Belships

Belships ASA : Primary insider notice and disclosure of large shareholding

Reference is made to the detailed stock exchange announcement by Belships ASA

("Belships" or the "Company") on 4 October 2018 regarding the sale of

14,285,714 shares (30.2%) in the Company from Sonata AS, which is controlled by

Sverre Tidemand, the chairman of the Company's board of directors, to Kontrari

AS and a merger between Kontrari and Kontrazi AS' (being companies controlled by

Frode Teigen and family) subsidiaries (LHS I Holdco, LHS II Holdco, LHN I Holdco

og LHN II Holdco) and a wholly-owned subsidiary of Belships (Belships Chartering

AS), with consideration in Belships shares.

The share sale is expected to be completed three business days after the

approval of the merger plan and share capital increase by extraordinary general

meeting of Belships, subject to certain conditions being fulfilled. The purchase

price for the shares is NOK 100 million in total. Following completion of the

share sale:

* Sonata AS will have reduced its shareholding in the Company and will hold

17,461,778 shares, constituting 36.9% of the shares and votes in the

Company.

* Kontrari AS will hold 14,285,714 shares, constituting 30.2% of the shares

and votes in the Company.

Upon completion of the merger, which is expected to be completed before year-end

2018:

* Sonata AS will be further diluted and own 17,461,778 shares, representing

10% of the shares and votes in the Company,

* Kontrari AS and Kontrazi AS - companies which are coordinating the exercise

of shareholder rights in the Company, will increase its shareholding to

120,452,246 shares, representing 68.8% of the shares and votes, and

* Nepa will own 13,330,834 shares, representing 7.61% of the shares and votes

in the Company.

This information is subject to the disclosure requirements set out in sections

4-2 and 4-3 of the Norwegian Securities Trading Act.

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