<SEC-DOCUMENT>0000919574-18-004801.txt : 20180716
<SEC-HEADER>0000919574-18-004801.hdr.sgml : 20180716
<ACCEPTANCE-DATETIME>20180713194558
ACCESSION NUMBER:		0000919574-18-004801
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180716
DATE AS OF CHANGE:		20180713

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Star Bulk Carriers Corp.
		CENTRAL INDEX KEY:			0001386716
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-83429
		FILM NUMBER:		18953407

	BUSINESS ADDRESS:	
		STREET 1:		C/O STAR BULK MANAGEMENT INC.
		STREET 2:		40 AGIOU KONSTANTINOU STR, MAROUSSI
		CITY:			ATHENS
		STATE:			J3
		ZIP:			15124
		BUSINESS PHONE:		011-30-210-617-8400

	MAIL ADDRESS:	
		STREET 1:		C/O STAR BULK MANAGEMENT INC.
		STREET 2:		40 AGIOU KONSTANTINOU STR, MAROUSSI
		CITY:			ATHENS
		STATE:			J3
		ZIP:			15124

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Songa Bulk ASA
		CENTRAL INDEX KEY:			0001746428
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Q8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		HAAKON VIIS, GATE 1
		CITY:			OSLO
		STATE:			Q8
		ZIP:			0161
		BUSINESS PHONE:		47 23 01 14 34

	MAIL ADDRESS:	
		STREET 1:		HAAKON VIIS, GATE 1
		CITY:			OSLO
		STATE:			Q8
		ZIP:			0161
</SEC-HEADER>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">UNITED STATES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">WASHINGTON, DC 20549</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SCHEDULE 13D</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">THE SECURITIES EXCHANGE ACT OF 1934</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Amendment No.___)*</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Star Bulk Carriers Corp.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Common Shares, $0.01 par value</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Y8162K204</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(CUSIP Number)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Songa Bulk ASA</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Haakon VII's Gate 1</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Oslo, 0161</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Norway</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Telephone Number: 47 23118270</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Name, Address and Telephone Number of Person Authorized to Receive</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Notices and Communications)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">July 6, 2018</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Date of Event Which Requires Filing of this Statement)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.240.13d-1(e), 240.13d&#8209;1(f) or 240.13d-1(g), check the following box [ ].</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">*</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CUSIP No.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Y8162K204</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NAME OF REPORTING PERSON</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Bulk ASA</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(a)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
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<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(b)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[x]</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">3.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SEC USE ONLY</div>
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<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">4.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOURCE OF FUNDS</div>
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<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">00</div>
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<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">5.</div>
</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</div>
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<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
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<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">6.</div>
</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
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<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Norway</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="WIDTH: 100%; VERTICAL-ALIGN: top" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
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<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
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<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">7.</div>
</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE VOTING POWER</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2,750,450</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">8.</div>
</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED VOTING POWER</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">0</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">9.</div>
</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SOLE DISPOSITIVE POWER</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2,750,450</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">10.</div>
</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">SHARED DISPOSITIVE POWER</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">0</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">11.</div>
</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">2,750,450</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">12.</div>
</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">[_]</div>
</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">13.</div>
</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">3.38%</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">14.</div>
</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TYPE OF REPORTING PERSON</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 8.13%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 81.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CO</div>
</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.3%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div><br>
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div>&#160;</div>

<div>
<div><br>
</div>

<table id="ze5efe9bc374d43be9093873834e6c868" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 8.65%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">CUSIP No.</div>
</td>
<td style="WIDTH: 16.45%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Y8162K204</div>
</td>
<td style="WIDTH: 65.02%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10.6%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>
</table>

<div>&#160;</div>
</div>

<table id="z918a7295a5084552a0eddc4b9f476a11" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5.72%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 1.</div>
</td>
<td style="WIDTH: 84.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Security and Issuer.</div>
</td>
<td style="WIDTH: 10.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<table id="z12b8df608c86407b90685ed7d4299db2" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 90.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The name of the issuer is Star Bulk Carriers Corp., a Marshall Islands corporation (the "Issuer").&#160; The address of the Issuer's principal executive offices is 40 Agiou Konstantinou Str., Maroussi 15124, Athens, Greece.&#160; This Schedule 13D relates to the Issuer's Common Shares, $0.01 par value (the "Shares").</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 4.42%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 90.77%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 4.42%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<table id="z76bcf6b4fe6842b8b1175b4c7d9fce89" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5.01%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 2.</div>
</td>
<td style="WIDTH: 90.96%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Identity and Background.</div>
</td>
<td style="WIDTH: 4.42%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
</tr>
</table>

<div><br>
</div>

<table id="z2166a9aa80d74be182d8b1f9c9a9b79b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 5.79%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 5.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">(a), (f)</div>
</td>
<td style="WIDTH: 85.96%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The person filing this statement is Songa Bulk ASA, a public limited liability company incorporated and domiciled in Norway ("Songa" or the "Reporting Person").</div>

<div>&#160;</div>
</td>
<td style="WIDTH: 3.01%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 5.79%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>
</td>
<td style="WIDTH: 5.27%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">(b), (c)</div>
</td>
<td style="WIDTH: 85.96%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The address of the principal place of business of the Reporting Person is Haakon VII's Gate 1, 0161 Oslo, Norway.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The principal business of the Reporting Person is acting as an international shipping company.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The name, citizenship, present principal occupation or employment and business address of each executive officer and director of the Reporting Person is set forth below. If no residence or business address is given, the director's or executive officer's address is Haakon VII's Gate 1, 0161 Oslo, Norway.</div>
</td>
<td style="WIDTH: 3.01%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">&#160;</div>
</td>
</tr>
</table>

