1st Quarter 2013

- Consolidated operating result in line with expectations.

- Consolidated EBITDA was USD 13.2 million in the 1st quarter 2013 compared to USD 5.0 million in the 1st quarter 2012.

- Net financial items amounted to USD -15.5 million of which USD 0.2 million related to negativechanges in the market value of an interest rate derivative entered into on the loan financing "MSC Vega".

- As of 31 March 2013 the consolidated cash position was USD 23.6 million, including restricted cash of USD 3 million. The consolidated equity has decreased to USD 2.5 million.

- The Company and its Subsidiaries have recently entered into negotiations with Sinindo Holdings Limited (owner of 81.97% of the shares of the Company), Oceanus International Investment AS and a major Chinese bank for the complete refinancing of the Company and the Subsidiaries.

- In January 2013, the subsidiaries SinOceanic I, II and III AS entered into agreements with Oceanus International Investments AS to subordinate USD 19-20 million of each subsidiary's debt to Oceanus, to all other obligations of the subsidiaries.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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