CANCELLATION

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Reference is made to previous notice to OSE of 30 July 2010.

Clune Pte. Ltd. (“Clune”), which is owned by First Olsen Ltd., which again is owned 50/50 by Bonheur ASA and Ganger Rolf ASA, is today advising that Nordic American Tanker Shipping Ltd. (”NAT”) has breached its obligation to take delivery of a newbuilding, a suezmax tanker built at Bohai Shipbuilding Heavy Industry, China, under a Memorandum of Agreement dated 2 November 2007.

Clune has therefore today cancelled the said Memorandum of Agreement and will hold NAT liable for any and all loss and expenses in accordance with law and contract.

For further information please contact Managing Director Per-Oscar Lund of First Olsen Ltd, tel. +47 9078 0254.

Oslo 5 August 2010