Q4 2012 REPORT AND PRELIMINARY RESULT 2012

Revenues in Q4 2012 were USD 29.0 million (USD 27.8 million in Q4 2011) with an EBITDA of USD 10.0 million (USD 13.5 million). After depreciation of USD 7.1 million (USD 32.5 million whereof vessel impairment comprises USD 25 million) the operating profit (EBIT) was USD 2.9 million (loss USD 19.0 million).

The EBITDA for the year 2012 was USD 44.6 million (USD 43.7 million in 2011), with an EBIT of USD 16.2 million (loss USD 12.0 million).

The Q4 net financial expenses were USD 1.2 million (USD 2.2 million). Profit before tax in the quarter was USD 1.7 million (loss USD 21.2 million), with a net loss after tax of USD 1.1 million (USD 24.0 million).

The 2012 profit before tax was USD 10.8 million (loss USD 20.1 million) and the profit after tax was USD 1.9 million (loss USD 28.9 million).

The Board has resolved to propose for the AGM in May 2013 a dividend of NOK 0.50 per share.