Fjord Defence Group ASA

Earnings Release • Sep 22, 2017

Succesful completionn of tap issue

Succesful completionn of tap issue

Reference is made to the press release dated 21 September 2017 by

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

tap issue of USD 18m 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

138m. 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, for this final tap issue. The net proceeds from the tap

issue will let us continue to grow the fleet in line with our

strategy. The dry bulk market continues to provide attractive

opportunities for second hand tonnage, and we expect to announce

changes to the composition of 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

tap issue.