<div>&#160;</div>

<table id="zc28f79804e22427a848e5cc6304c4177" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="4" border="0">
<tr style="HEIGHT: 18px">
<td style="WIDTH: 5.79%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 13.98%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">Name</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 20.76%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Position of Officer or Director</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.24%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 18pt">Principal Occupation or Employment, Principal Business Address and Citizenship</div>
</td>
<td style="WIDTH: 3.01%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 5.79%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 5.27%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 13.98%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">Arne Blystad</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 20.76%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">Director, Chairman</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.24%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
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<td style="BORDER-TOP: #000000 2px solid; WIDTH: 13.98%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">Magnus Roth</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">Director</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Mr. Roth is a </font>citizen<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"> of Sweden and has served as a member of the board of directors of Songa Bulk ASA since December 2016.&#160; Mr. Roth is self-employed.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">Christine R&#248;ds&#230;ther</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">Director</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">Vibeke Gwendoline F&#230;ngsrud</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">Per Kristian Aamlid</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">Chief Operating Officer</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">Mr. Aamlid is a citizen of Norway and has been Chief Operational Officer of Songa Bulk ASA since October 2016. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Mr. Aamlid has been the Chartering Director for Arne Blystad AS since 2007. Mr. Aamlid also serves as chairman of the board of directors of PK Shipping AS, and as a member on the board of directors of each Cedar Car Carriers AS/DIS, Lillefanten AS, Fantholmen AS, Lehmar Equity Holding AS, and Lehmar Shipbroking AS.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">Thomas R&#248;nningen</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">Chief Financial Officer</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 18pt">Mr. Ronningen is a citizen of Norway and has been Chief Financial Officer of Songa Bulk ASA since March 2017.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #f3f3f3">&#160;</font>Mr. Ronningen also serves as a director of NITHO Invest AS and Financial Controller for Arne Blystad AS since 2013.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Neither the Reporting Person nor any executive officer or director of the Reporting Person listed above, has, during the past five years, (a) been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting, or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Source and Amount of Funds or Other Consideration.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Songa entered into an agreement for the sale and purchase of the Songa Vessels between the Sellers listed in Appendix 1, Songa Bulk ASA, the Purchasers listed in Appendix 2, Star Bulk Carriers Corp. and Star Songa LLC dated May 14, 2018 attached hereto as Exhibit 1 (the "Purchase Agreement"), pursuant to which the Issuer purchased 15 operating vessels from Songa for an aggregate of 13,725,000 Shares and $145 million in cash (the "Transaction").&#160;&#160; On July 6, 2018, Songa received 13,688,000 Shares in connection with the closing of the Transaction, which represented 16.87% of the issued and outstanding Shares of the Issuer as of that date.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 4.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Purpose of Transaction.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The information contained in Item 3 is incorporated by reference.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">As part of the Transaction, Songa's board of directors has resolved to distribute all of the 13,688,000 Shares to its shareholders as part of a dividend (the "Dividend").&#160; The Dividend will be distributed to all eligible shareholders of Songa that submit a properly completed representation letter to Songa (the "Representation Letter").&#160; The record date for the first Dividend was July 12, 2018.&#160; Songa received 723 Representation Letters and will distribute 10,929,550 Shares on July 13, 2018 to its shareholders as of the record date.&#160; Songa plans to make two further dividend distributions during 2018 to accommodate shareholders of Songa that submit the Representation Letter late.&#160; Shareholders of Songa that are not eligible to receive the Shares will receive a cash payment.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">As part of the Transaction, Mr. Arne Blystad has been appointed to the Board of Directors of Star Bulk as a Class C Director and Mr. Herman Billung will join the management team of Star Bulk as Senior Vice President.&#160; Messrs. Herman Billung, Arne Blystad and Per Kristian Aamlid each received 3,150, 31,850 and 2,000 Shares, respectively, as part of the Transaction.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Except as otherwise set forth herein, the Reporting Person does not have any present plans or proposals which would relate to, or result in, the matters set forth in subparagraphs (a) &#8211; (j) of Item 4 of Schedule 13D.&#160; However, subject to market conditions and in compliance with applicable securities laws, the Reporting Person reserves the right, at a later date, to effect one or more of such changes or transactions in the number of Shares they may be deemed to beneficially own.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Item 5.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Interest in Securities of the Issuer.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(a) - (d)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">As of the date hereof, the Reporting Person may be deemed to be the beneficial owner of 2,750,450 Shares, constituting 3.38% of the Shares, based upon 81,152,739 Shares outstanding as of the date hereof.&#160; The Reporting Person has the sole power to vote or direct the vote of 2,750,450Shares and the shared power to vote or direct the vote of 0 Shares.&#160; The Reporting Person has the sole power to dispose or direct the disposition of 2,750,450 Shares and the shared power to dispose or direct the disposition of 0 Shares.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Herman Billing may be deemed to be the beneficial owner of 26,367 Shares, which includes the Shares received from the Dividend, constituting less than 1% of the Shares, based upon 81,152,739 Shares outstanding as of the date hereof.&#160; Mr. Billung has the sole power to vote or direct the vote of 26,367 Shares and the shared power to vote or direct the vote of 0 Shares.&#160; Mr. Billung has the sole power to dispose or direct the disposition of 26,367 Shares and the shared power to dispose or direct the disposition of 0 Shares.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Arne Blystad may be deemed to be the beneficial owner of 1,547,651 Shares, which includes the Shares received from the Dividend, constituting 1.9% of the Shares, based upon 81,152,739 Shares outstanding as of the date hereof.&#160; Mr. Blystad has the sole power to vote or direct the vote of 1,547,651 Shares and the shared power to vote or direct the vote of 0 Shares.&#160; Mr. Blystad has the sole power to dispose or direct the disposition of 1,547,651 Shares and the shared power to dispose or direct the disposition of 0 Shares.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Per Kristian Aamlid may be deemed to be the beneficial owner of 14,635 Shares, which includes the Shares received from the Dividend, constituting less than 1% of the Shares, based upon 81,152,739 Shares outstanding as of the date hereof.&#160; Mr. Aamlid has the sole power to vote or direct the vote of 14,635 Shares and the shared power to vote or direct the vote of 0 Shares.&#160; Mr. Aamlid has the sole power to dispose or direct the disposition of 14,635 Shares and the shared power to dispose or direct the disposition of 0 Shares.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Magnus Roth may be deemed to be the beneficial owner of 1,961,372 Shares, which includes the Shares received from the Dividend, constituting 2.4% of the Shares, based upon 81,152,739 Shares outstanding as of the date hereof.&#160; Mr. Aamlid has the sole power to vote or direct the vote of 1,961,372 Shares and the shared power to vote or direct the vote of 0 Shares.&#160; Mr. Aamlid has the sole power to dispose or direct the disposition of 1,961,372 Shares and the shared power to dispose or direct the disposition of 0 Shares.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Vibeke Gwendoline F&#230;ngsrud may be deemed to be the beneficial owner of 986 Shares, which includes the Shares received from the Dividend, constituting less than 1% of the Shares, based upon 81,152,739 Shares outstanding as of the date hereof.&#160; Mr. Aamlid has the sole power to vote or direct the vote of 986 Shares and the shared power to vote or direct the vote of 0 Shares.&#160; Mr. Aamlid has the sole power to dispose or direct the disposition of 986 Shares and the shared power to dispose or direct the disposition of 0 Shares.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Christine R&#248;ds&#230;ther may be deemed to be the beneficial owner of 1,709 Shares, which includes the Shares received from the Dividend, constituting less than 1% of the Shares, based upon 81,152,739 Shares outstanding as of the date hereof.&#160; Mr. Aamlid has the sole power to vote or direct the vote of 1,709 Shares and the shared power to vote or direct the vote of 0 Shares.&#160; Mr. Aamlid has the sole power to dispose or direct the disposition of 1,709 Shares and the shared power to dispose or direct the disposition of 0 Shares.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The information in Items 3 and 4 is incorporated by reference.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(e)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Songa ceased to be the beneficial owner of more than five percent of the Shares as of July 13, 2018.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Reporting Person does not have any contract, arrangement, understanding or relationship with any person with respect to securities of the Issuer.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Material to be Filed as Exhibits.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Exhibit</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">1.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Purchase Agreement dated May 14, 2018</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SIGNATURE</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">July 13, 2018</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Date)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Bulk ASA</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By:&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>/s/ Herman Billung</u></font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name: Herman Billung</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Title: Chief Executive Officer</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">* The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interests therein, and this report shall not be deemed an admission that such person is the beneficial owner of these securities for purposes of Section 16 of the U.S. Securities Exchange Act of 1934, as amended, or for any other purpose.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Attention:&#160; Intentional misstatements or omissions of fact constitute Federal criminal violations (see 18 U.S.C. 1001).</div>

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<DOCUMENT>
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<div>&#160;</div>

<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">Exhibit 1</div>

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<div style="FONT-SIZE: 24pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 117pt">Agreement for</div>

<div style="FONT-SIZE: 24pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center">the sale and purchase</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 24pt; FONT-FAMILY: 'Times New Roman', serif; TEXT-ALIGN: center; MARGIN-LEFT: 108pt; MARGIN-RIGHT: 112.5pt">of the Songa Vessels</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">BETWEEN</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">THE SELLERS LISTED IN APPENDIX 1,</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">SONGA BULK ASA,</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">THE PURCHASERS LISTED IN APPENDIX 2,</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STAR BULK CARRIERS CORP.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">AND</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STAR SONGA LLC</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">14 MAY 2018</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">This master sale and purchase agreement (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Agreement</font>")<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>is made on 14 May 2018 between:</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
<table id="z6a45c6eed663453d9b24e7df99a797be" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 43.2pt; align: right">1.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: left; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the sellers as set out in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Appendix 1</u></font> (each a "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Seller</font>", together the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Sellers</font>");</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Songa Bulk ASA, a public limited liability company incorporated under the laws of Norway with registered address at Haakon VII's gate 1, 0161 Oslo, Norway, and with business registration number 917 811 288 <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(</font>"<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Songa</font>");</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 43.2pt; align: right">3.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the purchasers as set out in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Appendix 2</u></font> (each a "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Purchaser</font>",<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>together the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Purchasers</font>");</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Star Bulk Carriers Corp., a corporation incorporated under the laws of the Marshall Islands, with registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960, and with business registration number 21451, (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Parent</font>");<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>and</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 43.2pt; align: right">5.</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Star Songa LLC, a Marshall Islands limited liability company and a wholly owned subsidiary of the Parent, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(</font>"<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Star Sub</font>"<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>and together with Parent the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Parent Parties</font>")</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">BACKGROUND</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Each Seller owns the respective Vessel listed in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Appendix 3</u></font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Subject to the terms and conditions set out in this Agreement, the Purchasers wish to acquire from the Sellers and the Sellers wish to sell to the Purchasers the relevant Vessels.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">On this background, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">it is agreed </font>as follows:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">DEFINITIONS</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">In addition to definitions elsewhere in this Agreement, the following definitions shall apply herein:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-RIGHT: 10.8pt">Affiliate</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">means in respect of any person: (i) any person with direct or indirect control over the person; and (ii) any person directly or indirectly controlled by the person or a person as referred to in item (i).</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">For the purposes of this definition, decisive influence as set out in section 1-3 of the NPCLA shall constitute "control".</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Agreement Date</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the date of this Agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-RIGHT: 10.8pt">Base Amount</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">means USD the total amounts of the Cash Consideration and the Completion Receivables, as the same may be adjusted pursuant to this Agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-RIGHT: 10.8pt">Bunkers and Lubricants Amount</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">has the meaning ascribed to such term in clause 4.2.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">means a day when banks are open for general banking business in Norway, New York, Marshall Islands, Greece and Cayman Islands.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-RIGHT: 10.8pt">Cash Consideration</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">means USD 144,550,000, as the same may be adjusted pursuant to this Agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">means the completion of the Transaction in accordance with clauses 4, 8.3, 8.4 and 9.</div>

