Fjord Defence Group ASA - Capital/Financing Update 2017

Contemplating a tap issue

Songa Bulk ASA is contemplating a tap issue of up to USD 45 million

of the senior secured bond "Songa Bulk ASA 17/22 FRN USD C" (ISIN

NO0010795891 and maturity 13 June 2022). The current outstanding

amount is USD 75m and the borrowing limit is USD 150m.

If concluded, the net proceeds from the contemplated tap issue will

be used to finance acquisition of additional dry bulk vessels.

ABG Sundal Collier has been retained as manager in connection with

the placement of the contemplated tap issue.

For further information, please contact:

Herman Billung, CEO

About Songa Bulk Songa Bulk ASA (the "Company"), established by the

Blystad Group and Herman Billung. The Company has low gearing, no

legacy issues and a cost efficient operational platform. The Company

seeks to actively manage the cyclicality of the drybulk market by

investing at historically low levels, focus on returning capital to

shareholders through asset sales and/or dividends as the market

recovers. Please see our webpage: www.songabulk.no

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