Belships

Belships ASA : Acceptances received under mandatory offer

THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION IN OR INTO THE US, AUSTRALIA, CANADA,

JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE

UNLAWFUL

Reference is made to the mandatory offer (the "Offer") to acquire all issued and

outstanding shares in Belships ASA ("Belships" or the "Company") made by

Kontrari AS and Kontrazi AS (the "Offerors"), as set out in the offer document

dated 14 March 2019.

Today, on 27 March 2019, the Offerors have been notified that acceptances under

the Offer for 1,730,873 shares, corresponding to 1.0% of the shares and voting

rights in Belships, have been received. Together with the 120,454,198 shares

already owned, the Offerors will thus, upon completion of the Offer, own and

hold rights to a total of 122,185,071 shares, corresponding to 69.8% of the

issued shares and outstanding votes in the Company.

The Offerors are related parties to Frode Teigen who is a member of the board of

directors of Belships ASA.

27 March 2019

Kontrari AS and Kontrazi AS

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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