18 May 2022 - AqualisBraemar LOC ASA ("ABL Group") has entered into an agreement
to sell its loss adjusting business (the "Adjusting Business") to the management
group of the Adjusting Business. The Adjusting Business will be trading as
SteegeXP going forward. 

The Adjusting Business provides loss adjusting and dispute resolution services
to the global insurance market through offices in London, Singapore, Jakarta,
Kuala Lumpur, Houston, Calgary, Mexico City and Dubai. The Adjusting Business
generated revenues of approximately USD 10 million in 2021, predominantly from
the oil and gas sector. 

"As the global leader within marine warranty surveys, and especially following
the acquisition of LOC Group, we have increasingly faced challenges with
perceived conflicts of interest between our loss adjusting business and other
group services. We are therefore delighted to have reached an agreement with our
good colleagues within loss adjusting which allows them to continue their growth
as an independent company and enables ABL Group to freely market its marine
warranty services in the energy sector without such perceived conflicts. I would
like to thank each and every one of our employees joining SteegeXP for their
contribution to making ABL Group what it is today, and wish SteegeXP the very
best going forward", says Reuben Segal, CEO of ABL Group.

The Adjusting Business traces its roots back to the early 1970s, when it was
established as Steege Kingston. Steege Kingston was acquired by Braemar Shipping
Services in 2008 and joined ABL Group as part of the acquisition of Braemar
Technical Services in 2019. 

"Making this transaction happen is something that will benefit both ABL Group
and SteegeXP commercially. We are very grateful that ABL Group shared this view
and for how helpful they have been in enabling the management buy-out and the
establishment of a fully employee-owned business. This is a very exciting time
for a specialist loss adjusting business such as SteegeXP," says Nigel Carpenter
on behalf of the SteegeXP management group. 

The enterprise value of the transaction is approximately USD 6.0 million.
Settlement will consist of a cash consideration of approximately USD 0.9 million
on completion, and a seller's credit of USD 1.0 million to be repaid over 18
months from completion. Accounts receivable related to the Adjusting Business
will largely remain with ABL Group, with an option to sell any uncollected
amounts to SteegeXP 18 months from completion, subject to certain restrictions.
As a result of the transaction, ABL Group expects to free up approximately USD
5.8 million of working capital over the next 18 months. In connection with the
transaction, up to 37 employees will be transferred to SteegeXP. 

The transaction is expected to close in Q2 2022 and is not expected to have a
material EBIT impact for ABL Group in the quarter.

Following the transaction, ABL Group expects to have the following employee
share options outstanding under the company's long-term incentive plan: 
-	approximately 6.1 million options vesting in June 2022 with an average
exercise price of NOK 3.39