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</font> Conditions</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">means the conditions for the respective Parties' obligation to complete the Transaction as set out in clause 8.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-RIGHT: 10.8pt">Completion Receivables</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">means, subject to any adjustment as per clause 4.5 and/or 9.6, a receivable issued by the Parent on behalf of the relevant Purchaser to Songa as per instructions from each of the relevant Sellers in an amount equal to the difference between the aggregate Cash Consideration payable by the Purchasers for the Vessels and the Purchase Price for the Vessels.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">has the meaning ascribed to it in clause 9.2.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-RIGHT: 10.8pt">Consideration Shares</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">means 13,688,000 common shares of the Parent, to be subscribed by and issued to Songa in accordance with clause 4.4.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-RIGHT: 10.8pt">Encumbrance(s)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">means any encumbrance, mortgage, lien, claims, charge, pledge, security interest, options, pre-emptive right, title retention, right of first refusal or similar interest.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-RIGHT: 10.8pt">Governmental Body</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">means any governmental, national or municipal body, and/or classification society and any multinational organisation, entitled to exercise administrative, executive, judicial legislative, police, regulatory or taxing authority of any nature and/or administering any international conventions and/or rules applicable to the Vessels (or any of them).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Lock-Up Undertakings</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">means the lock-up undertakings to be signed by companies controlled by Arne Blystad and Magnus Roth to refrain from selling or otherwise disposing of their direct and indirect shareholding in Parent for a period of 90 (ninety) days following distribution of the Consideration Shares from Songa to its shareholders in the form of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Appendix 4</font>;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Long Stop Date</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-RIGHT: 10.8pt">means 20 July 2018, subject as stated in clause 8.5.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">means a Memorandum of Agreement for the sale and purchase of each</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Vessel, substantially in the form set out in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Appendix 5</font>.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">OK</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means Norwegian kroner.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">NPLCA</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the Norwegian Private Limited Liability Companies Act of 1997, as in force at the Agreement Date.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Parent NAV<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Adjustment</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means a payment from the Sellers to the Parent in the agreed amount of USD 4,750,000 to account for the accretion of the Parent's NAV from 31 December 2017 to the Completion Date, which payment will be in the form of lubricants, bunkers and cash that will be paid by the Sellers.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the actual knowledge of Simos Spyrou and Christer Begleris after reasonable inquiry as per the Agreement Date and at Completion.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the warranties of Parent set out in clause 12.1.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Parties</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the Purchasers, Songa, the Sellers, the Parent, and Star Sub, each a "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Party</font>".</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Preliminary Bunkers Adjustment Amount</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the net of the value of Bunkers and Lubricants Amount less the Preliminary Bunkers and Lubricants Amount.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">has the meaning set out in clause 9.2 (a).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">has the meaning ascribed to such term in clause 4.1.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the Parent, Star Sub and the Purchasers.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the bank account identified by Songa in the Completion Schedule, held by Songa, pledged and blocked in favour of the Nordic Trustee AS.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Securities Act</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">has the meaning ascribed to it in clause 11.2. means Songa and the Sellers.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means Songa and the Sellers.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Sellers' Knowledge</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the actual knowledge of Herman Billung and Arne Blystad after reasonable inquiry as per the Agreement Date and at Completion.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Sellers' Provided Information</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">has the meaning set out in clause 11.2.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Sellers'<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> </font>Representative</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means Arne Blystad.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Sellers' Warranties</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the warranties of Songa and the Sellers set out in clause 11.1.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Songa Warrant Agreements</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the agreements between the Parent and each of Songa Shipholding AS, Billung Bulk AS and PK Shipping AS, respectively, in respect of the Parent's purchase of certain outstanding warrants (Norw. "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">frittstaende tegningsretter") </font>in the form set out in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Appendix 6</font>.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Transaction</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the sale and purchase of the Vessels contemplated by this Agreement and the other transactions contemplated herein.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">USD</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the lawful currency of the United States of America.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Vessels</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the dry-bulk vessels listed in Appendix 3, each a "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Vessel</font>".</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Voting Undertakings</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the irrevocable voting undertakings given in favour of Parent by companies controlled by each of Arne Blystad, Herman Billung and Magnus Roth in the form of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Appendix </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">7</font>.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">means the Norwegian Securities Depository Register <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">(No.: verdipapirsentralen).</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SALE AND PURCHASE OF THE VESSELS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Subject to the terms and conditions of this Agreement, the Sellers shall sell and the Purchasers shall purchase the individual Vessels as set out in Appendix 3. Each such Seller and Purchaser shall enter into a separate MoA in respect thereof. The MoAs shall constitute an integral part of this Agreement, but in the case of any conflict or discrepancy between the terms of the MoAs and this Agreement, the latter shall prevail.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SIGNING CONDITIONS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">In conjunction with the signing of this Agreement, the following documents shall be delivered:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">evidence from each of the Parties (i) that all necessary corporate resolutions to enter into the Agreement and the other documents herein contemplated to consummate the Transaction have been passed, and (ii) that the individual(s) executing the Agreement and any related documents on behalf of such Party has been duly authorised to do so, it being understood</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">that the resolutions mentioned in (i) in the case of the Seller Group will be subject to the Songa shareholder vote referred to in clause 8.2 (b),</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the Voting Undertakings, duly signed by the parties thereto;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">THE PURCHASE PRICE, PAYMENTS ETC.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The aggregate purchase price for the Vessels (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Purchase Price</font>")<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>shall equal the sum of the Base Amount allocated between the Vessels and the respective Sellers and Purchasers, and divided between the relevant amounts of the Cash Consideration and the Completion Receivables, respectively, all as set out in Appendix 3.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Subject to the Parent NAV Adjustment, each Purchaser shall, in addition to the Purchase Price, pay for bunkers and lubricants to the relevant Seller. The bunker quantity shall equal the sum of the actual on-board bunkers and the unused lubricating and hydraulic oils and greases in storage tanks and unopened drums of the relevant Vessel all measured at 12 CET noon on the Completion Date. The cost of bunkers, lubricants and other consumables as aforesaid (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Bunkers and Lubricants Amount</font>")<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>shall be determined for Vessels on voyage charter (including the ships in the CCL Pool), at the price paid by the relevant Seller as documented by invoices net of any applicable discounts or rebates, calculated in USD and, if relevant, determined on the basis of the applicable official rate of exchange quoted on the Completion Date. For Vessels on time charter, the relevant Purchaser will replace "Owner" in each relevant time charter and settle the bunkers on redelivery in accordance with the terms thereof. In cases where any relevant charterers have deducted prematurely for the value of estimated bunkers on redelivery, a corresponding amount shall be paid by the relevant Purchaser to the relevant Seller as part of the Bunkers and Lubricants Amount. For the avoidance of doubt, bunkers, lubricants and/or cash that may constitute part of the Parent NAV Adjustment will not be paid other than by set-off by the relevant Purchaser.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Subject to satisfaction (or waiver by the relevant Party) of the Completion Conditions and clause 9, the total Purchase Price shall be paid on Completion by the Parent on behalf of the Purchasers by way of settlement with Songa on behalf of the Sellers, and for distribution among the Sellers as per internal arrangements and agreements within the Seller Group by way of</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">payment of the Cash Consideration; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">issuance of notes evidencing the Completion Receivables;</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">in each case, based on allocation between the relevant Vessels, the Sellers and the Purchasers as set out in Appendix 3.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">In addition, on the Completion Date, the Parent (on behalf of the relevant Purchaser) shall pay the relevant Preliminary Bunkers and Lubricants Amount.</div>

