SALE OF KNOCK STOCKS

Stocks Pte Ltd. a wholly owned subsidiary of
First Olsen Ltd. which is owned on a 50/50 basis
by Bonheur ASA and Ganger Rolf ASA, has entered
an agreement for the sale of the 1993 built
single hull suezmax tanker M/T Knock Stocks. The
sales price is USD 32.75 mill and delivery will
take place between 15 March and 15 May 2007.

Further information on www.newsweb.noStocks Pte Ltd. a wholly owned subsidiary of
First Olsen Ltd. which is owned on a 50/50 basis
by Bonheur ASA and Ganger Rolf ASA, has entered
an agreement for the sale of the 1993 built
single hull suezmax tanker M/T Knock Stocks. The
sales price is USD 32.75 mill and delivery will
take place between 15 March and 15 May 2007.

The agreement is subject board approval by both
seller and buyer to be lifted within 19 January
2007.

A resulting sale will give an accounting gain of
about USD 19.6 mill.

For further information please contact Per-Oscar
Lund, Managing Director,
phone: +47 22341181 / +47 9078 0254