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Exercise of warrants

The Company and Braemar Shipping Services Plc (“Braemar”) entered into a share purchase agreement regarding the Company’s purchase of the entire issued share capital of Braemar Technical Services Holdings Limited on 13 May 2019, with certain later amendments (the “SPA”). As part of the consideration under the SPA, the Company issued warrants at its Annual General Meeting held 11 June 2019, giving Braemar the right to subscribe for new shares in the Company subject to certain exercise conditions. Certain amendments to the exercise conditions were approved at the Company’s Extraordinary General Meeting held on 14 December 2020. In line with the exercise conditions, Braemar has exercised 1 million warrants, so that the remaining amount of warrants is 0. The 1 million new shares subscribed for at a subscription price of NOK 0.10 per share, will be submitted for registration in the Norwegian Register of Business Enterprises as soon as possible.

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