Havilafjord AS, a company wholly owned by Havila Holding AS, has today entered
into a conditional purchase agreement to acquire 4,736,246 shares in Fjord1 ASA
from independent third party sellers at a price of NOK 52 per share. The
transactions are conditional upon completion of a contemplated refinancing of
Havilafjord AS' bond loan Havilafjord AS 18/23 FRN FLOOR C (the "Havilafjord
Bond"), expected to be completed on or about 8 July 2021 (the "Closing Date"). 

Havilafjord AS is also in the process of acquiring 3,850,000 shares in Fjord1
ASA from Runde Holdco AS at a price of NOK 52 per share.

Following completion of the acquisitions set out above, Havila Holding AS will
through its subsidiaries Havilafjord AS, Havilafjord Holding AS and Havilafjord
Holding 2 AS, control a total of 93,546,095 shares in Fjord1 ASA, equal to
~93.55% of the total number of shares and votes in Fjord1 ASA, and consequently
crossing the 90% disclosure threshold set out in the Norwegian Securities
Trading Act 4-2.

The share purchases will not trigger any mandatory offer obligations for the
remaining shares in Fjord1 ASA, but shareholders interested in selling their
shares in Fjord1 ASA to Havilafjord AS at a price of NOK 52 per share, should
contact Fearnley Securities AS at + 47 22 93 63 64. 

As part of the refinancing of the Havilafjord Bond, Havilafjord AS also expects
to exercise the call option for the Havilafjord Bond on or about the Closing
Date together with a defeasance. The call will be exercised pursuant to the
terms of the bond agreement, which sets out a call price of 103.5%. Further
details on the call option exercise, including repayment dates, will be
announced in due course.

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