NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, INTO OR WITHIN CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, JAPAN,
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DISTRIBUTION WOULD BE UNLAWFUL. 

Oslo, 31 March 2025

Reference is made to the stock exchange announcement published on 21 January
2025 regarding the launch by Blue Northern BLK Ltd. ("Blue Northern" or the
"Offeror") of a recommended voluntary cash tender offer for all issued and
outstanding shares (the "Shares") in Belships ASA ("Belships" or the "Company")
at a price of NOK 20.50 per share (the "Offer"), as further set out in the offer
document dated 21 January 2025 (the "Offer Document"). Following settlement of
the Offer, the Offeror has acquired and holds a total of 247,463,163 shares in
the Company, representing approximately 97.90% of the outstanding share capital
in the Company (excluding treasury shares owned by the Company).

The board of directors of the Offeror has, effective from after close of trading
on the Oslo Stock Exchange today, 31 March 2025, resolved to carry out a
compulsory acquisition of all remaining shares in the Company not owned by the
Offeror pursuant to section 4-25 of the Norwegian Public Limited Liability
Companies Act, cf. section 6-22 (3) of the Norwegian Securities Trading Act.
Consequently, the Offeror has assumed ownership of all shares in the Company
(excluding treasury shares owned by the Company). 

The offered redemption price in the compulsory acquisition is NOK 20.50 per
Share, equal to the offer price in the completed Offer (the "Redemption Price").
DNB Bank ASA has furnished a guarantee for the settlement under the compulsory
acquisition in accordance with the Norwegian Securities Trading Act section 6-22
(3) no. 3. Payment of the Redemption Price will be made no later than on 4 April
2025, and a notice regarding the compulsory acquisition will be sent to all
former shareholders subject to the compulsory acquisition whose addresses are
known. In addition, the compulsory acquisition will be announced through the
electronic notice service of the Norwegian Register of Business Enterprises
(Nw.: Brønnøysundregistrene). 

Any objections to, or rejections of, the Redemption Price must be made at the
latest by 23:59 (CET) on 2 June 2025. Former shareholders in the Company who do
not object to, or reject, the Redemption Price within this deadline will be
deemed to have accepted the Redemption Price.

Following the compulsory acquisition, the Offeror will pursue a delisting of the
Shares from the Oslo Stock Exchange. A separate stock exchange announcement will
be published regarding such delisting.