CMB.TECH buys Hemen stake in Golden Ocean

04 Mar 2025 22:03 CET

CMB.TECH BUYS HEMEN STAKE IN GOLDEN OCEAN

ANTWERP, Belgium, 4 March, 2025, 10:00 p.m. CET – CMB.TECH NV (NYSE: CMBT &
Euronext: CMBT) (“CMB.TECH” or the “Company”) is pleased to announce that it has
entered into a share purchase agreement with Hemen Holding Limited (“Hemen”),
for the acquisition of 81,363,730 shares in Golden Ocean Group Limited (“Golden
Ocean”) (NASDAQ: GOGL & Euronext: GOGL) (representing ca. 40.8%[1] of Golden
Ocean’s outstanding shares and votes which includes all Golden Ocean shares
controlled by Hemen), at a price of 14.49 USD per share (the “Transaction”). The
Transaction will not trigger a mandatory takeover bid or similar offer in
Bermuda, Norway, the United States, or any other jurisdiction.

This acquisition is in line with CMB.TECH’s strategic objective of
diversification, with the Company intending to become a long-term shareholder in
Golden Ocean and investing in a modern dry bulk fleet.

Alexander Saverys, CEO of CMB.TECH, commented: "The acquisition of the Golden
Ocean shares from Hemen represents a significant milestone in CMB.TECH’s
diversification strategy. We look forward to engaging with the board, management
and employees of Golden Ocean and to build on Golden Ocean’s and Mr.
Fredriksen’s strong legacy to drive long-term growth and innovation.”

To the extent the Transaction might impact Golden Ocean’s financing
agreements, CMB.TECH has identified a bank syndicate to refinance all or parts
of the current outstanding debt in Golden Ocean.

[1] Excluding treasury shares.

Contact

CMB.TECH
Katrien Hennin
Head of Marketing and Communications CMB.TECH
+32 499 39 34 70
katrien.hennin@cmb.tech

About CMB.TECH

CMB.TECH is a diversified and future-proof maritime group. We own and operate
more than 150 seagoing vessels: crude oil tankers, dry bulk vessels, container
ships, chemical tankers, offshore wind vessels & workboats. We also offer
hydrogen and ammonia fuel to customers, through own production or third-party
producers.

The company is headquartered in Antwerp, Belgium, and has offices across Europe,
Asia, United States and Africa.

CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol
CMBT.

More information can be found at https://cmb.tech

About Golden Ocean

Golden Ocean Group Limited (“Golden Ocean”) is a Bermuda incorporated shipping
company specializing in the transportation of dry bulk cargoes. As of February
2025, the Golden Ocean fleet consists of 91 vessels, with an aggregate capacity
of approximately 13.7 million deadweight tonnes. Golden Ocean’s ordinary shares
are listed on the Nasdaq Global Select Market with a secondary listing on the
Euronext Oslo Stock Exchange.

More information can be found at www.goldenocean.bm/.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions and
other statements, which are other than statements of historical facts. The
Company desires to take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The words “believe”,
“anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “potential”,
“may”, “should”, “expect”, “pending” and similar expressions identify
forward-looking statements.

The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish
these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include the failure of counterparties to fully
perform their contracts with us, the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates and vessel
values, changes in demand for tanker vessel capacity, changes in our operating
expenses, including bunker prices, dry-docking and insurance costs, the market
for our vessels, availability of financing and refinancing, charter counterparty
performance, ability to obtain financing and comply with covenants in such
financing arrangements, changes in governmental rules and regulations or actions
taken by regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events, vessels
breakdowns and instances of off-hires and other factors. Please see our filings
with the United States Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.

Disclaimer

This press release is also published in Dutch. If ambiguities should arise from
the different language versions, the Dutch version will prevail.

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 distributing this communication
must satisfy themselves that it is lawful to do so. The potential transactions
described in this announcement and the distribution of this announcement and
other information in connection with the potential transactions in certain
jurisdictions may be restricted by law and persons into whose possession this
announcement, any document or other information referred to herein comes should
inform themselves about, and observe, any such restrictions.

This announcement is for information purposes only and is not an offer or a
tender offer document and, as such, is not intended to constitute or form any
part of an offer or the solicitation of an offer to purchase, otherwise acquire,
subscribe for, sell or otherwise dispose of any securities, or the solicitation
of any vote or approval in any jurisdiction.

This notice does not constitute a takeover bid to purchase securities of
CMB.TECH nor a solicitation by anyone in any jurisdiction with respect to
CMB.TECH. No action has been taken to enable a takeover bid in any jurisdiction,
and no such actions will be taken. Neither this notice nor any other information
in respect of the matters contained herein may be supplied in any jurisdiction
where a registration, qualification or any other obligation is in force or would
be with regard to the content hereof or thereof. Any failure to comply with
these restrictions may constitute a violation of the financial laws and
regulations in such jurisdictions.

Additional Information for U.S. Holders

This press release is for informational purposes only and is neither a
recommendation, an offer to purchase nor an offer to sell any ordinary shares,
no par value, of CMB.TECH or any other securities in the United States.
 Securities may not be offered or sold in the United States absent registration
or an exemption from registration.  Any public offering of securities to be made
in the United States will be made by means of a prospectus that may be obtained
from CMB.TECH and that will contain detailed information about CMB.TECH and its
management as well as financial statements.

More information:
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