Oslo Børs, in capacity as take-over supervisory authority, has approved payment
guarantee pursuant to the Securities Trading Act section 6-22 3rd sub-section
no. 3 in connection with compulsory acquisition of shares in Belships ASA
without preceding mandatory offer. In this respect, Oslo Børs has also
considered the other relevant conditions applicable for the exemption to present
a mandatory offer pursuant to the Securities Trading Act section 6-22 3rd
sub-section.

Blue Northern BLK Ltd. has resolved to effect a compulsory acquisition of the
shares in Belships ASA not already held by Blue Northern BLK Ltd., pursuant to
the Public Limited Liability Companies Act section 4-25.

The price offered under the compulsory acquisition is NOK 20.50 per share, which
would have been the minimum offer price for a mandatory offer from Blue Northern
BLK Ltd. to the shareholders of Belships ASA.

Attached is a copy of the guarantee document issued by DNB Bank ASA for the
benefit of those that are subject to the compulsory acquisition. The guarantee
document includes, amongst others, information on the deadline for presenting
claims under the guarantee, the address for delivery of claims and the
documentation that must be submitted.