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ORDERING OF NEWBUILDINGS

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First Olsen Ltd., which is owned 50/50 by
Bonheur ASA and Ganger Rolf ASA, is advising of
a Letter of Intent for newbuilding contracts for
two suezmax tankers to be built at Bohai
Shipbuilding Heavy industries C. Ltd. in China.
If concluded, delivery will be due in December
2009 and April 2010, respectively and the price
is agreed at USD 73.7 mill. per vessel.

Clarification on outstanding items is expected
within the month of September.First Olsen Ltd., which is owned 50/50 by
Bonheur ASA and Ganger Rolf ASA, is advising of
a Letter of Intent for newbuilding contracts for
two suezmax tankers to be built at Bohai
Shipbuilding Heavy industries C. Ltd. in China.
If concluded, delivery will be due in December
2009 and April 2010, respectively and the price
is agreed at USD 73.7 mill. per vessel.

Clarification on outstanding items is expected
within the month of September.

For further information please contact Per-Oscar
Lund, ph. +47 2234 1181/9078 0254.