Belships

Belships ASA: Strategic Partnership and Divestment of Technical management business

Belships has entered into an agreement to divest its 100 per cent shareholding

in Belships Management (Singapore) Pte Ltd., a technical and crew management

company established in 1983, which currently manages dry bulk vessels for

Belships ASA and other international clients. The shares have been acquired by a

company in V.Group. An owned office lease in Singapore is in process of being

sold, and the proceeds will be received by Belships ASA.

Closing of the transaction was completed on 30th June 2023, and a book gain of

USD 8.5m will be recorded in Q2 2023. Net cash proceeds will be about USD 12.5m

and includes deferred payment for the office.

Furthermore, Belships has entered into a strategic partnership with V.Group for

Belships' fleet and ship management business. Following the acquisition by

V.Group, Belships Management (Singapore) will continue to be the sole provider

of ship management services to Belships ASA, leveraging V.Group's unique and

fully scalable ship management platform. The Belships Management (Singapore)

organisation will be integrated into V.Group, forming an industry-leading centre

of expertise for dry bulk operations. This partnership was formalised on 30th

June 2023.

"This transaction offers immediate value to our shareholders and ensures that

our fleet will continue to be maintained to the highest standards. Partnering

with V.Group will also accelerate our digitalisation and decarbonisation

capabilities, and create the flexibility to scale our fleet.", said Lars

Christian Skarsgård, CEO, Belships ASA.

Including four newbuildings to be delivered between 2024-2026, the Belships

fleet consists of 34x modern Supra/Ultramax bulk carriers. Furthermore, Belships

ASA owns 50.1 per cent of the Lighthouse Navigation Group, a dry bulk operating

company with offices in Bangkok, Oslo, Singapore and Melbourne.

For further information, please contact Lars Christian Skarsgård, CEO, Belships

ASA, phone +47 977 68 061 or e-mail [email protected]

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.

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