Belships

M&A Activity • Jun 6, 2019

Belships ASA : Exact number of considerations shares related to acquiring of Sofie Victory AS

Belships ASA : Exact number of considerations shares related to acquiring of Sofie Victory AS

Oslo, 6 June 2019: Reference is made to the stock exchange announcement by

Belships ASA ("Belships" or the "Company") on 10 April 2019 regarding the

acquisition of all shares in the single purpose company Sofie Victory AS, being

the owner of M/V Sofie Victory a 63,000 dwt bulk carrier.

Of the net consideration of approximately USD 10 million, USD 2.0 million will

be paid in cash while the remaining amount will be settled through issuance of

new Belships shares to the sellers of Sofie Victory AS at a price of NOK 7.00

per share. The exact number of considerations shares has now been set to

10,710,220, with 8,568,176 to be delivered to EGD Ultra Eco AS and 2,142,044 to

be delivered to Blossom Shipmanagement Ltd. The shares is expected to be issued

by end of the second quarter 2019.

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

phone +47 977 68 061 or e-mail LCS@belships.no.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.