Continued strong performance - 3Q 2010

Operating result before depreciation (EBITDA) for Q3

2010 is MNOK 113,3 compared to MNOK 125,6 for the same

period last year. Operating income is MNOK 254,7

compared to MNOK 263,6 for the same period last year.

" We have in this period carried out planned

conversion of three ships due to new long-term

contracts. Taking these three temporary downtimes into

account, the result is very satisfactory ",says Jan

Fredrik Meling (CEO).

Operating result before depreciation (EBITDA) for the

Per 30th September 2010 is MNOK 381,9 compared to MNOK

538,4 (last year included a gain on sale of vessel of

MNOK 134,9)for the same period last year. The freight

earnings in the first 9 months is MNOK 796,0 compared

to MNOK 833,6 for the same period last year.

Profit before tax for 3Q is MNOK 219,5 compared to

MNOK 345,1 for the same period last year. For the

first nine months profit before tax is MNOK -29,7

compared to MNOK 930,5 in 2009.

Attached is the 3rd quarter 2010 report and

presentation on www.newsweb.no

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

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