Ganger Rolf Orders Newbuildings

First Olsen Ltd., which is owned 50/50 by Bonheur ASA and Ganger Rolf ASA, is advising of a Letter of Intent for newbuilding contracts for two suezmax tankers to be built at Bohai Shipbuilding Heavy industries C. Ltd. in China. If concluded, delivery will be due in December 2009 and April 2010, respectively and the price is agreed at $73.7m per vessel.