A single-shaft dual expansion internal combustion engine includes an engine block, a cylinder head and a crankshaft. First and second power pistons are moveable in first and second power cylinders and are connected to first and second crankpins of the crankshaft. An expander piston is moveable in an expander cylinder and is connected via a multi-link connecting rod assembly to a third crankpin of the crankshaft. A first balance shaft is arranged in a first longitudinal opening in the engine block, and a second balance shaft is arranged in a second longitudinal opening in the engine block. The first and second balance shafts have first and second counterweight portions, respectively, and the crankshaft has a third counterweight portion causing an imbalance in the crankshaft.