Oslo, 10 April 2026: General Oceans ASA ("General Oceans" or the "Company" and
together with its subsidiaries, the "Group") today announces that its wholly
owned subsidiary, General Oceans, Inc., has entered into a purchase agreement
(the "Agreement"), whereby it has acquired all of the issued and outstanding
limited liability company interests (the "Membership Interests") in MRV Systems,
LLC ("MRV"), a Delaware limited liability company (the "Transaction").
The addition of MRV to General Oceans expands the Company's capabilities in
long-duration, autonomous data collection and strengthens its position as a
global leader in underwater technology. MRV Systems has around 22 employees and
has offices in San Diego, CA, Wood Dale, IL (HQ) and Seattle (WA), increasing
General Oceans' US footprint. The Transaction will further enhance General
Oceans' growth strategy and enable collaboration between MRV and its existing
brands, realizing the benefits of the Group's global capabilities. It marks yet
another acquisition in accordance with the Company's growth strategy and expands
the recent track record of successful acquisitions.
About the MRV acquisition, Atle Lohrmann, President of General Oceans, said:
"MRV is a great fit for General Oceans, and we're excited to have them join our
growing Group. General Oceans has a proud tradition as a provider of advanced
instrumentation and sensors to the scientific community making MRV a natural
fit. With access to the Group's extensive sales network and engineering
experience, we believe we can develop MRV's global presence quickly and explore
new revenue opportunities as we move forward."
Founded in 2010 as a spin-off from the Scripps Institution of Oceanography, MRV
has become a trusted supplier of advanced profiling vehicles for ocean research,
climate monitoring, and maritime domain awareness. It currently contributes
meaningfully to the U.S. commitment of profiling floats to the Argo program. MRV
is well established with strong US presence and serves customers such as NOAA,
NASA, the U.S. Naval Oceanographic Office.
About joining General Oceans, Shawn Vasquez, President & CEO of MRV said:
"I am excited for the future of MRV as part of General Oceans. Collaborating
across the Group will allow MRV to accelerate delivery of innovative solutions
to meet our customers' ocean technology needs. MRV is delighted to join a Group
with a shared passion for continuously growing our knowledge of the ocean
through ongoing research, development and innovation in the ocean technology
space."
Regarding the MRV sale, Fred Maas, outgoing Executive Chairman of MRV, stated:
"We are thrilled to participate in the announcement of General Ocean's
acquisition of MRV Systems. From a tiny lab in San Diego with only the Scripps
and Woods Hole Institutes of Oceanography as its customers, MRV grew to 3
offices in 3 states and over 30 customers. Most importantly, MRV has
participated in a vast expanse of our knowledge of the world's oceans. We look
forward to watching its continued success."
The agreed aggregate purchase price for MRV is USD 18m payable in cash at
closing of the Transaction, subject to adjustment pursuant to the terms of the
Agreement. For 2025, MRV delivered around USD 12m in full year revenue and is
experiencing continued commercial momentum having built a backlog of around USD
12m that will be executed through 2026. The acquisition contributes to General
Ocean's 2026E revenue target of more than NOK 1,500m (including full year M&A
effect), with the ambition over time to support its medium financial target of
~20% EBITA margin, as communicated during the recent listing process on Oslo
Børs stock exchange. The potential acquisition was disclosed in the listing
prospectus as the "US Target".
The Transaction is subject to customary regulatory approvals and foreign direct
investment approvals (CFIUS). Further information regarding the Transaction will
be provided in relation to the first quarter report.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act. The stock
exchange announcement was published by Elizabeth Paull, Group Strategy Partner
at General Oceans, at the time and date stated above in this announcement.
For further information, please contact:
Rachel McAlpine, Group Marketing Manager at General Oceans,
rachel.mcalpine@generaloceans.com , telephone +44 7935 376604
***
About General Oceans ASA
General Oceans is a global provider of advanced underwater technology delivering
sensors, systems and robotic solutions used in demanding marine environments.
The Group produces technology for measuring and understanding the ocean, imaging
& navigation systems, and autonomous/remotely operated vehicles with associated
manipulators and control systems, and delivers products to marine
infrastructure, defense and ocean science Underwater acoustics is the core of
the Group's technology, complemented by optical technology, environmental
sensors and software capabilities.
About MRV
MRV Systems provides a family of vertically profiling vehicles designed for a
wide variety of ocean observation applications, from basic ocean research to
maritime domain awareness. MRV's profiling autonomous vehicles are designed to
provide global coverage, report high-resolution data, and deploy from ships and
aircraft. A high level of reliability and energy efficiency enables the MRV
floats to operate continuously for years.
Important notice
This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities in the Company. Matters
discussed in this announcement may constitute forward-looking statements.
Forward-looking statements are statements that are not historical facts and may
be identified by words such as "believe", "expect", "anticipate", "strategy",
"intends", "estimate", "will", "may", "continue", "should" and similar
expressions. Any forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Such assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict. Such risks, uncertainties, contingencies and other
important factors could cause actual events to differ materially from the
expectations expressed or implied in this release by such forward-looking
statements. The Company does not make any guarantee that the assumptions
underlying any forward-looking statements in this announcement are free from
errors nor does it accept any responsibility for the future accuracy of the
opinions expressed in this announcement or any obligation to update or revise
the statements in this announcement to reflect subsequent events. You should not
place undue reliance on any forward-looking statements in this announcement. The
information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement. This announcement is for information purposes only
and is not to be relied upon in substitution for the exercise of independent
judgment. It is not intended as investment advice and under no circumstances is
it to be used or considered as an offer to sell, or a solicitation of an offer
to buy any securities or a recommendation to buy or sell any securities of the
Company. The distribution of this announcement and other information may be
restricted by law in certain jurisdictions. Persons into whose possession this
announcement or such other information should come are required to inform
themselves about and to observe any such restrictions.