Sale of suezmax tanker Knock Sheen

Knock Sheen Pte., a subsidiary of First Olsen Ltd. which is owned 50/50 by Bonheur ASA and Ganger Rolf ASA, has entered into an agreement for the sale of the suezmax tanker “Knock Sheen” (built 1998, 160,000 dwt).

Delivery of the vessel to the buyer is expected in July 2012. The sale will produce a book loss estimated at approximately USD 4 million.