Oslo, 21 February 2025

Reference  is made  to the  offer document  dated 21 January 2025 issued by Blue
Northern BLK Ltd. in respect of the recommended voluntary cash tender offer (the
"Offer") to acquire all issued and outstanding shares (the "Shares") of Belships
ASA  ("Belships" or the "Company") against a cash consideration of NOK 20.50 per
Share (the "Offer Price").

Reference  is further  made to  the stock  exchange announcement  on 21 February
2025 regarding  the  fulfilment  of  the  closing condition relating to "Minimum
Acceptance" under the Offer.

The  following members  of the  Company's board  of directors  (the "Board") and
executive  management, and close associates of  them, have accepted the Offer at
the  Offer Price for  all of their  Shares in the  Company, as further specified
below:

*  AS Torinitamar, a close associate of primary insider Lars Christian Skarsgård
(CEO): 980,100 Shares.
* Kryptogram AS, a close associate of primary insider Yngve Aslaksen Gram (CFO):
50,000 Shares.
* Kontrari AS, a close associate of primary insider Frode Teigen (Board member):
104,000,000 Shares.
* Kontrazi AS, a close associate of primary insider Frode Teigen (Board member):
32,500,000 Shares.
*  Tamarillo Invest AS, a close associate of primary insider Frode Teigen (Board
member): 50,000 Shares.
* Lars Christian Skarsgård (CEO): 19,900 Shares.
* Yngve Aslaksen Gram (CFO): 280,000 Shares.
* Peter Frølich (Chairman of the Board): 100,000 Shares.
* Birthe Cecilie Lepsøe (Board member): 7,500 Shares.
* Jorunn Seglem (Board member): 35,000 Shares.
* Carl Erik Steen (Board member): 179,154 Shares.
* Sten Stenersen (Board member): 15,000 Shares.
* Jan Erik Sivertsen (Board observer): 50,000 Shares.

Certain  members of the Company's executive  management hold options providing a
right  to acquire Shares at a strike  price (the "Share Options"). The following
members  of the executive management have accepted  a settlement in cash for all
of their Share Options in Belships:

* Lars Christian Skarsgård (CEO): 5,000,000 unexercised Share Options.
* Yngve Aslaksen Gram (CFO): 300,000 unexercised Share Options.

After  the settlement of the Share Options, none of the members of the executive
management will hold any Share Options. The consideration per Share Option shall
be  equal to  the Offer  Price per  Share less  the strike  price for each Share
Option.  Further details of the  terms and conditions for  the Share Options are
set out in section 4.2 of the Offer Document.

Please see the enclosed forms for further details.

Among  the pre-accepting shareholders,  the following will  at completion of the
Offer  cross below notifiable holdings thresholds  set out in section 4-2 of the
Norwegian Securities Trading Act, as specified below:

*  Kontrazi AS' holding  of Shares and  votes in the  Company will decrease from
12.858% to  0%, and accordingly cross below the notifiable holdings threshold of
10% and 5%. Kontrazi AS is ultimately controlled by Frode Teigen.
*  Kontrari AS' holding  of Shares and  votes in the  Company will decrease from
41.145% to  0%, and accordingly cross below the notifiable holdings threshold of
1/3, 25%, 20%, 15%, 10% and  5%. Kontrari AS  is ultimately  controlled by Frode
Teigen.
* JAHATT AS and Jakob Hatteland Holding AS' combined holding of Shares and votes
in  the Company will decrease from 6.320% to 0%, and accordingly cross below the
notifiable  holdings threshold of  5%. JAHATT AS and  Jakob Hatteland Holding AS
are both ultimately controlled by Jakob Hatteland.
*  Wenaasgruppen AS' holding  of Shares and  votes in the  Company will decrease
from  7.20% to 0%, and accordingly cross below the notifiable holdings threshold
of 5%. Wenaasgruppen AS is ultimately controlled by Lars Wenaas.

For further information, please contact:

Lars Christian Skarsgård, Chief Executive Officer
Telephone: +47 977 68 061
E-mail: LCS@belships.no

This  information is  subject to  the disclosure  requirements in  Regulation EU
596/2014 (MAR)  article 19 number  3 and sections  4-2 and 5-12 of the Norwegian
Securities  Trading Act. The information was  submitted for publication by Yngve
Aslaksen  Gram, Chief Financial Officer, on 21 February 2025 at the time set out
above.