Primary insider notice

Braemar Shipping Services Plc (“Braemar”) has on 27 January 2021 sold 9,600,000 shares in AqualisBraemar LOC ASA (“AqualisBraemar LOC” or the “Company”), representing 10.37% of the Company’s outstanding shares, at a price of NOK 7.50 per share. The shares were sold through an accelerated bookbuilding process managed by SpareBank 1 Markets AS as sole bookrunner.

Braemar’s Non-Executive Chairman Ronald Series is represented on AqualisBraemar LOC’s Board of Directors.

Following the transaction, Braemar holds 9,640,621 shares in AqualisBraemar LOC, corresponding to 10.42% of the share capital, calculated on the basis of 92,547,583 shares outstanding in the Company.

Braemar also holds 6,523,977 performance-based warrants (the “Warrants”), as further described in the notice of and minutes from the Company’s extraordinary general meeting held on 14 December 2020. Assuming full vesting of the Warrants, Braemar will hold 16,164,598 shares and rights to shares corresponding to 17.47% of the current registered share capital of the Company.

This information is subject to disclosure requirements pursuant to sections 4-2 and 4-3 of the Norwegian Securities Trading Act.