Re Agreement

RNS Number:5791E
Bergesen d.y. ASA
1 June 2001

 
BERGESEN IS SELLING FOUR TANKERS

Bergesen has entered into a preliminary agreement with a consortium of partners
of Tankers International led by Frontline Ltd. to sell the tankers Berge Ariake
and Berge Sakura and the newbuilding contracts for an additional two tankers.
The four tankers were part of a series of eight tanker newbuildings that
Bergesen acquired from the Hitachi-yard in Japan in January 2000. The tankers
are of 296.000 dwt. The sold tankers and newbuilding contracts will be delivered
to the buyer in June/July 2001.

The agreement is subject to buyers' board approval, expected to be lifted
shortly.

Combined sales price for the two tankers is USD 164 million, and for the two
newbuilding contracts USD 157 million.

Bergesen will book a profit on the sale of about USD 42 million.

Berge Ariake and Berge Sakura were delivered to Bergesen in first quarter 2001;
ultimo January and ultimo March respectively. Bergesen will during its ownership
period for the two tankers have had a combined operating result of about USD 8
million.

Bergesens combined profit on the company's investment in the sold tankers and
newbuilding contracts will thus be about USD 50 million.

It is in accordance with the company's strategy for its tanker business to
actively buy and sell tonnage in order to obtain a return in excess of what is
obtained from operating activities. Thus/ the sale does not imply a change in
the company's tanker strategy.

Oslo, 01 June 2001 
BERGESEN D.Y. ASA

Contact person: Svein Erik Amundsen, Managing Director, 
Telephone: + 47 22 12 05 13

Other information about Bergesen is available at: www.bergesen.no

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