Fjord Defence Group ASA — M&A Activity 2017

Jun 14, 2017

Vessel Acquisition

Vessel Acquisition

Oslo, June. 14, 2017 / Songa Bulk ASA (Oslo Axess: SBULK)

(the "Company" or "Songa Bulk") is pleased to announce that

it has entered into an agreement to acquire a Capesize

bulk carrier built in 2010 at STX in Korea (180,706 dwt) The vessel

has been acquired at price of USD 28.85 million.

The vessel will be delivered during third quarter of 2017.The

Company will establish a wholly owned subsidiary to take delivery of

the vessel.

About Songa Bulk

Songa Bulk AS (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