Belships — M&A Activity 2018

Oct 4, 2018

Belships ASA : Detailed stock exchange announcement - Belships to merge with Lighthouse Group

Belships ASA : Detailed stock exchange announcement - Belships to merge with Lighthouse Group

Reference is made to the stock exchange announcement made by Belships ASA

("Belships" or the "Company") on 6 July 2018 regarding the acceptance by Sonata

AS ("Sonata") of an offer from Kontrari AS and Kontrazi AS (being companies

controlled by Frode Teigen and family, and together referred to as "Kontrari")

relating to a contemplated sale of 14,285,714 shares (30.2%) in the Company from

Sonata to Kontrari and a merger between certain subsidiaries of Kontrari (the

Lighthouse Companies) and one or more subsidiaries of Belships with

consideration in Belships shares.

Following satisfactory completion of a mutual due diligence process and final

negotiations, Belships and the Lighthouse Companies have today on 4 October

2018 signed a merger plan pursuant to which Belships Chartering AS, a wholly-

owned subsidiary of Belships, will assume the assets, rights and obligations of

the Lighthouse Companies, against issuance of consideration shares in Belships.

The completion of the Merger and the issuance of the consideration shares are

expected to take place before year-end 2018, subject to the conditions for

completion being fulfilled.

A detailed stock exchange announcement prepared in accordance with section 3.4

of the Oslo Børs' Continuing Obligations and a presentation of the transaction

are attached.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.