Himalaya Shipping Ltd. (HSHIP) - Conversion of share registration form and trading suspension

20 Mar 2023 08:00 CET

Hamilton, Bermuda, March 20, 2023

On March 7, 2023, Himalaya Shipping Ltd. ("Himalaya" or the "Company") announced
that the Company had filed a registration statement with the U.S. Securities and
Exchange Commission ("SEC"), with the intention of offering new shares and
listing its shares on the New York Stock Exchange ("NYSE"), while continuing to
be listed on Euronext Expand in Norway.

To facilitate transfer of shares between NYSE and Euronext Expand, the Company
intends to amend the registration structure for its shares whereby all shares
will be primarily held and settled within the Depository Trust Company ("DTC")
in the United States and secondarily held and settled in Euronext Securities
Oslo (the "VPS") through a Central Securities Depository ("CSD") link (the
"Conversion"). Following the Conversion, the Company's shares will be able to be
moved between the DTC and VPS to enable trading between the respective trading
venues. Further, following the Conversion, the Company's ticker on Euronext
Expand will change from "HSHIP" to "HSHP".

Due to technical settlement procedures in the VPS, a trading suspension in the
Company's shares will be required for a period of time in connection with the
Conversion, expected to be two trading days. The Company will make a request to
Oslo Børs to approve such suspension. During the trading suspension, the
Company's shares will be temporarily suspended from trading on Euronext Expand.

No action will be required by an investor holding shares in the VPS in
connection with the Conversion and investors' registered holdings in the VPS
will continue.

The Conversion is expected to be completed in the near term. The expected dates
for the trading suspension and the expected completion date for the Conversion
will be announced by the Company no later than on the opening of the Norwegian
market two Norwegian business days prior to the first day of the suspension.

The Company's shares will continue to trade under the same ISIN as today
(BMG4660A1036) and with the new ticker "HSHP" after the Conversion.

Following completion of the Conversion, the trading suspension will end, and the
Company's shares will resume trading as normal.

Following completion of the Conversion, the Company's shares will be registered
in the Company's Register of Members in Bermuda in the name of DTC's nominee,
Cede & Co. and DTC will act as the primary securities depository for the shares.
All shares in the Company will be primarily recorded in the DTC and secondarily
recorded in the VPS through a CSD link. DNB Bank ASA, Registrars' Department
(the "VPS Registrar") will continue to administrate the Company's VPS register.

To facilitate the secondary registration of the shares in the VPS, the Company
will enter into a deposit and registrar agreement (the "Registrar Agreement")
with the VPS Registrar. A custodian of the VPS Registrar will be registered as
the holder of the primarily registered securities in the DTC pursuant to which
the VPS registered shares are derived from.

Following the Conversion, the book entry interests recorded in the VPS and
listed on Euronext Expand will still be regarded as the Company's shares
pursuant to the Central Securities Depositories Regulation ("CSDR"). The shares
in the VPS will not carry any direct shareholder or voting rights in the
Company, but shareholders in the VPS may instruct the VPS Registrar to vote for
their shares. The Company will furnish voting materials to the VPS Registrar and
the VPS Registrar will notify the owners of the shares of upcoming votes and
arrange to deliver the Company's voting materials to the owners of the shares.
The VPS Registrar's notice will describe the information in the voting materials
and explain how owners of the shares may instruct the VPS Registrar (who would
then instruct the holder of such shares registered in the Register of Members)
to vote the underlying shares. The VPS Registrar will only vote or attempt to
vote on the instruction of the owners of shares and will not itself exercise any
voting rights.

A registration statement relating to the new shares has been filed with the SEC,
but has not yet become effective. The new shares may not be sold nor may offers
to buy be accepted prior to the time the registration statement becomes
effective. The offering of new shares will be made only by means of a
prospectus. Copies of the preliminary prospectus may be obtained, when
available, from: the SEC at www.sec.gov, and from: DNB Markets, Inc., Attn:
Compliance Department, by telephone: 212-681-3800, or by email at:
compliance.marketsinc@dnb.no.

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy these securities in any state or jurisdiction including the
United States. Securities may not be offered or sold in the United States absent
registration or an exemption from registration. Any offers, solicitations or
offers to buy, or any sales of new shares in the United States will be made in
accordance with the registration requirements of the Securities Act of 1933
including by means of a prospectus that may be obtained from Himalaya that will
contain detailed information about the Company and management, as well as
financial statements; and if made in any other state or jurisdiction will be
made in accordance with the securities laws of any such state or jurisdiction.

This press release shall not constitute an offer to subscribe to or a
solicitation of an offer to subscribe to securities in any member state within
the European Economic Area ("EEA") in which such offer or solicitation is
unlawful, unless in reliance upon applicable EEA prospectus exceptions, whereby
no EEA prospectus, registration or similar action would be required within EEA.

About Himalaya Shipping Ltd.:

Himalaya Shipping Ltd. is an independent bulk carrier company, incorporated in
Bermuda. Himalaya Shipping has two vessels in operation and ten Newcastlemax dry
bulk vessels under construction at New Times Shipyard in China. The remaining
newbuildings are expected to be delivered by July 2024.

For further information, please contact:

Herman Billung, Contracted CEO

Telephone +47 918 31 590

Forward Looking Statements

This announcement includes forward looking statements. Forward looking
statements are, typically, statements that do not reflect historical facts and
may be identified by words such as "anticipate", "believe", "continue",
"estimate", "expect", "intends", "may", "should", "will" and similar
expressions, and include statements relating to the Company's planned listing on
the NYSE, including an expected suspension of trading and the expected timing
thereof, our business and other non-historical statements. The forward-looking
statements in this announcement are based upon various assumptions, many of
which are based, in turn, upon further assumptions. Although Himalaya Shipping
Ltd. believes that these assumptions are reasonable, they are, by their nature,
uncertain and subject to significant known and unknown risks, contingencies and
other factors which are difficult or impossible to predict and which are beyond
our control. Such risks, uncertainties, contingencies and other factors could
cause actual events to differ materially from the expectations expressed or
implied by the forward-looking statements included herein.

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