Strong results from operations - 2Q 2010

Operating result before depreciation (EBITDA) for Q2

2010 is MNOK 137,6 compared to MNOK 128,7 for the same

period last year. Operating income is MNOK 271,8

compared to MNOK 275,4 for the same period last year.

Operating result before depreciation (EBITDA) for the

first half year is MNOK 268,6 compared to MNOK 412,8

(included a gain on sale of vessel of MNOK 134,9)for

the same period last year. The freight earnings in the

first half year is MNOK 540,3 compared to MNOK 568,7

for the same period last year.

"The strong operating result before depreciation shows

that our commitment to long term contracts brings good

results even in a volatile market",

says Jan Fredrik Meling (CEO).

Profit before tax for 2Q is MNOK -202,1 compared to

MNOK 202,8 for the same period last year. For the

first half year profit before tax is MNOK -249,2

compared to MNOK 585,4 in 2009.

The result for the first half year is influenced by

unrealized foreign exchange loss as a consequence of

strengthened USD against NOK.

Attached is the 2nd quarter 2010 report and

presentation on www.newsweb.no

Contact: CEO Jan Fredrik Meling, Phone: 91 67 51 19

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