Belships ASA: Mandatory notification of trade

15 Mar 2023 23:26 CET

Oslo, 15 March 2023: The CFO of Belships ASA ("the Company"), Yngve Aslaksen
Gram, has today exercised all his 100,000 options in the Company against cash
settlement by the Company. The share options were granted to Gram following a
resolution by the Annual General Meeting 25 May 2021 to issue shares to
employees. The amount payable per share is equal to NOK 20.29 (equal to the VWAP
of the share the last 10 business days prior to settlement) less the strike
price of NOK 8.07 (105% of the share price after the general meeting on 25 May
2021) less dividends paid out during the period of NOK 6.35 per share.

Following the exercise Yngve Aslaksen Gram holds 250 000 shares by his own and
50 000 shares through Kryptogram AS.

Further details regarding the option exercise are included in the attached form.

This information is subject to the disclosure requirements pursuant to the
Market Abuse Regulation article 19.

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585325_Notification of transaction Yngve A Gram.pdf