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SALE OF MV NORCLIFF

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First Olsen Shipping Invest AS, a wholly owned
subsidiary of First Olsen Ltd., which again is
owned by Ganger Rolf ASA and Bonheur ASA, has
today entered into an agreement with Birka Cargo
Ltd regarding the sale of the ro-ro vessel MV
Norcliff. For full information see
www.newsweb.noFirst Olsen Shipping Invest AS, a wholly owned
subsidiary of First Olsen Ltd., which again is
owned by Ganger Rolf ASA and Bonheur ASA, has
today entered into an agreement with Birka Cargo
Ltd regarding the sale of the ro-ro vessel MV
Norcliff at a price of EUR 9.750 million (USD
12.5 million). The estimated accounting gain in
the First Olsen group amounts to USD 6.5
million. Delivery of the vessel is expected to
take place at the end of 2006 or beginning of
2007.

For additional information, please contact Mr.
Per-Oscar Lund, Managing Director of First
Olsen, mob.+47 90 78 02 54