Nel ASA

Contemplated sale of shares of NEL ASA

Øystein Stray Spetalen and affiliated companies,

Strata Marine & Offshore AS and Ferncliff Maris AS

(the "Shareholder") have retained Arctic Securities

AS, Carnegie AS and DNB Markets to explore the sale of

up to 42,000,000 shares in NEL ASA ("NEL" or

the "Company") through an accelerated bookbuilding

process (the "Placing").

The Placing represents up to 6.17 per cent of the

outstanding shares in NEL, and assuming all shares

offered in the Placing are sold, the Shareholder will

hold 33,211,285 shares equal to 4.88 per cent of the

share capital in the Company. The Shareholder is

committed to being a shareholder in the Company, and

will be subject to a lock-up agreement with Arctic

Securities AS, Carnegie AS and DNB Markets ending 31

December 2016 for the remaining shares held in NEL.

The bookbuilding process will commence immediately

following the publication of this announcement and may

be closed at short notice. A further announcement will

be made following completion and pricing of the

Placing.

Øystein Stray Spetalen is represented on the Board of

Directors of NEL. Martin Nes, CEO of Ferncliff TIH AS

and board member of Saga Tankers ASA, is the Chairman

of NEL's Board of Directors.

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