Fjord Defence Group ASA

Legal Proceedings Report • Jul 2, 2019

Songa Bulk ASA: Expiration of creditor notice period for merger with AGS

Songa Bulk ASA: Expiration of creditor notice period for merger with AGS

Oslo, 2 July 2019: Reference is made to the stock exchange notice made by Songa Bulk ASA (the "Company") on 1 July 2019 regarding key information on the reverse share split, conditional on the creditor notice period for the merger (the "Merger") with Axxis Geo Solutions AS ("AGS") expiring on 1 July 2019 without any creditor claims being made.

No due and outstanding claims have been made by the Company's creditors before the expiration of the creditor notice period. Thus, the Company's board of directors expects to file for completion of the Merger with the Norwegian Register of Business Enterprises after close of trading today.

Subject to completion of the Merger, the consideration shares to be issued to the shareholders of AGS in connection with the Merger is expected to be delivered during 3 July 2019 and will be tradable immediately upon delivery. Further, the Company's shares will from and including 3 July 2019 be quoted on Oslo Axess with the new company name, Axxis Geo Solutions ASA, and the new ticker "AGS". The Company's new website will be http://www.axxisgeo.com/. The ISIN number is unchanged.

For further information on the Merger, please refer to the information memorandum attached to the Company's stock exchange notice of 5 June 2019.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.