Reference is made to the stock exchange announcement made by SinOceanic Shipping ASA dated 2 July 2013 regarding the completion of the private placement resolved by the extraordinary general meeting of the company on 26 June 2013. Following the completion of the private placement, Sinindo Holdings Limited ("

Sinindo") became the owner of 96.92 % of the shares and votes of SinOceanic Shipping ASA.

On 3 July 2013, the board of directors of Sinindo resolved to carry out a compulsory acquisition of all the remaining shares in SinOceanic Shipping ASA not already owned by Sinindo (the "Minority Shares") in accordance with Section 4-25 of the Norwegian Public Limited Companies Act ("NPLCA").   

The compulsory acquisition is effective from and including 4 July 2013. As of 4 July 2013, the rights and ownership of the Minority Shares has been transferred to Sinindo, and accordingly Sinindo will from and including 4 July 2013 be the beneficial owner of 100 per cent of the SinOceanic Shipping ASA shares.

The offered redemption price for each Minority Share is NOK 5.25, which is equal to the subscription price in the private placement resolved by the extraordinary general meeting in SinOceanic Shipping ASA on 26 June 2013.

Sinindo has paid the total offer price into a separate account in DNB Bank ASA in accordance with the NPLCA section 4-25 (5).

Any objections to, or rejection of, the offered redemption price must be made at the latest 8 September 2013. Former shareholders of SinOceanic Shipping ASA who do not object to, or reject, the offered redemption price within this deadline will be deemed to have accepted the offered price. Settlement of the offer price to the minority shareholders will take place within 18 July 2013.

A letter regarding the compulsory acquisition will be sent on 4 July 2013 to all former shareholders whose addresses are known. In addition, the compulsory acquisition will be announced in the Brønnøysund Register Center's electronic bulletin for public announcements.

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

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