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<table id="z7e0a94e87a9e4f68a5c2ed8997c746d6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">It is agreed by the Parties, that on the date of Completion, Songa shall subscribe for, and the Parent shall issue upon payment of the subscription amount, the Consideration Shares. The subscription amount for the Consideration Shares shall equal the amount of the Completion Receivables, which shall be set-off and extinguished in its entirety upon issuance of the Consideration Shares. Each of the Parent and Songa shall take all such actions and do all such things as may be required in order to effect the foregoing in a prompt and timely fashion. The Parent shall use commercially reasonable efforts to provide that the Consideration Shares be issued and delivered to an account of Songa in the VPS, provided that, in the alternative, the Consideration Shares shall be issued and delivered as a book-entry position for the account of Songa maintained by Parent's transfer agent, bearing a restrictive legend in customary form as to restrictions on transfers under the Securities Act, as well as appropriate stop orders.</div>
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<table id="z12d1f0a3261f4877940a23145f69e1c6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Subject to clause 9.6, if for any reason, all the Vessels cannot be delivered simultaneously on the targeted date of Completion, the obligation to pay the Purchase Price shall, based on the amounts set out in Appendix 3, be adjusted to reflect and cover only the Vessels which are actually delivered and accepted on the relevant date of Completion only. The respective obligations of Songa and the Parent to subscribe for and issue the Consideration Shares pursuant to clause 4.4 shall be adjusted accordingly, and payment of the Preliminary Bunkers and Lubricants Amount shall cover only bunkers and luboils on board the Vessels actually delivered and accepted on such date of Completion.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Subject to clause 4.2, the Preliminary Bunkers Adjustment Amount shall be payable in cash by the relevant Party no less than five &#8722; 5 - Business Days following Completion, subject to the Parent NAV Adjustment. The Preliminary Bunkers Adjustment Amount may be a positive figure (in which case it shall be paid by the Parent (on behalf of the relevant Purchaser) to the Seller of the relevant Vessel) or a negative figure (in which case it shall be paid by Songa (on behalf of the relevant Seller) to the Parent (on behalf of the relevant Purchaser).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">PRE-COMPLETION CONDUCT OF THE SELLER GROUP</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">5.1</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">As soon as practicable after the Agreement Date, Songa shall convene an extraordinary shareholders' meeting in Songa with a view to securing required shareholder consent to the consummation of the Transaction.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Songa and each Seller shall from the Agreement Date and until Completion, except as contemplated by this Agreement or approved by the Parent (on behalf of itself and the Purchasers in writing) (such approval not to be unreasonably withheld), conduct their</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">business and operations only in the ordinary course, operate and maintain the Vessels in accordance with past practice, and refrain from:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">selling, leasing or otherwise disposing of or encumbering the Vessel, or disposing of any shares or ownership interest in any of the Sellers;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">permitting or taking any step or action to dissolve, wind-up or cease operations of any of the Sellers;</div>
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<table id="z5f66919912eb43c8adf2e45d10a0f70a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">changing any of the Vessels' registered flag state, classification society or taking any action that would jeopardize the Vessels' flag or class;</div>
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<table id="z745d651c635f42f6a88056f34f780c7f" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">entering into any agreement or commitment to do any of the above; and/or</div>
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<table id="z0ab4b15c75674d30abdcf2e19d1e0394" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">deferring scheduled maintenance, entering in a dry dock contract, purchasing scrubbers, ballast water treatment systems or other major capex items without the consultation with Parent.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 43.2pt">From signing of the Agreement, the Sellers shall not commit any of the Vessels to any new charter parties beyond 60 days without the consultation with the Parent.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">PRE-COMPLETION CONDUCT OF THE PARENT</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">6.1</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Parent shall from the Agreement Date and until Completion, except as contemplated by this Agreement or approved by Songa (on behalf of itself and the Sellers in writing) (such approval not to be unreasonably withheld) or already disclosed in its public filings, cause the Purchaser Group to conduct its business only in the ordinary course of business, and to refrain from:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">amending the Parent's articles of association;</div>
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<table id="z2a0279d25a4246cb9ef1ae05be617b2c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(b)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">issuing new shares, options, warrants or other similar rights to acquire shares of the Parent, other than the Consideration Shares, at a price lower than the Consideration Share subscription price per share except to the extent resulting from obligations or commitments assumed prior to the date of the Agreement;</div>
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<table id="zf4f1bad5799b4ba990f0f4d524fdee25" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">declaring, setting aside or paying any dividend, group contribution or other distribution with respect to shares of the Parent, or from directly or indirectly redeeming or purchasing any of its shares;</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table id="z781eb5c7370b4b59b13ee21f0e8ca1eb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">making any material changes to the compensation or benefits of the employees of any member of the Purchaser Group, it being understood that this shall not prevent the Purchaser Group companies from carrying out annual salary adjustments or benefits, in accordance with the past practice;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">entering into new loan agreements, except to finance new vessel acquisitions (including the acquisition of the Vessels contemplated hereby) or refinance existing facilities or financing of obligations or commitments assumed prior to the date of this Agreement ;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">entering into any agreement to acquire or dispose of vessels, except on arm's-length, market-based terms either for cash or for shares; and/or</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">entering into any agreement or commitment to do any of the above.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">PRE-COMPLETION BREACHES AND TERMINATION</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">From the date of this Agreement and until Completion, the Parties shall promptly upon becoming aware of same notify each other in writing of any circumstance or fact which is likely to result in a breach of the Agreement or adversely affect its consummation.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">This Agreement may be terminated at any time prior to Completion by written agreement between the Parties, or by written notice from a Party to the other Party where the Completion Conditions have not been satisfied (for whatever reason except for the fault or breach of the Agreement by the Party seeking to terminate this Agreement) or waived before the Long Stop Date.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">If this Agreement is terminated pursuant to clause 7.2, all further obligations of the Parties pursuant to this Agreement shall terminate and have no further effect, provided that:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">termination shall not affect any accrued rights or liabilities of any Party in respect of damages for any breach of this Agreement prior to such termination;</div>
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<table id="z657d34afcf2440a1b5b6e64e22b138c2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">where a Party has terminated the Agreement on the basis of a material breach by the other Party of the Agreement, such termination shall not affect the terminating Party's right to seek compensation for the economic loss resulting from the termination of the Agreement; and</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">the obligations of the Parties pursuant to clauses 16 (Announcements; Confidentiality), 17 (Notices), 18 (General) and 19 (Governing law; Legal venue), shall survive such termination.</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 36pt; align: right">8</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">COMPLETION CONDITIONS</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">8.1</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Each of the Seller Group's and the Purchaser Group's respective obligation to complete the Transaction is conditional on Purchaser Group and the Seller Group, respectively, not being in material breach of any of its material obligations under the Agreement.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">8.2</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Songa's and each Seller's obligation to complete the Transaction is conditional upon:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(a)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">no material breach of any of the Parent's Warranties existing at the time of Completion;</div>
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<table id="z71f7c54844aa4b91ad2b1b35f9958389" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the shareholders of Songa having approved the Transaction with two-thirds majority of the votes present and cast;</div>
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<table id="z6e8ed9a9cd164eae899b2279b0908400" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">signing of new technical management agreements by each Purchaser relating to the relevant Vessels commencing on the relevant date of Completion and for a period which effectively, on average for all the Vessels, shall not expire before 31 December 2018, and with notice periods of 3 months;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the Oslo Stock Exchange having approved the secondary listing of the Consideration Shares, subject to customary conditions; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the absence of any governmental order prohibiting the consummation of the Transaction.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Parent's and each Purchaser's obligation to complete the Transaction is conditional upon:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(a)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">no material breach of any of the Sellers' Warranties existing at the time of Completion;</div>
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<table id="z5fb0bd3e82db45f990733c665536868a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(b)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the relevant companies controlled by Arne Blystad and Magnus Roth (or their respective Affiliates) having signed the Lock-Up Undertakings;</div>
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<table id="z4258e6a9764441f99873dd90e5a1f042" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(c)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the absence of any governmental order prohibiting the consummation of the Transaction, and all regulatory approvals, filings and registrations required having been obtained or made on terms and conditions acceptable to Parent (including, without limitation, those contemplated in clause 9);</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(d)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">termination of existing technical and commercial agreements with Songa Shipmanagement and Equinox and with Songa remaining solely responsible for any termination fees or other costs relating to termination;</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(e)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">signing of new technical management agreements by Songa Shipmanagement and Equinox relating to the relevant Vessels commencing on the relevant date of Completion and for a period which effectively, on average for all the Vessels, shall not expire before 31 December 2018, and with notice periods of 3 months;</div>
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<table id="z1313f45f3dbb4f21a355eff72c06809a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(f)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">evidence satisfactory to the Parent that all charterparties and/or employment contracts relating to the Vessels in force at the time of Completion and/or for any period subsequent thereto have been novated to the relevant Purchaser pursuant to relevant novation agreements to be entered into on terms and conditions acceptable to the Parent including, without limitation, terms dealing, inter alia, with the allocation as between the relevant Seller and Purchaser of costs, claims, liabilities and revenues at the time of Completion;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">evidence satisfactory to Parent that, in relation to any Vessel which is laden at the Completion Date, full coverage under the relevant Seller's P&amp;I insurance will continue relative to such Vessel following transfer of ownership to the relevant Purchaser at least until the cargo in question has been discharged as per the relevant contractual arrangements pertaining thereto; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">evidence satisfactory to Parent that arrangements have been made by the relevant Sellers for transfer of title and release of all security interests, mortgages and Encumbrances over the Vessels at Completion.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Each of the Parties shall use reasonable efforts to prepare for and facilitate Completion as contemplated in this Agreement and to perform their respective obligations hereunder, and promptly take or cause to be taken all actions necessary or advisable under applicable law and regulations to consummate and make effective the Transaction.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">If for any reason, any of the Parties foresee a delay which renders it likely that Completion can not be achieved by the Long Stop Date and which is (i) not due to the acts or omissions of any Party, or (ii) necessary, for purely practical reasons, in order to arrange for Completion (ref. clause 9.1), the Parties shall in writing notify each other as soon as practicable. Each of the Parent and Songa (provided such Party is not in breach of its obligations under the Agreement) shall have the right to extend the Long Stop Date up and including to 15 August 2018 if, in spite of reasonable efforts having been exerted to secure same, any regulatory approval required for the Completion and/or FSA approval of the listing prospectus remains to be obtained by 20 July 2018.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">COMPLETION</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The documentary Completion of the sale and purchase of all Vessels shall take place at the offices of Wikborg Rein Advokatfirma AS at Dronning Maudsgt. 11, Oslo, Norway on a date on or before the Long Stop Date to be agreed as soon as practicable, no later than ten Business Days after the Completion conditions are satisfied, based on a completion memorandum outlining the detailed steps and mechanics of the Completion, which document shall be agreed by Songa and Parent in advance.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">No later than five Business Days prior to the Completion Date, the Sellers' Representative on behalf of the Sellers shall provide Parent (on behalf of the Purchasers) with a schedule (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Completion Schedule</font>")<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>including:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(a)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the Sellers' estimates of the Bunkers and Lubricants Amount (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Preliminary Bunkers and Lubricants Amount</font>");</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table id="ze2ebf346858f4f8dade9ffc2193318b8" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(b)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">a summary supporting the estimates set out in (a); and</div>
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<table id="zef507434be144d47bb62f0431aa735f2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(c)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the details of the Sellers' Deposit Account(s) and other accounts to receive the amount of the Cash Consideration.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; TEXT-INDENT: 0.7pt">If the Purchaser does not dispute the calculations of the Preliminary Bunkers Amount within two Business Days after receipt the Sellers' Completion Schedule be deemed to have been agreed and final.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">At Completion, Songa and/or the relevant Seller (as the case may be) shall:</div>
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<table id="z34445f8c6bef423592941d2a7b62e577" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(a)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">deliver to the Parent (on behalf of itself and Purchasers) evidence of the authority of the individual completing the Agreement on behalf of Songa and each Seller;</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table id="z7303e8b81a5247dea1b96ff329888d76" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">deliver to the Purchaser a copy of duly signed minutes from a general meeting of Songa approving the sale of the Vessels to the Purchasers with at least two-thirds majority of the votes present and cast;</div>
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<table id="z269390400f23414194cda63a3db59a00" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">perform all other actions required to be performed by the relevant Seller under the terms of the MoA in relation to the sale and purchase of the relevant Vessel; and</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(d)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">subscribe for the Consideration Shares.</div>
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<table id="z9fd9dfbecdd14904808e4a3757475881" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">9.4</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">At Completion, the Parent and/or the relevant Purchaser (as the case may be) shall:</div>
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<table id="zc026a1fcca6c417cbb41fb42943ce50e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">deliver to the Songa (on behalf of itself and the Sellers) evidence of the authority of the individual(s) completing the Agreement on behalf of Parent and each Purchaser;</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table id="zbd1b6df2e7a443458c2a31a4f1d53bd0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(b)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">perform all other actions required to be performed by the relevant Purchaser under the terms of the MoA in relation to the sale and purchase of the Vessel; and</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table id="z31ee5d017a2e42328bbc9e6684500258" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(c)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">pay the Purchase Price and the Preliminary Bunkers and Lubricants Amount in accordance with clause 4.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">9.5</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">All actions set out in clauses 9.3 and 9.4 shall be carried out at the same time (in so far as practically possible), and be mutually conditional upon each other. Each Party may (in addition and without prejudice to all other rights and remedies available to it) revoke any action taken under clauses 9.3 and 9.4 (as applicable), and demand reversal of such action, until the other Parties have performed all of their respective obligations thereunder.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">9.6</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Completion shall be conditional upon the sale and purchase of all Vessels at the same time, provided however that:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the Parties may agree that the sale and purchase of one or several Vessels shall be postponed until a later agreed time and date; and/or</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table id="z498414f7369142c586ad0fb95d9d0340" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(b)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">should one or several Vessels become an actual, constructive or compromised total loss before delivery, such Vessel and the Purchase Price for such Vessel shall be severed from this Agreement and the sale and purchase of the remaining Vessels shall be accomplished as set out herein.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">In the event that one or more Vessels is not ready for delivery as per the relevant MOA and/or this Agreement, for the avoidance of doubt, not including reasons set out in the Sellers' Provided Information or reasons the Purchaser should have known after inspection of the relevant Vessel, the relevant Parties shall discuss in good faith whether (i) delivery of such Vessel shall be postponed as per litera (a), or (ii) it is possible to facilitate delivery on Completion as contemplated by the Seller with a view to securing simultaneous delivery of all Vessels, for instance by way of (1) an agreed price reduction, (2) assigning any insurance claims to the relevant Purchaser, (3) agreeing arrangements so that any repair works required to be undertaken to satisfy the delivery condition specified in the MOA be performed post-delivery by the Purchaser, but for the account of the Seller, or (4) other mutually acceptable means. If, the foregoing notwithstanding and after having used reasonable efforts in good faith to find a solution, the relevant Parties fail to reach a mutually acceptable agreement, either Party shall have the right to terminate this Agreement. In the event the first Completion does not cover all Vessel, Songa shall have the right, but no obligation, to require an adjustment (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Adjustment</font>")<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>to the allocation between Cash Consideration and Completion Receivables for the delivered Vessels to ensure Songa receives at least USD 137,500,000 in Cash Consideration at the date of the first Completion, and, if so, with corresponding reallocation between the Cash Consideration and the Completion Receivables in respect of the relevant remaining Vessels at subsequent Completion(s), always provided that the total ratio between Cash Consideration and Completion Receivables payable by the Purchaser Group hereunder shall remain as otherwise contemplated in this Agreement and as if no Adjustment had taken place.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">When all of the relevant Completion actions have taken place, the Parties shall sign a Completion Schedule, evidencing that Completion has taken place.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">FILINGS AND APPROVALS FROM AUTHORITIES</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">10.1</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Upon the Parent's request, Songa will cooperate and use reasonable efforts to assist in a timely fashion by providing facts and input to any filing or application required to be made in connection with the preparation for or implementation of the Transaction (or any part thereof) or any time thereafter, including in connection with or as a result of the Parent's issuance of the Consideration Shares.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Without limiting the generality of the foregoing, it is understood and agreed that after Completion, Parent may be required from time to time to prepare and file with the U.S. Securities and Exchange Commission (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SEC</font>")<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>forms, statements (including registration statements), and reports as may be required under the United States federal securities laws <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(</font>"<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SEC Filings</font>").</div>
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<table id="zb9300fc1ac164fc39ff8486b2f137697" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Songa and the Sellers shall, upon reasonable request, deliver to Parent all information about Songa, each Seller and the Vessels reasonably determined by Parent to be required by law, rule or regulation, or as otherwise may be requested by the SEC, in connection with Parent's preparation and filing of the SEC Filings, including all</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt">financial statements and information in such form as they have available, whether audited and/or unaudited <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(</font>"<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Financial Statements</font>"),<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>and shall use commercially reasonable efforts to cause their accountants to deliver to Parent all reports on such financial statements and consents as may be required in connection with any SEC Filings.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">If Financial Statements have not been prepared under such accounting principles or for such periods as required by the forms, rules and regulations of the SEC <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(</font>"<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SEC Financial Requirements</font>"),<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>Songa and the Sellers shall, to the extent practicable, give Parent and its auditors access to the offices, properties, books and records of Songa and the Sellers, as such auditors shall request in order to perform accounting procedures and work necessary to bring the Financial Statements into conformity with SEC Financial Requirements.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The reasonable costs of providing any information, consents, access or other requests made in accordance with this Clause 10.1 shall be borne by Parent, provided that Parent has received properly detailed estimates and invoices for same.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SELLER GROUP'S WARRANTIES</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Subject to clause 11.2, Songa and each Seller represents and warrants to Parent and the Purchasers that each of the warranties set out in the relevant MoA, clauses 11.1.1 &#8722; 11.1.9 and 11.3 in all material respects are true and accurate and not misleading as at the Agreement Date and on the date of Completion (unless otherwise set out in each warranty):</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Legal Status</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each member of the Seller Group has been lawfully established, exists and is registered in the Norwegian business registry, and in other mandatory government registers. There are no circumstances relating to Songa or the Sellers that pursuant to mandatory law should have been, but that are not, registered in the business registry or in other mandatory government registers.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">No Conflict</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Neither the execution of this Agreement, nor the consummation or performance of any of the transactions contemplated by it, will conflict with or violate (a) any provision of the articles of association of the Seller Group members; or (b) any resolution adopted by the board of directors or the general meeting of such Seller Group member, (c) any law or regulation binding on it, or (d) any agreement or contractual provision to which it is a party or by which it is bound.</div>

