Fjord Defence Group ASA — Capital/Financing Update 2017

Aug 15, 2017

Successful completion of tap issue

Successful completion of tap issue

Reference is made to the press release dated 14 August 2017 by Songa

Bulk ASA ("Songa"). Songa has today successfully completed a tap

issue of USD 45m in the Songa Bulk ASA Senior Secured Callable Bond

Issue 2017/2022 with ISIN NO0010795891. The total nominal amount

outstanding in the bond following the tap issue will be USD 120m.

Net proceeds from the bond issue will be used to finance acquisition

of additional dry bulk vessels.

"We are once again very pleased with the response received from the

bond market. The additional USD 45m from the tap issue will let us

continue to grow the fleet in line with our strategy. We still find

the risk reward ratio attractive in the dry bulk space and we expect

to add additional vessels to our fleet shortly", says Arne Blystad,

Chairman of the Board of Directors of Songa.

ABG Sundal Collier ASA acted as sole manager in connection with the

new bond issue.