amendments and waivers (summarized below and specified in detail in the notice of the written procedure which was published on 28 January 2022) were accepted by bondholders representing 87.25% of the adjusted nominal amount for which bondholders replied in the written procedure and bondholders representing a sufficient amount of the total adjusted nominal amount for the Bonds participated in the written procedure in order for a quorum to exist.

The required majority to approve the proposal in the written procedure has consequently been met and the proposed amendments and waivers have been accepted. The amendments and waivers mean that (i) the final redemption date for the Bonds is postponed by 24 months to 15 February 2025, (ii) effective from 15 August 2022, 2% of the quarterly interest will be paid in cash to the bondholders and the remaining interest will be quarterly compounded and added to the nominal amount of the Bonds, (iii) the two Georgia corporations to be purchased by OXE as press released on 22 December 2021 ("US Subsidiaries") will be entitled to enter into a credit facility agreement of up to MUSD 5, secured by collateral in the US Subsidiaries' inventory, and (iv) OXE is allowed to create a secondary pledge over its business mortgages and over the shares in the US Subsidiaries in favor of the EIB.