Fjord Defence Group ASA

Songa Bulk AS - Participation of primary insiders in private placement and allocation of new warrants

Oslo, 10 February 2017: Reference is made to the

announcement published by Songa Bulk AS ("Songa Bulk" or the

"Company") on 9 February 2017 and 10 February 2017 regarding

the private placement (the "Private Placement").

Spencer Trading Inc, a company owned 100% by Arne Blystad

(the chairman of the board) was allocated 1 780 900 shares.

Blystad Shipholding AS, a company controlled by Arne

Blystad, will receive 146 250 warrants under the Warrant

Agreement between Blystad Shipholding AS and the Company.

The total holding controlled by Arne Blystad is 4 786 900

shares, constituting 13.35 % of the share capital (after the

transaction), and 673 594 warrants. Each warrant gives the

right to one share.

Canomaro Bulk AS, a company owned 100% by Magnus Roth (board

member) was allocated 2 671 400 shares. The total holding

controlled by Magnus Roth is 4 671 400 shares, constituting

13.03 % of the share capital (after the transaction).

North East Star Maritime Ltd, a company affiliated with

Ghikas J. Goumas (board member) was allocated 267 100

shares. The total holding controlled by Ghikas J. Goumas is

1 267 100 shares, constituting 3.53 % of the share capital

(after the transaction).

Billung Bulk AS, a company owned 100% by Herman Billung

(CEO), was allocated 6000 shares and will receive 146 250

warrants under the Warrant Agreement between Billung Bulk AS

and the Company. The total holding controlled by Herman

Billung is 66 000 shares, constituting 0.18 % of the share

capital (after the transaction), and 673 594 warrants. Each

warrant gives the right to one share.

PK Shipping AS, a company owned 100% by Per Kristian Aamlid

(COO), was allocated 6000 shares and will receive 32 500

warrants under the Warrant Agreement between PK Shipping AS

and the Company. The total holding controlled by Per

Kristian Aamlid is 26 000 shares, constituting 0.07 % of the

share capital (after the transaction), and 149 688 warrants.

Each warrant gives the right to one share.

For further information, please contact:

Herman Billung, CEO

Tel: + 47 23 01 14 34

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