Farstad Shipping ASA – Results of the subsequent offering – mandatory notification of trade

Ålesund, Norway, 22 March 2017 – Reference is made to previous announcements of Farstad Shipping ASA ("Farstad" or the "Company") concerning the subsequent offering in the Company announced on 13 March 2017 (the "Subsequent Offering") and the prospectus dated 13 March 2017 regarding inter alia the Subsequent Offering. Farstad hereby announces the results of the Subsequent Offering.

The subscription period in the Subsequent Offering expired on 21 March 2017 at 16:30 hours (CET). Eligible shareholders and eligible bondholders have subscribed for and will be allocated shares in the Company for NOK 29.08 million and NOK 0.21 million respectively, for a total amount of NOK 29.29 million. A total of 142,857,142 new shares ("Offer Shares") are issued in the Subsequent Offering at NOK 0.35 per Offer Share, raising gross proceeds of NOK 50 million. The full subscription of the Subsequent Offering was guaranteed by Aker Capital AS ("Aker") and Hemen Holding Limited ("Hemen") for NOK 25 million each; accordingly, Aker and Hemen will in aggregate be allocated 59,160,877 Offer Shares (29,580,439 shares for Aker and 29,580,438 shares for Hemen) for a total subscription amount of NOK 20.71 million, or NOK 10.35 million each.

Following registration of the share capital increase in the Norwegian Register of Business Enterprises, the Company's share capital will be NOK 243,177,033.95 divided into 4,863,540,679 shares, each share having a par value of NOK 0.05.

All subscribers being allocated Offer Shares will receive an allocation letter confirming the number of Offer Shares allocated to the subscriber and the corresponding amount to be paid. These allocation letters are expected to be distributed today on 22 March 2017.

Payment of the Offer Shares will fall due on or about 27 March 2017 and delivery of the Offer Shares is expected to take place on or about 28 March 2017. The Offer Shares are tradable upon delivery to subscribers.

Pursuant to an advance payment agreement entered into with the Company, Aker and Hemen have undertaken to advance payment for the Offer Shares on behalf of the subscribers in the Subsequent Offering.

Upon delivery of the shares issued in the Subsequent Offering, Aker will hold 601,009,010 shares out of the total 4,863,540,679 shares issued after the completion of the Subsequent Offering. In addition, Ocean Yield ASA, a subsidiary of Aker's parent company Aker ASA, holds 315,595,760 shares as announced on 9 March 2017. This represents a holding of shares and votes of Farstad of 12.36% for Aker, and a consolidated holding of Aker and Ocean Yield ASA of 18.85%, of which Ocean Yield ASA will hold 6.49%.

Upon delivery of the shares issued in the Subsequent Offering, Hemen will hold 601,009,009 shares out of the total 4,863,540,679 shares issued after the completion of the Subsequent Offering. This represents a holding of shares and votes of Farstad of 12.36%.

Following completion of the contemplated merger between Farstad, Solstad Offshore ASA ("Solstad") and Deep Sea Supply plc as announced on 6 February 2017, Aker will hold 58,496,302 shares representing approximately 20.0% of the shares and votes in Solstad; Ocean Yield will hold 8,836,681 shares representing approximately 3.0% of the shares and votes in Solstad; Aker and Ocean Yield will in aggregate hold 67,332,983 shares representing approximately 23.0% of the shares and votes in Solstad; and Hemen will hold 46,961,289 shares representing approximately 16.1% of the shares and votes in Solstad.

This notification is made inter alia pursuant to Section 4-2 of the Norwegian Securities Trading Act. Mr. Audun Stensvold, investment director of Aker ASA, is a board member of the Company.

For further information, please contact:

CEO Karl-Johan Bakken – tel. +47 901 05 697

CFO Olav Haugland – tel. +47 915 41 809

Farstad Shipping’s fleet currently consists of 56 vessels (27 AHTS, 22 PSV and 7 SUBSEA). The Company’s operations are managed from Aalesund, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 1,500 employees engaged onshore and offshore. The Company’s strategy is to be a leading quality provider of large, modern offshore service vessels to the oil industry.

www.farstad.com 

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.