NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE
UNLAWFUL

With reference to the final result of the Rights Issue and Private Placement in
AqualisBraemar ASA (the "Company") which was announced earlier today, the
following primary insiders, including their close associates, have been
allocated offer shares at a subscription price of NOK 3.96 in accordance with
allocation principles set out in the prospectus dated 21 June 2019 (the
“Prospectus”):

Allocations in the Private Placement:

Braemar Shipping Services plc (“Braemar”), represented on the Company’s Board of
Directors by Braemar CEO James Kidwell, has been allocated 4,375,000 offer
shares, representing the entirety of the private placement. Following the
issuance of the new shares in the Private Placement, Braemar will hold
19,240,621 shares corresponding to 27.3% of the shares and voting rights in the
Company. Braemar also holds 5,973,556 performance-based warrants (the
“Warrants”) as further described in the Prospectus. Assuming full vesting of the
Warrants, Braemar will hold 25,214,177 shares and rights to shares corresponding
to 33% of the shares and votes of the Company.

Allocations in the Rights Issue:

Gross Management AS, a company controlled by Glen Rødland, Chairman, has been
allocated 2,000,000 offer shares, of which 1,547,279 is based on the number of
subscription rights allocated to him and 452,721 is based on over-subscription.
Following the issuance of the new shares in the Rights Issue, Rødland and his
close associates will own 9,367,996 shares in the Company, corresponding to
13.3% of the shares and voting rights of the Company.

David Wells, CEO, and his close associates have been allocated 165,222 offer
shares, based on the number of subscription rights allocated to him. Following
the issuance of the new shares in the Rights Issue, Wells and his close
associates will own 951,998 shares in the Company.

Kim Boman, CFO, has been allocated 105,000 offer shares, based on the number of
subscription rights allocated to him. Following the issuance of the new shares
in the Rights Issue, Boman will own 605,000 shares in the Company.

Reuben Segal, COO, and his close associates have been allocated 100,000 offer
shares, based on the remaining number of subscription rights allocated to him.
Following the issuance of the new shares in the Rights Issue, Segal and his
close associates will own 1,502,923 shares in the Company.

Andreas Theophanatos, Director South America, has been allocated 107,559 offer
shares, based on the number of subscription rights allocated to him. Following
the issuance of the new shares in the Rights Issue, Theophanatos will own
619,747 shares in the Company.

Ben Lazenby, Director Middle East, has been allocated 32,550 offer shares, based
on the number of subscription rights allocated to him. Following the issuance of
the new shares in the Rights Issue, Lazenby will own 187,550 shares in the
Company.

Rodger Dickson, Group Marine, has been allocated 107,432 offer shares, based on
the number of subscription rights allocated to him. Following the issuance of
the new shares in the Rights Issue, Dickson will own 619,500 shares in the
Company.

Amish Sanghavi, Group Financial Controller, has been allocated 53,559 offer
shares, of which 37,918 is based on the number of subscription rights allocated
to him and 15,641 is based on over-subscription. Following the issuance of the
new shares in the Rights Issue, Sanghavi will own 317,989 shares in the Company.

Stuart Mill, Group Contract Manager, has been allocated 28,768 offer shares,
based on the number of subscription rights allocated to him. Following the
issuance of the new shares in the Rights Issue, Mill will own 165,766 shares in
the Company.

This information is subject to disclosure requirements pursuant to section 4-2
of the Norwegian Securities Trading Act.

This announcement may not be distributed or sent into the United States or any
other jurisdiction in which such distribution would be unlawful or would require
registration or other measures. These materials are not an offer for sale of
securities in the United States or any other country. The securities referred to
herein have not been registered under the U.S. Securities Act of 1933, as
amended (the "U.S. Securities Act"), and may not be sold in the United States
absent registration or pursuant to an exemption from registration under the U.S.
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.