Hunter Group ASA

M&A Activity • Nov 2, 2018

HUNTER GROUP ASA - HUNTER TANKERS AS ANNOUNCES ACQUISITION VESSEL, EARLIER DELIVERIES AND AN EXTENSION OF OPTIONS

HUNTER GROUP ASA - HUNTER TANKERS AS ANNOUNCES ACQUISITION VESSEL, EARLIER DELIVERIES AND AN EXTENSION OF OPTIONS

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UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN.

Oslo, 2. November 2018

Hunter Group ASA (the "Company") is pleased to announce that its wholly owned

subsidiary Hunter Tankers AS has entered into an agreement to purchase one (1)

additional scrubber fitted 300,000 dwt eco design VLCC from Daewoo Shipbuilding

& Marine Engineering Co., Ltd., Hull No. 5470. The vessel will be outfitted with

a SOx scrubber from Wärtsilä.  Delivery is scheduled for July 2020 and payment

terms are: Ten percent (10%) upon issuance of Refund Guarantee, ten percent

(10%) in October 2019, ten percent (10%) upon Keel Laying, ten percent (10%)

upon Launching and sixty percent (60%) upon delivery of the vessel.

In addition, Hunter Tankers is pleased to announce an advancement of the

delivery of hull no. 5465, 5466 and 5467 by a total of four months.

Delivery times are now scheduled as follows:

5465 shall be advanced to middle of March 2020 (from May 2020).

5466 shall be advanced to end of May 2020 (from June 2020).

5467 shall be advanced to middle of July 2020 (from August 2020).

Finally, Hunter Tankers AS has received a further extension of declaration of

the existing options until January 15th, 2019. This option is for up to three

(3) vessels with delivery in 1H/2021.

"We are very pleased to have reached an agreement with DSME for the acquisition

of one additional vessel at what we consider to be a very attractive price and

delivery time.  With this acquisition we have eight sister vessels under

construction at DSME, all outfitted with scrubbers from market leading producer

Wärtsilä.  We also greatly appreciate DSME in accepting our request for earlier

deliveries for vessel nos. 5465/66/67.  This will enable us to have a larger

fleet of world class quality tonnage operational earlier, in what we believe

will be a strong tanker market.  Furthermore, we are very pleased to further

build on our strong and close relationship with DSME, a quality builder of

VLCCs.", said Erik Frydendal, CEO of Hunter Group.

"We are very pleased to have further strengthened our partnership with Hunter

Group through this additional newbuilding deal after seven VLCC newbuilding

orders already having been placed. We appreciate Hunter Group and Mr. Fredly's

trust in DSME and will reciprocate this trust with the best quality, advanced

technology and on time delivery of all the vessels in the series," said Mr. SL

Jung, CEO of DSME.

Contacts:

Erik A.S. Frydendal, CEO

Phone: +47 957 72 947

E-mail:ef@huntergroup.no