Contemplated equity raise for Klaveness Combination Carriers AS

Contemplated equity raise for Klaveness Combination Carriers AS

Klaveness Combination Carriers AS ("KCC" or the "Company"), a company currently owned 77% by Klaveness Ship Holding AS ("KSH"), has retained Clarksons Platou Securities AS as sole manager (the "Sole Manager") to advise on and complete a contemplated private placement of shares with total gross proceeds of approximately USD 45-70 million (the "Private Placement"), subject to favourable market conditions. KCC holds several, attractively priced options for combination carriers at Jiangsu New Yangzi Shipbuilding Co., Ltd (YZJ) in China. KCC intends to use the proceeds from the contemplated private placement to declare one or more options for the construction of further vessels with scheduled deliveries between 3Q 2020 and 1Q 2021. Following a successful transaction, KSH will own above 50% of the share in KCC and remains to be the controlling owner.

The application period for the Private Placement is expected to end at 16:30 CET on 21 September 2018, however it may be closed earlier at the Company's discretion. The Company also reserves the right to withdraw the Private Placement subject to certain conditions.

For more information please contact:
Lasse Kristoffersen, CEO Torvald Klaveness, Chairman Klaveness Combination Carriers +47 22526238