Reference is made to the previous stock exchange announcements made by Belships ASA ("Belships" or the "Company") regarding the sale of 14,285,714 shares (30.2%) in the Company from Sonata AS, which is controlled by Sverre Tidemand, the chairman of the Company's board of directors, to Kontrari AS and the merger between Kontrari and Kontrazi AS' (being companies controlled by Frode Teigen and family) subsidiaries (LHS I Holdco, LHS II Holdco, LHN I Holdco og LHN II Holdco) and a wholly-owned subsidiary of Belships (Belships Chartering AS), with consideration in Belships shares.

The share sale was completed today, on 31 October 2018. Following completion of the share sale:

Sonata AS has reduced its shareholding in the Company and now holds 17,461,778 shares in the Company, constituting 36.9% of the shares and votes.
Kontrari AS holds 14,285,714 shares in the Company, constituting 30.2% of the shares and votes.

The purchase price for the shares was NOK 100 million in total, i.e. NOK 7 per share.

Upon completion of the merger, which is expected to be completed before year-end 2018:

Sonata AS will be further diluted and own 17,461,778 shares, representing 10% of the shares and votes in the Company, and
Kontrari AS and Kontrazi AS, companies which are coordinating the exercise of shareholder rights on behalf of Frode Teigen and family in the Company, will increase its shareholding to 120,452,246 shares, representing 68.8% of the shares and votes in the Company.

This information is subject to the disclosure requirements set out in sections 4-2 and 4-3 of the Norwegian Securities Trading Act.

Belships ASA : Primary insider notice and disclosure of large shareholding
Reference is made to the previous stock exchange announcements made by Belships ASA ("Belships" or the "Company") regarding the sale of 14,285,714 shares (30.2%) in the Company from Sonata AS, which is controlled by Sverre Tidemand, the chairman of the Company's board of directors, to Kontrari AS and the merger between Kontrari and Kontrazi AS' (being companies controlled by Frode Teigen and family) subsidiaries (LHS I Holdco, LHS II Holdco, LHN I Holdco og LHN II Holdco) and a wholly-owned subsidiary of Belships (Belships Chartering AS), with consideration in Belships shares. The share sale was completed today, on 31 October 2018. Following completion of the share sale: Sonata AS has reduced its shareholding in the Company and now holds 17,461,778 shares in the Company, constituting 36.9% of the shares and votes. Kontrari AS holds 14,285,714 shares in the Company, constituting 30.2% of the shares and votes. The purchase price for the shares was NOK 100 million in total, i.e. NOK 7 per share. Upon completion of the merger, which is expected to be completed before year-end 2018: Sonata AS will be further diluted and own 17,461,778 shares, representing 10% of the shares and votes in the Company, and Kontrari AS and Kontrazi AS, companies which are coordinating the exercise of shareholder rights on behalf of Frode Teigen and family in the Company, will increase its shareholding to 120,452,246 shares, representing 68.8% of the shares and votes in the Company. This information is subject to the disclosure requirements set out in sections 4-2 and 4-3 of the Norwegian Securities Trading Act.