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<div style="MARGIN-BOTTOM: 36pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each relevant Seller has full ownership to the Vessel as listed in Appendix 3.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each Vessel is in class without any recommendations, notations or conditions, and will at the time of delivery to the relevant Purchaser be free of any Encumbrances.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">None of the Vessels is subject to any Port State or other administrative detentions, and to the best of the Sellers' Knowledge none of the Vessels is blacklisted by any nation or international organisation.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each Seller has paid, and will continue to pay in relation to claims accrued up until the Completion, all crew wages, supplier claims and other expenses of whatever nature relating to the ownership and/or operation of the Vessels, and no claims or maritime liens have been asserted against any of the Vessels in respect hereof.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">An overview of each Sellers' insurance policies at the Agreement Date is provided in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Appendix 8,</u></font> all of which are in full force and effect. No Seller Group company has done anything or omitted to do anything which makes or will make any such policy void, or which may result in any insurance company not making full payment for any otherwise rightful claim under such policies. As of the Agreement Date, and (except as disclosed in writing by Songa to the Parent) at Completion, no Seller Group company has any pending or outstanding material insurance claims, or disagreements with any insurance provider.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Each Seller operates, and has at all times operated, its business in compliance with all applicable environmental laws and regulations (including regulations relating to human health, environment and work place conditions), and all judgements, orders and decrees issued by any Governmental Body for the protection of the environment (including work places). Each Seller holds, and complies with the terms of, all environmental licenses required to operate its business, and no environmental claims have been asserted against any of the Vessels.</div>

<div style="MARGIN-BOTTOM: 36pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">As of the Agreement Date, and (except as disclosed in writing by Songa to the Parent) at Completion, no Seller has received notice from any Governmental Body that it must change its way of business or operation to satisfy any requirements under any current or future environmental law or regulation, or any environmental license, and no Seller is, or to the Sellers' Knowledge will be obligated to undertake any works or action, or to make any payments, to remedy or contain any existing risk, damage or harm to the environment of any kind, or to undertake any investigation or monitoring to identify the need for any such works, actions or payments. As of the Agreement Date, and (except as disclosed in writing by Songa to the Parent) at Completion, no claim relating to any of the foregoing has been asserted against any of the Vessels.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Songa and each Seller has at all times:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">complied with all applicable laws, sanctions, regulations, judgements, decrees and orders issued by any Governmental Body or court; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">held, and complied with the terms of, all public and private permits, licences and approvals from all Governmental Bodies and other third parties necessary to carry out its business in its ordinary course, and taken all actions required to prevent such permits, licences and approvals from lapsing,</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">As of the Agreement Date, and (except as disclosed in writing by Songa to the Parent) at Completion, no claims have been asserted against any of the Vessels in relation to (a) and (b).</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Songa acknowledges that the Consideration Shares to be received by Songa as consideration under this Agreement have not been registered under the Securities Act of 1933, as amended (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Securities Act</font>")<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>or any state securities laws and are being issued in reliance upon one or more exemptions contained in such acts (including the exemption afforded by Section 4(aX2) of the Securities Act), and that the Parent's reliance upon such exemptions is based, in part, upon the warranties and agreements made by Songa herein. Songa understands that the Consideration Shares may not be transferred or sold except pursuant to the registration provisions of the Securities Act and any applicable United States state securities laws, or pursuant to an applicable exemption therefrom. Songa is receiving the Consideration Shares for its own account and not with a view to distribution other than in a Consideration Shares Distribution effected in accordance with the Distribution Requirements as set forth in clause 15.9. Songa represents and warrants that it has, and will have at Completion, total assets in excess of USD 5,000,000.</div>

