Fjord Defence Group ASA

SUCCESSFUL PLACEMENT OF NEW SENIOR SECURED BOND ISSUE

Reference is made to the press release dated 29 May 2017 by Songa

Bulk ASA ("Songa").

Songa has successfully completed the issuance of a USD 75 million

senior secured bond, with a total borrowing limit of USD 150

million. The bond issue was oversubscribed and received strong

demand from high quality investors. Settlement is expected to be 13

June 2017, with final maturity 13 June 2022. The bond issue has a

floating interest rate of 3M LIBOR + 4.50% p.a. An application will

be made for the bonds to be listed on Oslo Børs. Net proceeds from

the bond issue will be used to finance acquisition of additional dry

bulk vessels.

"We are very pleased with the positive response received from bond

investors. We are happy that we have been able to raise USD 75

million at a very competitive interest margin of 4.50% p.a., as part

of the previously communicated strategy to take on moderate

leverage. Prior to completion of the bond issue, we had received

multiple offers from reputable banks for bank financing at

attractive terms, but the Board of Directors are confident that the

bond issue will provide Songa with increased flexibility at an

attractive interest cost" 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.

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