On 13 May 2020 Havila Holding AS (“Havila”), the indirect majority owner of
Fjord1 ASA (“Fjord1”) has through its wholly owned subsidiary Havilafjord
Holding 2 AS agreed to acquire 18,459,849 shares in Fjord1 at a purchase price
of NOK 47.50 per share.

Following this acquisition, Havila will through Havilafjord AS, Havilafjord
Holding AS and Havilafjord Holding 2 AS, control a total of 84,959,849 shares of
Fjord1, representing approximately 84.96% of the share capital of Fjord1. As
part of the transaction, Havila’s wholly owned subsidiary Havilafjord Holding AS
has agreed to sell 3,976,516 shares in Fjord1 at the same price to Havila's
wholly owned subsidiary Havilafjord AS. The transactions will not trigger any
mandatory offer obligations.

Havila has secured funding for the acquisition from funds managed by Vision
Ridge Partners, and following completion of the acquisition they will together
and on an acting in concert basis hold 88,809,849 shares in Fjord1, representing
approximately 88.81% of the outstanding shares and share capital of Fjord1. 

Although no decision has been made, it is the intention of Havila to extend an
offer to the remaining shareholders of Fjord1 on similar terms to the
acquisition announced herein. Such offer, if and when made, will be contingent
on having made the required financing arrangements.

On 13 May 2020 SAF II Master Fund 1, LP, a fund managed by Vision Ridge
Partners, has transferred beneficial ownership to all of its 3,850,000 shares in
Fjord1 to its wholly-owned subsidiary Runde Holdco AS as contribution in kind.
The shares of Fjord1 have been valued at NOK 41.41 per share in the internal
transaction.

Havila is currently represented on the board of directors of Fjord1 through Per
Sævik and Vegard Sævik. Vision Ridge Partners is currently represented on the
board of directors of Fjord1 through Reuben Munger.