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<div style="MARGIN-BOTTOM: 36pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Neither Songa nor any of the Sellers, or, to the Sellers' Knowledge, any directors or officers, or any employee, agent, affiliate or other person acting on behalf of any of them, is currently the subject or the target of any sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury), the United Nations Security Council, the European Union, Her Majesty's Treasury, or other applicable sanctions authority (collectively "Sanctions"), nor are the Sellers located, organized, or resident in a country or territory that is the subject or the target of Sanctions; and none of the Sellers will knowingly, directly or indirectly, use the proceeds of the sale of the Vessels, or lend, contribute, or otherwise make available such proceeds to any subsidiary, any joint venture partner or other person or entity to (A) fund or facilitate any activities of or business with any person, or in any country or territory, that, at the time of such funding or facilitation, is the subject or target of Sanctions or (B) act in any other manner that will result in a violation by any person of Sanctions. To the Sellers' Knowledge,</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 3.6pt">none of the Sellers, nor their respective directors, officers or employees, nor any agent, affiliate, joint venture partner or other person acting on behalf of the Sellers, has engaged in activities restricted or prohibited under the Sanctions relating to Russia, Ukraine/Russia-related sanctions programs or other restrictive measures against Russia, including but not limited to Countering America's Adversaries Through Sanctions Act, International Emergency Economic Powers Act (IEEPA), National Emergencies Act (NEA) (collectively, the "Russia Sanctions") and/or the Iran Sanctions Act, the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, the Iran Threat Reduction and Syria Human Rights Act of 2012, the National Defense Authorization Act for the Fiscal Year 2012, the National Defense Authorization Act for the Fiscal Year 2013, Executive Order Nos. 13628, 13622, 13608, or any other U.S. economic sanctions relating to Iran (collectively, the "Iran Sanctions"); and the Sellers do not have any present plans to knowingly engage in any activities or business that would subject it to sanctions under the Russian Sanctions or the Iran Sanctions.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Purchaser has carried out due diligence of the Vessels. The due diligence was based on the information included on the USB attached to the Agreement as <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Appendix 9</u></font> and documents and information provided to the Purchasers' representatives by the technical managers for the Vessels (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Sellers' Provided Information</font>"),<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>all of which has been made available to the Purchasers by or on behalf of the Sellers.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Facts and circumstances which are fairly and properly disclosed in the Sellers' Provided Information or result from risks so disclosed, shall not in any event constitute a breach of any of the Sellers' Warranties or the MoA.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">To the Sellers' Knowledge there are no facts or circumstances affecting the Vessels or their operations which could reasonably be deemed to be material to the Purchaser Group's decision to consummate the Transaction on the terms agreed which have not been disclosed to the Purchaser Group. Subject as aforesaid, and except for the Seller's Warranties, the Seller does not make any express or implied warranty or representation in respect of the Vessels and their operations.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Breach against the Seller's Warranties shall constitute the only valid basis for any claims of whatever nature from the Purchaser against the Seller related to the condition of the Vessels, hereunder the Vessel's legal, financial, commercial or technical state or situation. As such, the Purchaser may not make any claims against the Seller on the basis of the principles of defectiveness (NW: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">"Bakgrunnsrettens regler om mangler") </font>in the background law (including but not limited to the Norwegian Act of Sale of Goods (NW: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">"Kjopsloven")).</font></div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 36pt; align: right">12</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">PURCHASER'S WARRANTY CLAIMS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Subject to clauses 12.2 &#8722; 12.16, a Seller shall compensate any loss which Parent and/or a Purchaser incurs due to a breach of such Seller's Warranties and/or the relevant MoA. The liability between the Sellers shall be several and not joint, but Songa hereby irrevocably and</div>
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<table id="z6e1832d8d3ee40cb920a07c2929929ba" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">A Seller shall not in any event be responsible for any indirect or consequential loss incurred by the Purchaser due to any breach of such Seller's Warranties, provided however, the foregoing shall not prevent recovery for losses that are reasonably foreseeable.</div>
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<table id="zdca058326c1a41fabe4c390f70d6e77b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">12.3</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Parent (on behalf of itself and/or relevant Purchaser) must notify Songa of any breach of such Seller's Warranties in writing without undue delay after having become aware of the circumstances underlying the breach.</div>
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<table id="z2b52d2bffb4e43e6ae3460fe783300dc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">No claim for any breach of Seller's Warranty can be made after the date that is six (6) months after delivery of the relevant Vessel.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Each Seller's liability for breaches of the Seller's Warranties shall be limited quantitatively as follows:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">A Seller shall have no liability with respect to any individual loss not exceeding USD 75,000;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">a Seller shall have no liability unless the aggregate losses for which such Seller is otherwise liable exceed USD 250,000, but then for the full amount;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">each Seller's aggregate liability for warranty breaches shall not exceed 15 % of the Purchase Price for the Vessel sold by such Seller; and</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(d)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the aggregate liability for all Sellers shall not exceed USD 65,000,000.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">This clause 12.5 shall not limit a Seller's liability for breaches of the warranties set out in the MoA clause 9, clause 11.1.1 (Legal Status), or 11.1.3 (Title), or wilful misconduct or gross negligence on the part of such Seller.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">12.7</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Sellers shall have no liability for a loss to the extent that:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the loss occurs as a result of any legislation not in force at Completion, or which takes effect retrospectively; or</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">any such loss could have been avoided or mitigated by reasonable efforts by the relevant Purchaser.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">12.8</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Parent shall inform Songa without undue delay if the Parent or any Purchaser receives notice of any claim from a third party which may give rise to a claim against such Party for breach of the Seller's Warranties (a "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Third Party Claim</font>").</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">12.9</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">If Songa (on behalf of the relevant Seller) has confirmed in writing that (i) it, subject to the limitations of clause 12.5 and 12.6, will indemnify the relevant Purchaser against all direct</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 3.6pt">losses that such Purchaser may incur from a Third Party Claim, and (ii) it has the financial means to conduct the proceedings for its account, Songa shall have the right to assume and control the defence of such Third Party Claim at the Seller's cost and expense and through counsel of the Seller's choice.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">If Songa (on behalf of the relevant Seller) has not provided the Purchaser with confirmation as aforesaid in respect of a Third Party Claim, the Parent or the relevant Purchaser shall, in consultation with the Seller to the extent practical, have the lead and control of the defence of any legal or arbitration proceedings in relation to the Third Party Claim, subject to the rights of any third party insurers. The Purchaser shall not make any settlement or compromise of any such proceeding without the prior written approval of the Seller, which shall not be unreasonably withheld.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">A Seller shall have no liability for any loss incurred by a Purchaser which results from the Purchaser's breach of the provisions of this clause 12.7.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">A Seller shall not be liable for any loss to the extent that the relevant Purchaser or one of the Purchaser Group companies may recover indemnity for such loss from any person other than the Seller whether under any provision of applicable law or insurance policy in force.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">If the Seller or Songa makes a payment in respect of a breach of the Sellers' Warranties (a "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Warranty Payment</font>"),<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>and the Purchaser or a Purchaser Group company within one year thereafter receives a payment from a third party in compensation of the circumstances underlying the breach, the Purchaser shall promptly repay to the Seller the amount by which the sum of the Warranty Payment and the relevant third party payment exceeds the amount needed to compensate the Purchaser for its direct loss following the relevant breach of the Sellers' Warranties.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Purchaser shall not be entitled to recover more than once in respect of the same circumstances giving rise to a claim.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">When calculating the loss of a Purchaser following a breach of the Seller's Warranties, any savings by, or net benefit to, the Purchaser or the Purchaser Group resulting from the circumstances underlying the warranty breach or the resulting loss shall be taken into account, including but not limited to any reduced current or future taxation on the Purchaser or on the Purchaser Group Companies resulting from such circumstances or loss.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Purchaser's right to claim compensation under this clause 12 shall be the only remedy available to the Purchaser in the event of a breach of the Sellers' Warranties under this Agreement (save in the event of fraudulent conduct).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Subject to clause 13.2, the Parent represents and warrants to Songa and each Seller that each of the warranties set out in this clause 13.1.1 and 13.2 in all material respects are true and</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 3.6pt">accurate and not misleading as at the Agreement Date and on the date of Completion (unless otherwise set out in the relevant warranty).</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Parent and each Purchaser have been lawfully established in its jurisdiction of incorporation, and registered in all mandatory government registers. There are no circumstances relating to Parent or the Purchasers that pursuant to mandatory law should have been, but that are not, registered in the business registry or in other mandatory government registers.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Consideration Shares, when issued, will be validly issued, fully paid up, and free and clear from any Encumbrances, except for restrictions on transfer in accordance with applicable securities laws, rules and regulations. When the secondary listing set forth in clause 15.2(i) is obtained, the Consideration Shares will be eligible for trading on an unrestricted basis on the relevant exchange. Except as provided in the Lock-Up Undertakings, there is no agreement, conditional or unconditional, to create any Encumbrance over any of the Consideration Shares. Upon delivery of the Consideration Shares to Songa, Songa will obtain full title and ownership to the Shares.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Neither the execution of this Agreement, nor the consummation or performance of any of the transactions contemplated by it, will conflict with or violate (a) any provision of the articles of association of the Parent or any of the Purchasers; (b) any resolution adopted by the board of directors or the general meeting of the Parent or any of the Purchasers, (c) any law or regulation binding on it, or (d) any agreement or contractual provision to which it is a party or by which it is bound.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Purchaser Group Vessels</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">None of the vessels of the Purchaser Group is subject to any Port State or other administrative detentions, and none of the vessels of the Purchaser Group is, to the best of the Parent's Knowledge, blacklisted by any nation or international organisation.</div>

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<div style="MARGIN-BOTTOM: 36pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Purchaser Group operates, and has at all times operated, its business in compliance with all applicable environmental laws and regulations (including regulations relating to human health, environment and work place conditions), and all judgements, orders and decrees issued by any Governmental Body for the protection of the environment (including work places). Purchaser Group holds, and complies with the terms of, all environmental licenses required to operate its business, and no environmental claims have been asserted against any of its vessels.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">The Purchaser Group has at all times:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">complied with all applicable laws, sanctions, regulations, judgements, decrees and orders issued by any Governmental Body or court; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">held, and complied with the terms of, all public and private permits, licences and approvals from all Governmental Bodies and other third parties necessary to carry out its business in its ordinary course, and taken all actions required to prevent such permits, licences and approvals from lapsing,</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">As of the Agreement Date, and (except as disclosed in writing by the Parent to Songa) at Completion, no claims have been asserted against any of its vessels in relation to (a) and (b).</div>

