Oceanlink Ltd.

First Olsen Ltd., which is owned 50/50 by Bonheur ASA and Ganger Rolf ASA, has decided to guarantee a contemplated share capital increase in Oceanlink Ltd. in the amount of USD 30 mill. First Olsen Ltd. today owns about 57.7 of the outstanding shares in Oceanlink Ltd. The purpose of the capital increase is to strengthen Oceanlink’s financial position considering i.a. the difficult market conditions for the company’s shipping activities. The capital increase is planned as a private placement of shares towards First Olsen Ltd. with a subsequent secondary offering to all other shareholders based on their present shareholdings. The subscription price is planed set at USD 0.30 per share. Simultaneously with the secondary offering it is envisaged that First Olsen Ltd. will extend an offer to all other shareholders in Oceanlink Ltd. to buy their shares at a price of USD 0.45 per share as alternative to subscribe in the secondary offering. Oceanlink Ltd. currently operates a fleet of 15 reefer vessels of which 10 ships are on long term bareboat charter to Korean operators. Further the company operates 4 anchor handling vessels built in1983/84 and one container vessel of 1100 teu, built in 1985. In 2008 Oceanlink Ltd. had a net result before tax of USD 2.8 millions including sales gain of USD 16.9 millions. For further information please contact Per-Oscar Lund, Managing Director of First Olsen Ltd. phone: +47 22341181/ +47 90780254