Organizational Changes

In an effort to strengthen the management team, the current CFO, Tom E. Jebsen,
will move on to the position as Senior Vice President.

As his replacement Geir Magne Karlsen has been appointed CFO. He currently
serves as CFO of Golden Ocean Management AS, where he has been employed since
2006. Before that he worked for Frontline Ltd. from 2000.

Mr Karlsen will join the Company from 2 August 2010. Mr Karlsen is a Norwegian
citizen, and currently resides in Oslo, Norway. He is 45 years of age, married
with two children.

Limassol, 2010, 3 May 2010.

This information is subject of the disclosure requirements according to §5-12
vphl (Norwegian Securities Trading Act).


[HUG#1410966]