Eqva ASA

Share Issue/Capital Change • Jul 12, 2016

Launch of exchange offer

Launch of exchange offer

NOT FOR RELEASE,

PUBLICATION OR

DISTRIBUTION, IN

WHOLE OR IN PART

DIRECTLY OR

INDIRECTLY, IN

AUSTRALIA, CANADA,

JAPAN OR THE UNITED

STATES OR ANY OTHER

JURISDICTION IN

WHICH SUCH RELEASE,

PUBLICATION OR

DISTRIBUTION WOULD

BE UNLAWFUL.

Reference is made to

Havyard Group ASA's

(the "Company")

stock exchange

announcements dated

16 June and 30 June

2016 related to

amendments of the

FRN Havyard Group

ASA Senior Unsecured

Bond Issue 2014/2017

(the "Bond Issue")

and the Company's

obligation to launch

an exchange offer.

The Company's board

of directors has

resolved to issue up

to 2,252,830 new

shares in the

Company at a

subscription price

of NOK 8.25 per new

share in a share

capital increase

directed towards the

holders of the

Company's bonds (the

"Exchange Offer").

The share

consideration to be

paid under the

Exchange Offer shall

be settled by a

set-off of bonds in

the Bond Issue to be

valued at face

value. Interest

accrued on the bonds

to be set-off up to

and including the

payment date for the

Exchange Offer, will

be settled by a cash

payment from the

Company to the

relevant

subscribers.

The bondholders are

entitled to

subscribe for shares

in the Exchange

Offer on a pro rata

basis based on their

holding of bonds in

the Bond Issue. Over

subscription shall

be allowed and

allocated on a pro

rata basis based on

the relevant

subscribers' holding

of bonds in the Bond

Issue.

The application

period for the

Exchange Offer

starts at 09:00

(CEST) 18 July 2016

and ends 16:30

(CEST) 20 July 2016.

The Company's board

of directors are

expected resolve

allocation of the

Exchange Offer on or

about 25 July 2016.

The new shares are

expected to be

issued and listed on

Oslo Børs on or

about 23 August

The Company has

entered into

guarantee agreements

under the Exchange

Offer with certain

bondholders implying

that approximately

NOK 18,585,848 of

the bonds in the

Bond Issue is

guaranteed to be

converted to equity

through the Exchange

Offer. As

compensation for the

guarantee

undertaking, the

guarantors will

receive a guarantee

fee equal to 2.50 %

of the guaranteed

amount.

Fearnley Securities

AS has been the

manager for the

transaction and

Advokatfirmaet

Selmer DA has been

engaged as legal

advisor for the

manager.

For further

information, please

contact:

Pål Aurvåg

CFO

+47 95 00 50 04

Per Lauvvang

Fearnley Securities

+ 47 95 11 10 51

This information is

subject to the

disclosure

requirements

pursuant to section

5-12 of the

Norwegian Securities

Trading Act.