SALE OF TANKER VESSELS

Two subsidiaries of First Olsen Ltd., which in
turn is owned 50/50 by Bonheur ASA and Ganger Rolf
ASA, have entered into an agreement for the sale
of two suezmax newbuildings currently under
construction with Bohai Shipbuilding in China

For full information see: www.newsweb.noTwo subsidiaries of First Olsen Ltd., which in
turn is owned 50/50 by Bonheur ASA and Ganger Rolf
ASA, have entered into an agreement for the sale
of two suezmax newbuildings currently under
construction with Bohai Shipbuilding in China. The
vessels are expected to be delivered from the
shipyard in 4 Q 2009 and 1Q 2010, respectively and
will simultaneously be taken over by the buyer.
The vessels were contracted in September 2006 with
a contract price per vessel of USD 73.7 mill. The
buyer is Nordic American Tanker Shipping Ltd. and
the sales price is USD 90 mill per vessel.

Estimated net total book sales gain for both
vessels will be approximately USD 16.5 mill. after
accumulated interest cost in the construction
period and supervision expenses.

For further information please contact Per-Oscar
Lund, Managing Director of First Olsen Ltd. phone:
+47 2234 1181/ +47 9078 0254