Belships

Share Issue/Capital Change • Jul 12, 2019

BELSHIPS ASA – Preliminary results of the subsequent offering

BELSHIPS ASA – Preliminary results of the subsequent offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR

INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY

OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE

UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN

Oslo, 12 July 2019: Reference is made to the stock exchange announcement from

Belships ASA ("Belships" or the "Company") dated 28 June 2019 regarding the

subsequent offering and listing of up to 1,603,128 new shares, each with a

nominal value of NOK 2.00 (the "Offer Shares") at a subscription price of NOK

7.00 per Offer Share (the "Subscription Price") to be carried out by Belships

(the "Subsequent Offering").

The subscription period for the Subsequent Offering expired today, 12 July

2019, at 16:30 hours (CEST). The Company has received subscriptions for 558 291

Offer Shares from eligible shareholders in the Subsequent Offering.

The allocation of the Offer Shares will be resolved by the Company later today

or tomorrow in accordance with the allocation criteria set out in the prospectus

dated 27 June 2019. The final results of the Subsequent Offering will be

published shortly thereafter, and letters regarding allocation of Offer Shares

and the corresponding subscription amount to be paid by each eligible

shareholder who has subscribed for Offer Shares in the Subsequent Offering, will

be distributed on or about 15 July 2019.

For further details on the terms of the Subsequent Offering, please see the

Prospectus.

Danske Bank, Norwegian Branch, DNB Markets, a part of DNB Bank ASA, and

Pareto Securities AS are acting as Managers for the Subsequent Offering.

Advokatfirmaet Thommessen AS is acting as legal counsel to the Company.

For further information, please contact Lars Christian Skarsgård, Belships

CEO, phone +47 977 68 061 or e-mail lcs@belships.no (mailto:lcs@belships.no).

Important information: The release is not for publication or distribution, in

whole or in part directly or indirectly, in or into Australia, Canada, Japan or

the United States (including its territories and possessions, any state of the

United States and the District of Columbia). This release is an announcement

issued pursuant to legal information obligations, and is subject of the

disclosure requirements pursuant to section 5-12 of the Norwegian Securities

Trading Act. It is issued for information purposes only, and does not constitute

or form part of any offer or solicitation to purchase or subscribe for

securities, in the United States or in any other jurisdiction. The securities

mentioned herein have not been, and will not be, registered under the United

States Securities Act of 1933, as amended (the "US Securities Act"). The

securities may not be offered or sold in the United States except pursuant to an

exemption from the registration requirements of the US Securities Act.

The Company does not intend to register any portion of the offering of the

securities in the United States or to conduct a public offering of the

securities in the United States. Copies of this announcement are not being made

and may not be distributed or sent into Australia, Canada, Japan or the United

States.

The issue, subscription or purchase of shares in the Company is subject to

specific legal or regulatory restrictions in certain jurisdictions. Neither the

Company nor the Managers assume any responsibility in the event there is a

violation by any person of such restrictions. The distribution of this release

may in certain jurisdictions be restricted by law. Persons into whose possession

this release comes should inform themselves about and observe any such

restrictions. Any failure to comply with these restrictions may constitute a

violation of the securities laws of any such jurisdiction.

The Managers are acting for the Company and no one else in connection with the

Private Placement and will not be responsible to anyone other than the Company

providing the protections afforded to their respective clients or for providing

advice in relation to the Private Placement and/or any other matter referred to

in this release.

Forward-looking statements: This release and any materials distributed in

connection with this release may contain certain forward-looking statements. By

their nature, forward-looking statements involve risk and uncertainty because

they reflect the Company's current expectations and assumptions as to future

events and circumstances that may not prove accurate. A number of material

factors could cause actual results and developments to differ materially from

those expressed or implied by these forward-looking statements