Belships ASA

Contemplated Private Placement

Belships ASA: Contemplated Private Placement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES 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.

Oslo, 9 March 2021

Belships ASA (OSE: BEL; "Belships" or the "Company") has retained Arctic Securities AS and Pareto Securities AS (together, the "Managers") as Joint Lead Managers and Bookrunners, to advise on and effect a private placement of up to 20 million new shares (the "Offer Shares") (the "Private Placement").

The net proceeds from the Private Placement will be used to fund the cash element of two new Japanese bareboat leases recently announced and for general corporate purposes.

Certain existing shareholders and new investors have collectively pre-committed to subscribe: Peter Frølich, Chairman: 25,000 Offer Shares, Frode Teigen, Board member: 5 million Offer Shares, Carl Erik Steen, Board member: 100 000 Offer Shares, Ellen and Jakob Hatteland: 2.5 million Offer Shares, and CEO Lars Christian Skarsgård: 50,000 Offer Shares.

The price per Offer Share in the Private Placement (the "Offer Price") will be determined by the board of directors of the Company (the "Board") following an accelerated bookbuilding process. The bookbuilding period for the Private Placement opens today at 16:30 CET on 9 March 2021 and closes at 08:00 CET on 10 March 2021. The Company and the Managers may at their sole discretion extend or shorten the application period at any time and for any reason. If the application period is extended  or shortened the other dates referred to herein may be amended accordingly.

The Private Placement will be directed towards Norwegian and international investors, in each case subject to an exemption being available from offer prospectus requirements and any other filing or registration requirements in the applicable jurisdictions and subject to other selling restrictions. The minimum application and allocation amount has been set to the NOK equivalent of EUR 100,000. The Company may, however, at its sole discretion, allocate an amount below EUR 100,000 to the extent applicable exemptions from the prospectus requirements are available.