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Klaveness Combination Carriers - LOI to acquire three CABU newbuilds and
contemplated private placement 

Oslo, 23 May 2023: Klaveness Combination Carriers ASA ("KCC" or the "Company")
hereby announces that it has entered into a letter of intent to acquire three
CABU III newbuilds (the "LOI") and a contemplated private placement with gross
proceeds of NOK equivalent of approximately USD 50 million (the "Private
Placement") by issuing new shares (the "Offer Shares"). The final size of the
Private Placement and the number of Offer Shares to be issued will be resolved
by the Board of Directors of the Company (the "Board") following a bookbuilding
process, within the current authorisation granted by the Annual General Meeting
on 25 April 2023 (the "Authorisation"). ABG Sundal Collier ASA, Clarksons
Securities AS and DNB Markets, a part of DNB Bank ASA ("DNB Markets") are acting
as Joint Bookrunners (the "Joint Bookrunners") in connection with the Private
Placement.

The LOI to acquire three CABU III newbuilds

A subsidiary of KCC has entered into a LOI with Jiangsu New Yangzi Shipbuilding
Co. Ltd. to acquire three CABU III newbuilds with expected delivery in the
period Q1-Q3 2026. The contract price is USD 56.4 million per vessel and the
estimated delivered cost including, amongst others, zero-emission readiness and
costs for shipyard supervision team is approximately USD 60.5 million per
vessel. Compared to the existing CABU I vessels built 2001-2002 that the CABU
III newbuilds will replace, the vessels are estimated to have 25-30% higher
earnings capacity and around 35% lower CO2 emissions due to increased cargo
carrying capacity and substantially lower fuel consumption. The CABU III
newbuilds are key for KCC to position the Company for expected growing caustic
soda import volumes to Australia and for meeting its ambitious targets of an
approximately 45% reduction in its carbon intensity within 2030 relative to its
actual 2018 performance.  

Please see the attached company presentation for further details.

The Private Placement

The net proceeds of the Private Placement will be used to partly fund the equity
component of the delivered cost of three CABU newbuilds with expected delivery
in Q1-Q3 2026. The Company will fund the remaining equity through cash on
balance sheet and assumes securing approx. 60% debt prior to delivery.  

The Private Placement will be directed towards Norwegian and international
institutional investors, in each case subject to and in compliance with
applicable exemptions from relevant prospectus or registration requirements. 

The major shareholder, Rederiaksjeselskapet Torvald Klaveness, has pre-committed
to subscribe for shares in the Private Placement corresponding to its pro-rata
shareholding (approx. 53.76 per cent). 

The subscription price and allocation of shares in the Private Placement will be
determined through an accelerated bookbuilding process. The bookbuilding period
commences today at 16:30 CEST on 23 May 2023. The bookbuilding may, at the
discretion of the Company and the Joint Bookrunners, close earlier or later and
may be cancelled at any time and consequently, the Company may refrain from
completing the Private Placement. The Company will announce the final number of
Offer Shares placed and the final subscription price in the Private Placement in
a stock exchange announcement expected to be published before the opening of
trading on the Oslo Stock Exchange tomorrow, 24 May 2023. Completion of the
Private Placement is subject to final approval by the Board. 

The minimum subscription and allocation amount in the Private Placement will be
the NOK equivalent of EUR 100,000, provided that the Company may, at its sole
discretion, allocate an amount below EUR 100,000 to the extent applicable
exemptions from the prospectus requirement pursuant to applicable regulations,
including the Norwegian Securities Trading Act and ancillary regulations, are
available. 

The allocation will be determined after the bookbuilding period and final
allocation will be made at the Board's sole discretion. Notification of
allotment and payment instructions is expected to be issued to the applicants on
or about 24 May 2023 through a notification to be issued by the Joint
Bookrunners. 

The Offer Shares allocated in the Private Placement are expected to be settled
through a delivery versus payment transaction by delivery of existing and
unencumbered shares in the Company that are already listed on Oslo Stock
Exchange, pursuant to a share lending agreement between the Company,
Rederiaksjeselskapet Torvald Klaveness and DNB Markets. The Offer Shares will
thus be tradable from allocation. DNB Markets will settle the share loan with a
corresponding number of new shares in the Company to be issued by the Board
pursuant to the Authorisation.

Rederiaksjeselskapet Torvald Klaveness and the second largest shareholder EGD
Shipping Invest AS have agreed with the Joint Bookrunners to a lock-up for a
period of 90 days from the settlement date for the Private Placement, subject to
customary exceptions. For any shares acquired as a result of exercise of
existing warrants held by Rederiaksjeselskapet Torvald Klaveness and EGD
Shipholding AS, the parent company of EGD Shipping Invest AS, the lock-up period
is 30 days.

