Hunter Group ASA

Share Issue/Capital Change • May 23, 2019

Hunter Group ASA: Private placement successfully completed

Hunter Group ASA: Private placement successfully completed

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 THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE

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

SECURITIES DESCRIBED HEREIN.

23 May 2019

Reference is made to the stock exchange notice released by Hunter Group ASA (the

"Company", ticker HUNT) on 22 May 2019 regarding a contemplated private

placement (the "Private Placement") of new shares in the Company. The Company is

pleased to announce that the Private Placement was successfully placed, raising

gross proceeds of approximately NOK 695 million through the allocation of

190,454,000 shares (the "New Shares") at a subscription price of NOK 3.65 per

share. The Private Placement was significantly oversubscribed with high

participation from existing shareholders.

Allocation notices will be distributed to investors on 23 May, by the Managers,

once the Board of Directors have completed the allocation process.

Completion of the Private Placement implies a deviation from the existing

shareholders' pre-emptive rights to subscribe for and be allocated new shares.

The board of directors has carefully considered such deviation and has resolved

that the Private Placement is in the best interests of the Company and its

shareholders. In reaching this conclusion the board of directors has inter alia

considered the implications of an underwritten rights issue given the volatility

and negative development in the Company's share price, alternative financing

sources, the dilutive effect of the share issue, the investor interest in the

transaction, the strengthening of the shareholder base that will be achieved by

the Private Placement, and that a subsequent offering is expected to be carried

out.

The new shares allocated in the Private Placement will be settled through a

delivery versus payment transaction on a regular t+2 basis by delivery of

existing and unencumbered shares in the Company that are already listed on the

Oslo Stock Exchange pursuant to a share lending agreement between the Managers,

the Company and Apollo Asset Ltd. The shares delivered to the subscribers will

thus be tradable after allocations have been communicated. Following

registration of the new share capital pertaining to the Private Placement, the

Company will have 575,362,013 shares outstanding, each with a par value of NOK

1.25.

The Board of Directors of the Company has resolved to call for an extraordinary

general meeting to propose a subsequent offering of up to 19,045,400 new shares

towards the Company's shareholders as of 22 May 2019 (as documented by the

shareholder register in the Norwegian Central Securities Depository (VPS) as of

the end of 24 May 2019) who were not allocated shares in the Private Placement

(the "Subsequent Offering"). The subscription price in the Subsequent Offering

will be equal to the subscription price in the Private Placement.

Contact: Erik Frydendal, CEO, ef@huntergroup.no +47 957 72 947

Additional information about the Company can be found at: www.huntergroup.no

*** Important information: The release is not for publication or distribution,

in whole or in part directly or indirectly, in or into Australia, Canada, Japan

or the United States (including its territories and possessions, any state of

the United States and the District of Columbia). This release is an announcement

issued pursuant to legal information obligations and is subject of the

disclosure requirements pursuant to section 5-12 of the Norwegian Securities

Trading Act. It is issued for information purposes only and does not constitute

or form part of any offer or solicitation to purchase or subscribe for

securities, in the United States or in any other jurisdiction. The securities

mentioned herein have not been, and will not be, registered under the United

States Securities Act of 1933, as amended (the "US Securities Act"). The

securities may not be offered or sold in the United States except pursuant to an

exemption from the registration requirements of the US Securities Act. The

Company does not intend to register any portion of the offering of the

securities in the United States or to conduct a public offering of the

securities in the United States. Copies of this announcement are not being made

and may not be distributed or sent into Australia, Canada, Japan or the United

States. The issue, exercise, purchase or sale of subscription rights and the

subscription or purchase of shares in the Company are subject to specific legal

or regulatory restrictions in certain jurisdictions. Neither the Company nor the

Managers assumes any responsibility in the event there is a violation by any

person of such restrictions. The distribution of this release may in certain

jurisdictions be restricted by law. Persons into whose possession this release

comes should inform themselves about and observe any such restrictions. Any

failure to comply with these restrictions may constitute a violation of the

securities laws of any such jurisdiction. The Managers are acting for the

Company and no one else in connection with the Private Placement and will not be

responsible to anyone other than the Company providing the protections afforded

to their respective clients or for providing advice in relation to the Private

Placement and/or any other matter referred to in this release. Forward-looking

statements: This release and any materials distributed in connection with this

release may contain certain forward-looking statements. By their nature, forward

-looking statements involve risk and uncertainty because they reflect the

Company's current expectations and assumptions as to future events and

circumstances that may not prove accurate. A number of material factors could

cause actual results and developments to differ materially from those expressed

or implied by these forward-looking statements.