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<div style="MARGIN-BOTTOM: 36pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">Neither the Purchaser Group, to the purchasers' knowledge, any directors or officers, or any employee, agent, affiliate or other person acting on behalf of any of them, is currently the subject or the target of any sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury), the United Nations Security Council, the European Union, Her Majesty's Treasury, or other applicable sanctions authority (collectively "Sanctions"), nor are the Purchaser Group Companies located, organized, or resident in a country or territory that is the subject or the target of Sanctions; and none of the Sellers will knowingly, directly or indirectly, use the proceeds of the Transaction, or lend, contribute, or otherwise make available such proceeds to any subsidiary, any joint venture partner or other person or entity to (A) fund or facilitate any activities of or business with any person, or in any country or territory, that, at the time of such funding or facilitation, is the subject or target of Sanctions or (B) act in any other manner that will result in a violation by any person of Sanctions. To the purchasers' knowledge, none of the Purchaser Group Companies, nor their respective directors, officers or employees, nor any agent, affiliate, joint venture partner or other person acting on behalf of the Purchaser Group Companies, has engaged in activities restricted or prohibited under the Sanctions relating to Russia, Ukraine/Russia-related sanctions programs or other restrictive measures against Russia, including but not limited to Countering America's Adversaries Through Sanctions Act, International Emergency Economic Powers Act (IEEPA), National Emergencies Act (NEA) (collectively, the "Russia Sanctions") and/or the Iran Sanctions Act, the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, the Iran Threat Reduction and Syria Human Rights Act of 2012, the National Defense Authorization Act for the Fiscal Year 2012, the National Defense Authorization Act for the Fiscal Year 2013, Executive Order Nos. 13628, 13622, 13608, or any other U.S. economic sanctions relating to Iran (collectively, the "Iran Sanctions"); and the Purchaser Group Companies do not have any present plans to knowingly engage in any activities or business that would subject it to sanctions under the Russian Sanctions or the Iran Sanctions.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Parent has filed with or furnished to the SEC all reports, schedules, forms, statements, prospectuses, registration statements and other documents, as such documents may be amended or supplemented, required to be filed with or furnished to the SEC by Parent since January 1, 2017 (collectively, together with any exhibits and schedules thereto and other information incorporated therein, the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Parent SEC Documents</font>").</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">As of its filing date (or, if amended, by a filing prior to the date hereof, on the date of such filing), each Parent SEC Document complied, and each Parent SEC Document filed subsequent to the date hereof and prior to the earlier of Completion and the termination of this Agreement will comply on its face, as to form in all material respects with the applicable requirements of the Securities Act and the Securities Exchange Act of 1934, as amended (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Exchange Act</font>"),<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>as the case may be, at the time of such filing. As of the date of this Agreement, there are no outstanding unresolved comments received from the staff of the SEC with respect to any of the Parent SEC Documents. To the knowledge of Parent, none of the Parent SEC Documents is the subject of ongoing SEC review, outstanding SEC comment or outstanding SEC investigation. No subsidiary of Parent is subject to the periodic reporting requirements of Section 13(a) and Section 15(d) of the Exchange Act.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">As of its filing date (or, if amended or superseded by a filing prior to the date hereof, on the date of such filing), each Parent SEC Document filed pursuant to the Exchange Act did not, and each Parent SEC Document filed subsequent to the date hereof and prior to the earlier of Completion and the date of the termination of this Agreement will not, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Each Parent SEC Document that is a registration statement, as amended or supplemented, if applicable, filed pursuant to the Securities Act, as of the date such registration statement or amendment became effective, did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 3.6pt">As of the Agreement Date, and &#8212; except as disclosed in writing to the Sellers prior to Completion, there is no material non-public information related to the Consideration Shares and the Parent.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">To the Parent's Knowledge, there are no facts or circumstances affecting the Consideration Shares or the Purchaser Group companies' operations which could reasonably be deemed to be material to the Sellers' decision to consummate the Transaction on the terms agreed which have not been disclosed to the Sellers (including in the Parent SEC Documents). Subject as aforesaid, and except for the Parent's Warranties, the Purchaser Group does not make any</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 3.6pt">express or implied warranty or representation in respect of the Consideration Shares, the Purchaser Group Companies or otherwise.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table id="z311f5b54339a46bdad863c3c2af95dd2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">13.3</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Breach against the Parent's Warranties shall constitute the only valid basis for any claims of whatever nature from the Seller Group against the Purchaser Group. As such, the Seller Group Purchaser may not make any claims against the Purchaser Group on the basis of the principles of defectiveness (NW: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">"Bakgrunnsrettens regler om mangler") </font>in the background law (including but not limited to the Norwegian Act of Sale of Goods (NW: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">"Kjopsloven"</font>)).</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 36pt; align: right">14</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SELLERS' WARRANTY CLAIMS</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">14.1</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Subject to this clause 14.2 &#8722; 14.10 and clause 13.2, the Parent shall compensate any loss which the Seller Group incurs due to a breach of any of Parent's Warranties.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table id="z2bb82eb5ef2d451db4b45344c698d5c1" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">14.2</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Parent shall not in any event be responsible for any indirect or consequential loss incurred by the Seller Group due to a breach of any of Parent's Warranties, provided however, the foregoing shall not prevent recovery for losses that are reasonably forseeable.</div>
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<table id="zdc7975b61d154065a52370083f8ad098" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">14.3</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Sellers' Representative must notify Parent of any breach of any of Parent's Warranties in writing without undue delay after any member of the Seller Group becomes or should have become aware of the circumstances underlying the breach.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">14.4</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Sellers may not make any claim for any breach of Parent's Warranties after the date that is six (6) months after Completion (or, if there are several Completions, the date of the final Completion).</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">14.5</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Parent's liability for breaches of any of Parent's Warranties shall be limited quantitatively as follows:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(a)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the Purchaser shall have no liability with respect to any individual loss not exceeding USD 75,000;</div>
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<table id="za38046832e89405cb4540c5933ca33ca" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(b)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the Purchaser shall have no liability unless the aggregate losses for which the Purchaser is otherwise liable exceed USD 250,000, but then for the full amount; and</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(c)</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the aggregate liability for the Purchaser towards the Sellers shall not exceed USD 65,000,000.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">14.6</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">This clause 14.5 shall not limit a Purchasers' or the Parent's liability for breaches of the warranties set out in clause 13.1.1 (Consideration Shares), or wilful misconduct or gross negligence on the part of the Purchaser Group.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">14.7</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Parent shall have no liability for a loss to the extent that:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">(a)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the loss occurs as a result of any legislation not in force at Completion, or which takes effect retrospectively, or occurs as a result of any increase in the tax rates in effect at the Agreement Date or any change in the practice of the tax authorities; or</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">any such loss could have been avoided or mitigated by reasonable efforts by the Sellers.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table id="z20024fadbf1347dda5436d97b536cdae" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">14.8</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">A Seller shall not be entitled to recover more than once in respect of the same circumstances giving rise to a claim.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
<table id="zf56e96f218be405d973d69bfd61f1222" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">14.9</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">When calculating the loss of a Seller following a breach of the Parent's Warranties, any savings by, or net benefit to, such Seller resulting from the circumstances underlying the warranty breach or the resulting loss shall be taken into account, including but not limited to any reduced current of future taxation on the Sellers resulting from such circumstances or loss.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">14.10</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Sellers' right to claim compensation under this clause 14 shall be the only remedy available to the Sellers in the event of a breach of the Parent'ss Warranties under this Agreement.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 36pt; align: right">15</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">POST COMPLETION OBLIGATIONS</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">15.1</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Parent shall take all actions required to deliver and issue the Consideration Shares to Songa.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">15.2</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Parent shall use commercially reasonable efforts to (i) obtain a secondary listing of the Consideration Shares on the Oslo Stock Exchange or Oslo Axess with a first day of listing no later than by the Long Stop Date; and (ii) maintain the listing on the Nasdaq Stock Market of the class of shares of Parent currently listed thereon for a period of 24 months following Completion.</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">15.3</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Songa will observe and comply with the requirement to file a Schedule 13D, or, if eligible, a Schedule 13G, report of beneficial ownership with the SEC. Upon request, the Parent will reasonably cooperate with Songa in connection therewith.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">15.4</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">For the avoidance of doubt, Songa (or relevant Affiliate) shall retain and have all rights to the trading name and company name "Songa" and the Purchaser Group shall refrain from using the Songa name in any combination of names, except that the Star Sub (which is and shall remain a sub-holding company which does not and shall not trade or otherwise seek visibility) shall be entitled to maintain its corporate name until 31 December 2018. The Vessels that bear the name "Songa" shall be renamed in conjunction with the change of technical managers.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; VERTICAL-ALIGN: top; WIDTH: 36pt; align: right">15.5</td>
<td style="VERTICAL-ALIGN: top; TEXT-ALIGN: justify; WIDTH: auto">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Upon written request, each of the Seller Group companies and the Purchaser Group companies (each a "Requesting Party") shall procure that such Party after Completion</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 3.6pt">grants the relevant Requesting Party reasonable access to information and other relevant information pertaining to the Vessels or the Sellers (or any of them), respectively, from the period before Completion to the extent this is required for the Requesting Party to comply with its statutory obligations. The relevant Requesting Party shall cover any actual costs and expenses reasonably incurred by the Party giving access and/or providing information in connection herewith.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The respective Parties waive any rights and claims which such Party may directly have against any board member or employee of any other relevant Party in respect of any misrepresentation, inaccuracy or omission in any information or advice given by them in connection with the Transaction (including, without limitation, with respect to the Seller Group, the Sellers' Provided Information).</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">This clause 15.6 shall not apply to any claims resulting from the gross negligence or wilful misconduct of Songa and/or any Seller, or any current or previous board member or employee of Songa or any Seller.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Songa shall provide Parent a reasonable opportunity to review all materials to be disseminated to Songa's shareholders in connection with the submission of the Transaction to the approval of the shareholders of Songa (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Proxy Materials</font>"),<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>and shall include in such Proxy Materials all disclosures reasonably requested by Parent.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Parent shall use commercially reasonable efforts to ensure that no filings, registrations or other approvals, save for corporate approvals of Songa, are required to effect a distribution of the Consideration Shares to shareholders of Songa within one year of the date of approval of the Transaction by the shareholders of Songa (a "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Consideration Shares Distribution</font>"),<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>and<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>to, upon any Consideration Shares Distribution, facilitate the ability of the shareholders of Songa to hold the Consideration Shares in the VPS, (provided that, in the alternative, the Consideration Shares following such Consideration Shares Distribution will be recorded in book-entry form on Parent's share register, bearing a restrictive legend in customary form as to restrictions on transfer under the Securities Act, as well as appropriate stop orders), and, upon a secondary listing of the Parent's common shares as set forth in clause 15.2(i) being obtained, to be eligible to trade the Consideration Shares on an unrestricted basis on the relevant exchange.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Any Consideration Shares Distribution shall be effected only in accordance with the following requirements (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Distribution Requirements</font>")<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>and the Proxy Materials shall contain disclosure of the Distribution Requirements subject to the approval of Parent (such approval not to be unreasonably withheld):</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Delivery of Consideration Shares or, in lieu thereof in accordance with clause 15.9(c), the Cash Alternative (as defined below) in the Consideration Shares Distribution to any shareholder of Songa shall be conditioned upon such shareholder making representations and warranties to Songa, in the form set forth in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Appendix 10</u></font> or such other form as reasonably required by the Parent, that such shareholder is (i) not a U.S.