Belships ASA : Preliminary result of mandatory offer

THIS ANNOUNCEMENT IS NOT FOR DISTRIBUTION IN OR INTO THE US, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

Reference is made to the mandatory offer (the "Offer") to acquire all issued and outstanding shares in Belships ASA ("Belships" or the "Company") made by Kontrari AS and Kontrazi AS (the "Offerors"), as set out in the offer document dated 14 March 2019. 

The acceptance period for the Offer expired on 12 April 2019 at 16:30 (CET). With the 3,397,897 acceptances received on 12 April 2019, the Offerors have received acceptances of the Offer for a total of 12,444,589 shares, corresponding to approximately 7.1% of the issued shares and votes in Belships. Together with the 120,454,198 shares already owned, the Offerors will following completion of the Offer own a total of 132,898,787 shares, corresponding to approximately 75.9% of the issued shares and voting rights in Belships. Some acceptances may not yet have been registered, and the total ownership in Belships following completion of the Offer may thus be adjusted. 

Settlement of the Offer will be made as soon as reasonably possible, and no later than 26 April 2019. Reference is made to the offer document for further details. 

The Offerors are related parties to Frode Teigen who is a member of the board of directors of Belships ASA.

12 April 2019