ISSUE OF NEW 5-YEAR SENIOR UNSECURED BOND

Belships ASA (Belships) has decided to issue a new 5-year senior unsecured bond loan with a total borrowing limit of NOK 200 million. The first tranche will be NOK 100 million. An application will be made for the bond loan to be listed on Oslo Stock Exchange. Belships has appointed Nordea Markets as arranger for the new issue. Please contact Nordea Markets for further information regarding terms and conditions of the bond issue. Nordea Markets contact person: Ole Christian Schjørn, Head of Fixed Income Sales, Tel.: +47 22 48 77 85, Mob.: +47 91 54 55 47, E-mail: ole.christian.schjorn@nordea.com Belships contact person: Jo Eric von Koss, Finance Director, Tel.: +47 22 52 76 13, Mob.: +47 90 13 94 75 E-mail: jo.von.koss@belships.no Oslo, June 12, 2006