Viking Supply Ships

Share Issue/Capital Change • Dec 20, 2016

Viking Supply Ships AB's rights issue and three directed share issues have been completed and resolution on new set-off issue has been passed

Viking Supply Ships AB's rights issue and three directed share issues have been completed and resolution on new set-off issue has been passed

This press release may not be disclosed, published or distributed, directly or

indirectly in or to the USA, Australia, Japan, Canada or any other jurisdiction

where such measure entirely or partially is subject to legal restrictions.

20 December 2016

The preliminary summation of the rights issue in Viking Supply Ships AB ("Viking

Supply Ships" or "the Company") shows that 107,923,128 shares, corresponding to

approximately 78.2 percent of the offered shares were subscribed for by exercise

of subscription rights (primary preferential rights). In addition, 4,544,191

shares, corresponding to approximately 3.3 percent of the offered shares, were

subscribed for with secondary preferential rights or without preferential

rights. The remaining shares, not subscribed for with primary preferential

rights, secondary preferential rights or without preferential rights, will be

assigned to Kistefos (through the wholly owned subsidiary Viking Invest AS)

acting as guarantor.

Furthermore, the subscriptions in the previously announced share issues with

payment against set-off for Kistefos (through the wholly owned subsidiaries

Viking Invest AS and Odin Viking SPV AS) of 14,794,400 and 11,455,864 B-shares,

respectively, have been completed. The share issues have thus been fully

subscribed and the shares have been allotted in accordance therewith.

In addition, the subscription in the previously announced directed share issue

to Odin Viking SPV AS of 28,355,933 B-shares has been completed, meaning that

the share issue has been fully subscribed. The board of directors of the Company

has today resolved to prolong the time for payment of the allotted shares,

resulting in that payment shall be made in cash not later than 5 January 2017.

Through the rights issue, Viking Supply Ships will receive approximately SEK 207

million before deduction of transaction costs. The share capital will increase

by SEK 138,012,246 from SEK 177,444,318 to SEK 315,456,564, and the number of

shares will increase by 9,049,402 A-shares and 128,962,844 B-shares, from

177,444,318 shares to 315,456,564 shares when the rights issue has been

registered with the Swedish Companies Registration Office ("SCRO").

The new shares subscribed for with subscription rights are expected to be

registered with the SCRO on or about 22 December 2016 and are expected to start

trading on Nasdaq Stockholm on or about 4 January 2017. The new shares

subscribed for on the basis of secondary preferential rights or without

preferential rights are expected to be registered with SCRO on or about 30

December 2016 and are expected to start trading on or about 4 January 2017.

Through the two share issues with payment against set-off for Kistefos described

above, the share capital will increase by SEK 26,250,264 and the number of

shares will increase by 26,250,264 B-shares, when the share issues have been

registered with the SCRO. The new shares are expected to be registered with the

SCRO on or about 22 December 2016 and are expected to start trading on Nasdaq

Stockholm on or about 23 December 2016.

Through the directed share issue to Odin Viking SPV AS described above, the

share capital will increase by SEK 28,355,933 and the number of shares will

increase by 28,355,933 B-shares, when the share issue has been registered with

the SCRO.

The new shares are expected to be registered with the SCRO on or about 4 January

2017 and are expected to start trading on Nasdaq Stockholm on or about 5 January

In total, the four share issues, in which the shares have now been subscribed

for, will increase the Company's share capital by SEK 192,618,443 from SEK

177,444,318 to SEK 370,062,761, and the number of shares will increase by

9,049,402 A-shares and 183,569,041 B-shares, from 177,444,318 shares to

370,062,761 shares, when the share issues have been registered with the SCRO.

Share issue with payment against set-off for the underwriter of the rights

issue

The Board of Directors of the Company has, pursuant to the authorization granted

by the annual general meeting and in accordance with previously announced

intentions, resolved on a new share issue with payment against set-off for

Kistefos (through the wholly owned subsidiary Viking Invest AS) as guarantor of

the rights issue. The guarantee fee of approximately SEK 2.76 million, is to be

set-off against new B-shares in the Company through a share issue with payment

against set-off, where Kistefos sets-off its claim for the guarantee fee against

new shares. The subscription price is SEK 1.50, being the same as in the rights

issue.

Through the set-off issue the Company's share capital shall increase by not more

than SEK 1,838,490 through issuance of not more than 1,838,490 new B-shares. The

new shares are expected to be registered with the SCRO on 30 December 2016 and

are expected to start trading on Nasdaq Stockholm on 2 January 2017.

Financial and legal advisors

Swedbank Corporate Finance is acting as financial adviser to Viking Supply Ships

in conjunction with the transactions. Mannheimer Swartling Advokatbyrå is acting

as legal advisor in conjunction with the share issues.

Investor relations

Bengt A. Rem, Interim CEO, tel. +47 94 01 71 71, e-mail bengt.rem@kistefos.no

Morten G. Aggvin, IR & Treasury Director, tel. +47 41 04 71 25, e-mail

mga@vikingsupply.com

Important information

The information in this press release does not contain or constitute an offer to

acquire, subscribe or otherwise trade in shares, subscription rights or other

securities in Viking Supply Ships AB.

This press release may not be published or distributed, directly or indirectly

in or into the United States, Australia, Japan, Canada or any other jurisdiction

where such action is wholly or partially subject to legal restrictions or where

such action would require additional prospectuses, registrations or other

actions in addition to what follows from Swedish law. Nor may the information in

this press release be forwarded, reproduced or disclosed in such a manner that

contravenes such restrictions or would require such requirements. Failure to

comply with this instruction may result in a violation of applicable securities

laws.

No subscription rights, BTAs (interim shares) or new shares will be registered

under the United States Securities Act of 1933 ("Securities Act") or securities

legislation in any other state or other jurisdiction in the United States and

may not be offered, subscribed, sold or transferred, directly or indirectly

within the United States, other than pursuant to an exemption from the

registration requirements of the Securities Act and in accordance with

securities laws in relevant state or other jurisdiction in the United States.

This press release may contain forward-looking statements which reflect Viking

Supply Ship's current view on future events and financial and operational

development. Words such as "intend", "expect", "anticipate", "may", "believe",

"plan", "estimate" and other expressions which imply indications or predictions

of future development or trends, and which are not based on historical facts,

are intended to identify forward-looking statements. Forward-looking statements

inherently involve both known and unknown risks and uncertainties because they

depend on future events and circumstances. Forward-looking statements do not

guarantee future results or development and the real outcome could differ

materially from the forward-looking statements.

Viking Supply Ships AB is the parent company of a Swedish shipping group with

its main office in Gothenburg, Sweden. The Group conducts its business in four

segments: Anchor Handling Tug Supply ships (AHTS), Platform Supply Vessels

(PSV), Services and Ship Management. The business is focused within offshore and

ice-breaking primarily in Arctic and subarctic areas. The Group has

approximately 500 employees and its revenue for 2015 amounted to MSEK 1,114. The

Company's series B share is listed at Nasdaq Stockholm, Small Cap segment.

www.vikingsupply.com.

This information is information that Viking Supply Ships AB is obliged to make

public pursuant to the EU Market Abuse Regulation. The information was submitted

for publication, through the agency of the contact person set out above, at

09:30 a.m. CET on 20 December 2016.