Golden Ocean Group

M&A Activity • Aug 11, 2025

GOGL - Update on the CMB.TECH Merger Process

GOGL - Update on the CMB.TECH Merger Process

HAMILTON, Bermuda, 11 August, 2025 - Golden Ocean Group Limited (NASDAQ: GOGL &

Euronext Oslo Børs: GOGL) ("Golden Ocean") provides an additional market update

on the progress of the contemplated stock-for-stock merger between Golden Ocean

and CMB.TECH NV (NYSE: CMBT & Euronext Brussels: CMBT) ("CMB.TECH").

The transaction is structured as a stock-for-stock merger, with Golden Ocean

merging with and into CMB.TECH Bermuda Ltd. ("CMB.TECH Bermuda"), a wholly-owned

subsidiary of CMB.TECH, with CMB.TECH Bermuda as the surviving company (the

"Merger"). In the framework of the Merger, all outstanding common shares of

Golden Ocean will ultimately be exchanged for newly issued CMB.TECH ordinary

shares at an exchange ratio of 0.95 ordinary shares of CMB.TECH for each common

share of Golden Ocean (the "Exchange Ratio"), subject to customary adjustments

pursuant to the agreement and plan of merger dated 28 May 2025 (the "Merger

Agreement"). Upon closing of the Merger, CMB.TECH would issue approximately

95,952,934 new ordinary shares, assuming the Exchange Ratio is not adjusted.

It is noted that the notice by Golden Ocean to hold a special general meeting on

19 August 2025 at 9.00 am ADT, at Hamilton Princess and Beach Club, 76 Pitts Bay

Road, Hamilton HM 08, Bermuda, to vote on, among other things, the approval of

the Merger Agreement, the Bermuda Merger Agreement (as defined in the Merger

Agreement) and the transactions contemplated thereby including the Merger and

the appointment of the exchange agent (the "Golden Ocean SGM"), is available on

the website of Golden Ocean: GOGL - Notice of Special General Meeting - Golden

Ocean. Golden Ocean shareholders of record at the close of business on the

record date (16 July 2025) will be entitled to vote at the Golden Ocean SGM.

Subject to a positive outcome of the Golden Ocean SGM, approval of the secondary

listing on Euronext Oslo Børs and timely fulfillment of the Merger closing

conditions set forth in the Merger Agreement, such as the Golden Ocean

refinancing which is progressing, the parties intend to complete the Merger as

soon as possible after the Golden Ocean SGM. The parties currently expect

closing to take place on or around 20 August 2025, which would also be the first

day of trading for the newly issued shares on NYSE, Euronext Brussels and,

tentatively, the first day of trading of CMB.TECH on Euronext Oslo Børs. The day

prior to the closing date would be the last day of trading of Golden Ocean's

common shares on Nasdaq and on Euronext Oslo Børs.

More information can be found in the registration statement on Form F-4 (the

"Registration Statement") filed by CMB.TECH with the SEC on 1 July 2025, which

was declared effective by the SEC on 16 July 2025.

Golden Ocean has received customary demand letters for additional disclosure in

relation to the Registration Statement, as well as correspondence from certain

shareholders stating their intention to exercise their rights as dissenting

shareholders under Bermuda law, and notes that related legal proceedings have

been filed. Golden Ocean and CMB.TECH and will analyse these claims and address

them appropriately.

About Golden Ocean

Golden Ocean is a Bermuda incorporated shipping company specialising in the

transportation of dry bulk cargoes. As of June 2025, the Golden Ocean fleet

consists of 89 vessels, with an aggregate capacity of approximately 13.5 million

deadweight tonnes. Golden Ocean's ordinary shares are listed on Nasdaq with a

secondary listing on the Euronext Oslo Børs under the ticker symbol "GOGL".

About CMB.TECH

CMB.TECH is a diversified and future-proof maritime group that owns and operates

more than 160 seagoing vessels: crude oil tankers, dry bulk vessels, container

ships, chemical tankers, offshore wind vessels and workboats. CMB.TECH also

offers hydrogen and ammonia fuel to customers, through own production or third-

party producers.

CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe,

Asia, United States and Africa.

CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol

"CMBT".

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking

statements within the meaning of the U.S. Private Securities Litigation Reform

Act of 1995, which 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 and Golden Ocean desire to take advantage of the safe

harbor provisions of the Private Securities Litigation Reform Act of 1995 and

they are 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, CMB.TECH and Golden Ocean's management's

examination of historical operating trends, data contained in company records

and other data available from third parties. Although managements of CMB.TECH

and Golden Ocean 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

CMB.TECH or Golden Ocean's control, there can be no assurance that CMB.TECH or

Golden Ocean will achieve or accomplish these expectations, beliefs or

projections.

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

view, could cause actual results to differ materially from those discussed in

the forward-looking statements include, but are not limited to, the failure to

satisfy the conditions to completion of the Merger set forth in the Merger

Agreement, the failure to obtain required shareholder approvals, the failure to

complete the Merger within the expected timeframe or at all, the potential for

the Merger Agreement to be terminated in accordance with its terms, the exercise

of appraisal rights by Golden Ocean shareholders, the potential for litigation

in connection with the Merger, 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 dry bulk and 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.

You are cautioned not to place undue reliance on CMB.TECH's and Golden Ocean's

forward-looking statements. These forward-looking statements are and will be

based upon their respective managements' then-current views and assumptions

regarding future events and operating performance and are applicable only as of

the dates of such statements. Neither CMB.TECH nor Golden Ocean assumes any duty

to update or revise forward-looking statements, whether as a result of new

information, future events or otherwise, as of any future date.

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 not a recommendation in favor of the proposed Merger

described herein. In connection with the proposed Merger, CMB.TECH has filed

with the SEC the Registration Statement that includes a prospectus of CMB.TECH

and a proxy statement of Golden Ocean. CMB.TECH also has filed other relevant

documents with the SEC regarding the proposed Merger. YOU ARE URGED TO READ THE

PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC,

BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED

MATTERS. You may obtain a free copy of the proxy statement/prospectus and other

relevant documents that CMB.TECH files with the SEC at the SEC's website at

www.sec.gov (http://www.sec.gov).

This information is considered inside information pursuant to the EU Market

Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to

MAR article 17 and section 5 -12 of the Norwegian Securities Trading Act.