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NEWBUILDING CONTRACTS

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Reference is made to notice to the Stock
Exchange 11 September 2006 regarding First Olsen
Ltd. and 2 suezmax building contracts at Bohai
Shipyard in China. As mentioned in the said
notice final clarifications were expected within
the month of September. These have now been
completed and hence the contracts have been
signed.

For further information please contact Per-Oscar
Lund,
ph. + 47 22 34 11 81 / + 47 907 80 254

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