Golden Ocean Group

Major Shareholding Notification • Mar 4, 2025

CMB.TECH acquires Hemen's shares in Golden Ocean - Disclosure of large shareholdings

CMB.TECH acquires Hemen's shares in Golden Ocean - Disclosure of large shareholdings

ANTWERP, Belgium, 4 March, 2025 - CMB.TECH NV (NYSE: CMBT & Euronext: CMBT)

("CMB.TECH") today announced that it, through its wholly-owned subsidiary,

CMB.TECH Bermuda Ltd., has entered into a share purchase agreement with Hemen

Holding Limited ("Hemen"), for the acquisition of 81,363,730 shares in Golden

Ocean Group Limited ("Golden Ocean") at a price of 14.49 USD per share (the

"Transaction"). The shares represent approx. 40.4% of Golden Ocean's issued

share capital (calculated on the basis that Golden Ocean has issued 201,165,621

shares) and approx. 40.8% of Golden Ocean's outstanding shares with voting

rights (calculated on the basis that Golden Ocean has 1,787,328 treasury shares

which are excluded from voting on). CMB.TECH did not own any shares or right to

shares in Golden Ocean prior to the Transaction.

This acquisition is in line with CMB.TECH's strategic objective of

diversification, with CMB.TECH intending to become a long-term shareholder in

Golden Ocean and investing in a modern dry bulk fleet.

Alexander Saverys, CEO of CMB.TECH, commented: "The acquisition of the Golden

Ocean shares from Hemen represents a significant milestone in CMB.TECH's

diversification strategy. We look forward to engaging with the board, management

and employees of Golden Ocean and to build on Golden Ocean's and

Mr. Fredriksen's strong legacy to drive long-term growth and innovation".

The Transaction is not subject to any conditions, and completion is expected to

take place on 12 March 2025. To the extent the Transaction might impact Golden

Ocean's financing agreements, CMB.TECH has identified a bank syndicate to

refinance all or parts of the current outstanding debt in Golden Ocean.

The Transaction will not trigger a mandatory takeover bid or similar offer in

Bermuda, Norway, the United States, or any other jurisdiction.

Please refer to CMB.TECH's separate announcement today regarding the

Transaction, available on CMB.TECH's website https://cmb.tech. CMB.TECH is

listed on Euronext Brussels and the NYSE under the ticker symbol CMBT. More

information can be found at https://cmb.tech.

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

4-2 of the Norwegian Securities Trading Act.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking

statements. The Private Securities Litigation Reform Act of 1995 provides safe

harbor protections for forward-looking statements in order to encourage

companies to provide prospective information about their business. Forward-

looking statements include statements concerning plans, objectives, goals,

strategies, future events or performance, and underlying assumptions and other

statements, which are other than statements of historical facts. CMB.TECH

desires to take advantage of the safe harbor provisions of the Private

Securities Litigation Reform Act of 1995 and is including this cautionary

statement in connection with this safe harbor legislation. The words "believe",

"anticipate", "intends", "estimate", "forecast", "project", "plan", "potential",

"may", "should", "expect", "pending" and similar expressions identify forward-

looking statements.

The forward-looking statements in this press release are based upon various

assumptions, many of which are based, in turn, upon further assumptions,

including without limitation, our management's examination of historical

operating trends, data contained in our records and other data available from

third parties. Although we believe that these assumptions were reasonable when

made, because these assumptions are inherently subject to significant

uncertainties and contingencies which are difficult or impossible to predict and

are beyond our control, we cannot assure you that we will achieve or accomplish

these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in

CMB.TECH's view, could cause actual results to differ materially from those

discussed in the forward-looking statements include the failure of

counterparties to fully perform their contracts with us, the strength of world

economies and currencies, general market conditions, including fluctuations in

charter rates and vessel values, changes in demand for tanker vessel capacity,

changes in our operating expenses, including bunker prices, dry-docking and

insurance costs, the market for our vessels, availability of financing and

refinancing, charter counterparty performance, ability to obtain financing and

comply with covenants in such financing arrangements, changes in governmental

rules and regulations or actions taken by regulatory authorities, potential

liability from pending or future litigation, general domestic and international

political conditions, potential disruption of shipping routes due to accidents

or political events, vessels breakdowns and instances of off-hires and other

factors. Please see our filings with the United States Securities and Exchange

Commission for a more complete discussion of these and other risks and

uncertainties.

Disclaimer

Copies of this announcement are not being made and may not be distributed or

sent into any jurisdiction in which such distribution would be unlawful or would

require registration or other measures. Persons distributing this communication

must satisfy themselves that it is lawful to do so. The potential transactions

described in this announcement and the distribution of this announcement and

other information in connection with the potential transactions in certain

jurisdictions may be restricted by law and persons into whose possession this

announcement, any document or other information referred to herein comes should

inform themselves about, and observe, any such restrictions.

This announcement is for information purposes only and is not an offer or a

tender offer document and, as such, is not intended to constitute or form any

part of an offer or the solicitation of an offer to purchase, otherwise acquire,

subscribe for, sell or otherwise dispose of any securities, or the solicitation

of any vote or approval in any jurisdiction.

This notice does not constitute a takeover bid to purchase securities of

CMB.TECH or Golden Ocean or anyone else nor a solicitation by anyone in any

jurisdiction with respect to CMB.TECH or Golden Ocean or anyone else. No action

has been taken to enable a takeover bid in any jurisdiction, and no such actions

will be taken. Neither this notice nor any other information in respect of the

matters contained herein may be supplied in any jurisdiction where a

registration, qualification or any other obligation is in force or would be with

regard to the content hereof or thereof. Any failure to comply with these

restrictions may constitute a violation of the financial laws and regulations in

such jurisdictions.

Additional Information for U.S. Holders

The securities offered will not be and have not been registered under the US

Securities Act of 1933 and may not be sold in the United States absent

registration an applicable exemption from registration.