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Consideration Shares will be distributed in the Consideration Shares Distribution only to Regulation D Shareholders and Regulation S Shareholders; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Any shareholder of Songa who an I eligible Shareholder will receive in the Consideration Shares Distribution the cash equivalent (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Cash Alternative</font>")<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>of the Consideration Shares it would otherwise be entitled to receive in the Consideration Shares Distribution <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">(</font>"<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Ineligible Shares</font>"),<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>in lieu of such Ineligible Shares. The value of the Cash Alternative per Illegible Share shall be equal to (i) the closing price of the Parent's common shares on the trading day immediately preceding the last day the Songa shares are trading inclusive the right to receive Consideration Shares (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Approval Date</font>"),<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>or<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>(ii) such other value as otherwise agreed by Songa and the Parent which is fixed or readily ascertainable as of the Approval Date (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Cash Alternative Price</font>").</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Songa shall have the option to sell any such Ineligible Shares, upon receipt of the representations and warranties of each relevant shareholder as set forth in clause 15.9(a) certyfying that such shareholder is an Ineligible Shareholder, free and clear of any Encumbrances to the Parent at the Cash Alternative Price per share.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Upon the earlier of the date which is 180 days following Completion or the date on which the board of directors of Songa approves and effects any dissolution or winding up of Songa, (i) Songa shall transfer any Consideration Shares which, as of such date, have not been delivered in any Consideration Share Distribution to shareholders who, as of such date, have not made the represenatations and warranties set forth in clause 15.9(a) (the "<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Undelivered Consideration Shares</font>") to the Parent or a third party agent, at the Parent's election, for no consideration other than the obligation assumed by Parent pursuant to clause (ii) of this sentence, and (ii) the Parent or such agent shall irrevocably assume, without recourse to Songa, any obligation to deliver the Undelivered Consideration Shares (or any corresponding Cash Alternative) to the relevant Songa shareholders who have not made the representations and warranties set forth in clause 15.9(a), in accordance with the Distribution Requirements and the terms of this Agreement and with reasonable cooperation of Songa (unless wound up). For the avoidance of doubt, any assumption of such obligation shall not restrict or otherwise affect the Purchaser Group's rights to indemnification or any other remedies available to it under this Agreement in connection with the Seller Group's breach of this Agreement or an MOA.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">ANNOUNCEMENTS</font>;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"> CONFIDENTIALITY</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Parties agree to issue the joint press release as substantially on the form set out in <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>Appendix 11</u></font>, and hereby approve the delivery of a presentation, including substantially similar information regarding the subject matter of this Agreement as is included in the joint press release, to participants on one or more offshore press conferences or investtor conference calls held by the Parent or Songa, and the availability of such presentation on the respective Party's website. No other announcement in connection with the existence or subject matter of this Agreement shall be made or issued by or on behalf of a Party without prior written approval from the other Party, which approval shall not be unreasonably withheld, conditioned or delayed, except that this shall not hinder any announcement or filing which in the judgement of such Party upon the advice of its outside counsel is required by applicable law, public authority or the rules of any recognised stock exchange on which the securities of any Party or any of its Affiliates are listed (including the filing by the Parent of any Form 6-K with the SEC containing a description of the subject matter of this Agreement, containing or describing any press release issued pursuant hereto or including this Agreement and any other agreement or undertaking referenced herein as exhibits), in which case the Party making such announcement will, if practicable in the circumstances, use reasonable commercial efforts to allow the other Parties reasonable time to comment on such announcement in advance of its issuance.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Parties shall keep confidential, and shall cause their respective directors, officers, employees, agents and advisors to keep confidential, the Agreement and any written, oral or other information obtained in confidence from the other Party in connection with the Transaction.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Clause 16.2 shall not apply (i) to information which becomes publicly available through no fault of the Party having received the relevant information referred to in clause 16.2; (ii) to the extent that the disclosure or use of any such information or disclosure of the this Agreement, or any other agreements or undertakings referenced herein, is necessary or appropriate in making any filing or obtaining any consent or approval required for the consummation of the Transaction; or (iii) to the extent that the disclosure or use of any such information in the judgement of such Party upon the advice of its outside counsel is required by law, public authority or the rules of any recognised stock exchange on which the securities of any Party or any of its Affiliates are listed; or (iv) any announcement, filing or presentation approved or permitted pursuant to clause 16.1. Furthermore, clause 16.2 shall not apply where the disclosure is made to a third party in connection with a due diligence of the Party, and the third party in question has undertaken to keep the information confidential.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Any notice to be given under this Agreement shall be in writing and in the English language. Such notice shall be deemed duly given or made when delivered personally or by post or email the Party in question as follows:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name and title of recipient:<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>For the attention of:<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> E-mail:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Songa Bulk ASA</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>Arne Blystad<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> abl@blystad.no</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">In all events with a copy to:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>For the attention of:<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>Address:<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> E-mail:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Wikborg Rein Advokatfirma AS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>Dag Erik Rasmussen<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font>Dronning Maudsgt. 11,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font>Oslo<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> der@wr.no</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>If to the Purchaser</u></font>:</div>
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<div>&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name and title of recipient:<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> For the attention of:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">E-mail:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Star Bulk Carriers Corp.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Georgia Mastagaki/Sofia Damigou</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">legal@starbulk.com</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">In all events with a copy to:</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> For the attention of:</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">E-mail:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Advokatfirmaet BAHR AS</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Rolf Johan Ringdal</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">rjr@bahr.no</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">or at such address as the respective Party hereto may hereafter specify in writing to the other Party.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">GENERAL</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Songa and each Seller hereby irrevocably authorises the Sellers' Representative to, on behalf of such Party, to sign and execute any documents, perform any act or send or receive any notice, necessary in connection with completing the Agreement and each MoA, subscribing for Consideration Shares and any other acts necessary to give effect to this Agreement.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">This Agreement constitutes the entire agreement between the Parties relating to the Transaction and supersedes all previous agreements, whether oral or in writing, between the Parties relating to the Transaction.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The aggregate liability of the Seller for all and any claims from the Purchaser under this Agreement shall in any event be limited to the Purchase Price.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">This Agreement may only be changed or modified by an agreement in writing signed by the Parties.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">No Party shall be entitled in any circumstance to rescind or terminate this Agreement except prior to Completion as explicitly set out in clause 5.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">No Party may transfer its rights or obligations under this Agreement to any other party (whether by transfer, merger, amalgamation or otherwise) without the prior written consent of the other Party, except that</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Parent shall have the right to assign its right to take delivery of any Vessel to an entity controlled by it. The Parent and any such and assignee shall be joint and severally liable for all such Purchaser's obligations under this Agreement, but for the avoidance of doubt, any liability between the Purchasers shall be several and not joint,; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">each Seller shall have the right to assign, transfer by the way of dividend or in any other way transfer its right to receive the Consideration Shares in exchange for the Completion Receivables or Cash Amount to Songa Bulk.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 36pt">For the avoidance of doubt, unless expressly provided to the contrary herein, no person who is not a Party shall have any right to enforce or enjoy the benefit of any term of this Agreement</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Except as otherwise expressly provided in this Agreement, each Party to this Agreement shall bear the costs and expenses incurred by it in connection with the preparation, execution and performance of the Agreement and the Transaction, including all fees and expenses of agents, representatives, counsel and accountants.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Any invalidity, illegality or unenforceability of any provision of this Agreement in any jurisdiction, shall not affect the validity, legality or enforceability of the relevant provision in any other jurisdiction, or of any other provision of the Agreement in any jurisdiction.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">If a Party which is required to pay any sum (including interest) under this Agreement fails to pay such sum when due for payment, it shall pay interest on such sum for the period from and including the due date up to the date of actual payment in accordance with the Norwegian Act relating to Interest on Overdue Payment of 1976.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">GOVERNING LAW; LEGAL VENUE</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">All matters arising out of or relating to this Agreement shall be governed by Norwegian law.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Any dispute arising from or related to this Agreement shall be settled by the ordinary courts with Oslo District Court as the legal venue (Oslo tingrett).</div>
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<div style="MARGIN-BOTTOM: 36pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">This Agreement has been signed by the Parties (or their duly authorised representatives) on the date stated at the beginning of this Agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">For SONGA BULK ASA</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">For STAR BULK CARRIERS CORP.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Herman Billona</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Simos Spyrou</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name: Herman Billona<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name: Simos Spyrou<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">For</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Claudine AS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">STAR NOR I LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Opus AS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">STAR NOR II LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Mountain AS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">STAR NOR III LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Hirose AS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">STAR NOR IV LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Grain AS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">STAR NOR V LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Maru AS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">STAR NOR VI LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Haddock AS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">STAR NOR VII LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Moon AS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Devi AS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Delmar AS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Sky AS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Georgio Mastapes</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Genesis AS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name: Georgio Mastapes</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Flama AS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Position: President / Secretary</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa Glory AS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Songa RES 5 AS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">For</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">STAR NOR VIII LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">STAR NOR IX LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">STAR NOR X LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Herman Billona</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">STAR NOR XI LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name: Herman Billona</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">STAR NOR XII LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Position: Attorney in Fact / Director</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">STAR NOR XIII LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">STAR NOR XIV LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">STAR NOR XV LLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Sofia Damicone</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Name: Sofia Damicone</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Position: President / Secretary</div>
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