The contemplated Private Placement involves that the shareholders' preferential
rights to subscribe for and being allocated the Offer Shares are set aside. The
Board has considered the structure of the equity raise in light of the equal
treatment obligations under the Norwegian Public Limited Companies Act, the
rules on equal treatment under Euronext Oslo Rule Book Part II and the Oslo
Stock Exchange's Guidelines on the rule of equal treatment. The Board is of the
view that it is in the common interest of the Company and its shareholders to
raise equity through a private placement. A private placement enables the
Company to secure equity financing prior to signing the newbuild contract and
committing to the investment in the three newbuilds. Further, a private
placement will reduce execution and completion risk and allows for the Company
to raise capital more quickly, which is particularly important in light of the
newbuilds' payment structure, as well as the ability to utilize current market
conditions, raise capital at a lower discount compared to a rights issue and
without the underwriting commissions normally seen with rights offerings.
Further, the Subsequent Offering, if implemented, will secure that eligible
shareholders will receive the opportunity to subscribe for new shares at the
same subscription price as that applied in the Private Placement.

On this basis the Board has considered the proposed transaction structure to be
in the common interest of the Company and its shareholders.

The Company may, subject to completion of the Private Placement, consider
conducting a subsequent share offering of new shares (the "Subsequent
Offering"). If carried out, the size and structure of the Subsequent Offering
shall be in line with market practice. Shareholders being allocated shares in
the Private Placement will not be eligible to participate in a Subsequent
Offering. The Company reserves the right in its sole discretion to not conduct
or cancel the Subsequent Offering.

Advokatfirmaet Schjødt AS is acting as legal advisor to the Company in
connection with the Private Placement.

For additional information, please contact: 

Engebret Dahm, Chief Executive Officer
Email: eda@klaveness.com  
Phone: +47 957 46 851

Liv Dyrnes, Chief Financial Officer
Email: lhd@klaveness.com  
Phone: +47 976 60 561

About Klaveness Combination Carriers ASA
KCC is the world leader in combination carriers, owning and operating eight CABU
and eight CLEANBU combination carriers. KCC's combination carriers are built for
transportation of both wet and dry bulk cargoes, being operated in trades where
the vessels efficiently combine dry and wet cargoes with minimum ballast.
Through their high utilization and efficiency, the vessels emit up to 40% less
CO2 per transported ton compared to standard tanker and dry bulk vessels in
current and targeted combination trading patterns.

Important Notices
This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of the Company. The
distribution of this announcement and other information may be restricted by law
in certain jurisdictions. Copies of this announcement are not being made and may
not be distributed or sent into any jurisdiction in which such distribution
would be unlawful or would require registration or other measures. Persons into
whose possession this announcement or such other information should come are
required to inform themselves about and to observe any such restrictions. 

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering or their
securities in the United States or to conduct a public offering of securities in
the United States. Any sale in the United States of the securities mentioned in
this announcement will be made solely to "qualified institutional buyers" as
defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Regulation" means Regulation 2017/1129 as amended together with any applicable
implementing measures in any Member State. 

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are (i) investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,
and other persons to whom this announcement may lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). This communication must not be acted
on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this communication relates is available only for
relevant persons and will be engaged in only with relevant persons. Persons
distributing this communication must satisfy themselves that it is lawful to do
so. 

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect", "anticipate",
"strategy", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.


Actual events may differ significantly from any anticipated development due to a
number of factors, including without limitation, changes in investment levels
and need for the Company's services, changes in the general economic, political
and market conditions in the markets in which the Company operate, the Company's
ability to attract, retain and motivate qualified personnel, changes in the
Company's ability to engage in commercially acceptable acquisitions and
strategic investments, and changes in laws and regulation and the potential
impact of legal proceedings and actions. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The Company does not provide any guarantees that the
assumptions underlying the forward-looking statements in this announcement are
free from errors nor does it accept any responsibility for the future accuracy
of the opinions expressed in this announcement or any obligation to update or
revise the statements in this announcement to reflect subsequent events. You
should not place undue reliance on the forward-looking statements in this
document.

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement.

Neither of the Joint Bookrunners nor any of their respective affiliates makes
any representation as to the accuracy or completeness of this announcement and
none of them accepts any responsibility for the contents of this announcement or
any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities in the Company. Neither the Joint
Bookrunners nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Håkon Arne Moltubakk, Senior
Manager Finance and IR at Klaveness Combination Carriers ASA on 23 May 2023 at
16:30 CEST on behalf of the Company.