Fjord Defence Group ASA

Contemplating a tap issue

Songa Bulk ASA (the "Company") is contemplating a tap issue with a

target amount of USD 18 million in the senior secured bond "Songa

Bulk ASA 17/22 FRN USD C" (ISIN NO0010795891 and maturity 13 June

2022). The current outstanding amount is USD 120m and the borrowing

limit is USD 150m. Following a successful tap issue, the Company

will not carry out any additional tap issues.

If concluded, the net proceeds from the contemplated tap issue will

be used to finance acquisition of additional dry bulk vessels. The

company is also in the process to dispose one of its Supramax

vessels, when concluded the sales proceeds will be used for further

vessel acquisitions.

ABG Sundal Collier has been retained as manager in connection with

the placement of the contemplated tap issue.

For further information, please contact:

Herman Billung, CEO

About Songa Bulk Songa Bulk ASA (the "Company"), established by the

Blystad Group and Herman Billung. The Company has low gearing, no

legacy issues and a cost efficient operational platform. The Company

seeks to actively manage the cyclicality of the drybulk market by

investing at historically low levels, focus on returning capital to

shareholders through asset sales and/or dividends as the market

recovers. Please see our webpage: www.songabulk.no

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