Belships - Director's Dealing 2022

Belships ASA: Grant of options - PDMR notice

The following primary insiders have today been allocated the following share

options in Belships ASA:

? Osvald Fossholm (CFO): 100 000 share options

After the allocation, Fossholm has a total of 149 300 share options. In

addition, he owns 55 000 shares in Belships ASA through his company Krino Invest

AS.

? Yngve Aslaksen Gram (VP Finance): 100 000 share options

After the allocation, Gram has a total of 100 000 share options. In addition, he

owns 200 000 shares.

? 200 000 share options are distributed to other employees of Belships ASA.

The strike price of this allocation is set at NOK 8.07 per share, which is equal

to 105% of the share price after the general meeting on 25 May 2021 less

dividends paid out.

Belships has an option scheme for the company's employees and the award is

within the framework authorised at the general meeting on 25 May 2021.

Further details regarding the option grant to the CFO and the VP Finance are

included in the attached PDMR forms.

Oslo, 3 May 2022

This information is subject to the disclosure requirements pursuant to the

Market Abuse Regulation article 19.

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