Belships

Share Issue/Capital Change • Mar 18, 2021

Belships ASA : Registered share capital increase

Belships ASA : Registered share capital increase

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER

JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE

UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN.

Oslo, 18 March 2021: Reference is made to the stock exchange announcement by

Belships ASA ("Belships" or the "Company") on 9 March 2021 regarding the

successfully completed private placement (the "Private Placement") raising gross

proceeds of NOK 140 million (equivalent to approx. USD 17 million) through the

allocation of 20,000,000 shares (the "Offer Shares") at a subscription price of

NOK 7.00 per share. The share capital increase related to the Private Placement

has now been registered with the Norwegian Register of Business Enterprises. The

new share capital of the Company is NOK 496,350,808 divided into 248,175,404

shares, each with a nominal value of NOK 2.00.

Subscribers in the Private Placement have received existing and unencumbered

shares in the Company already listed on the Oslo Stock Exchange pursuant to a

share lending agreement between the Company, Arctic Securities AS, and Kontrari

AS. The new shares issued by the Company today is used to redeliver borrowed

shares to Kontrari AS. The new shares will tradeable on the Oslo Stock Exchange

immediately.

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

phone +47 977 68 061 or e-mail LCS@belships.no (mailto:LCS@belships.no).

This stock exchange announcement was published by Edwin Johansen, Accounting

Manager in Belships ASA on 18 March 2021 at 10:15 CET.

Important information: The release is not for publication or distribution, in

whole or in part directly or indirectly, in or into Australia, Canada, Japan or

the United States (including its territories and possessions, any state of the

United States and the District of Columbia). This release is an announcement

issued pursuant to legal information obligations, and is subject of the

disclosure requirements pursuant to section 5-12 of the Norwegian Securities

Trading Act. It is issued for information purposes only, and does not constitute

or form part of any offer or solicitation to purchase or subscribe for

securities, in the United States or in any other jurisdiction. The securities

mentioned herein have not been, and will not be, registered under the United

States Securities Act of 1933, as amended (the "US Securities Act"). The

securities may not be offered or sold in the United States except pursuant to an

exemption from the registration requirements of the US Securities Act. The

Company does not intend to register any portion of the offering of the

securities in the United States or to conduct a public offering of the

securities in the United States. Copies of this announcement are not being made

and may not be distributed or sent into Australia, Canada, Japan or the United

States.

The issue, subscription or purchase of shares in the Company is subject to

specific legal or regulatory restrictions in certain jurisdictions. Neither the

Company nor the Managers assume any responsibility in the event there is a

violation by any person of such restrictions. The distribution of this release

may in certain jurisdictions be restricted by law. Persons into whose possession

this release comes should inform themselves about and observe any such

restrictions. Any failure to comply with these restrictions may constitute a

violation of the securities laws of any such jurisdiction. The Managers are

acting for the Company and no one else in connection with the Private Placement

and will not be responsible to anyone other than the Company providing the

protections afforded to their respective clients or for providing advice in

relation to the Private Placement and/or any other matter referred to in this

release.

Forward-looking statements: This release and any materials distributed in

connection with this release may contain certain forward-looking statements. By

their nature, forward-looking statements involve risk and uncertainty because

they reflect the Company's current expectations and assumptions as to future

events and circumstances that may not prove accurate. A number of material

factors could cause actual results and developments to differ materially from

those expressed or implied by these forward-looking statements.