OCEANLINK LTD

OCEANLINK LTD

Oceanlink Ltd. - a subsidiary of First Olsen Ltd. which in turn is owned
on a 50/50 basis by Bonheur ASA and Ganger Rolf ASA - is facing severe
financial difficulties.
 Oceanlink's shipping fleet currently consists of 9 vessels - 4 Anchor
Handling Tug Supply vessels (AHTS vessels) and 5 reefer vessels. All of
the AHTS vessels and four of the reefer vessels are on financial
bareboat arrangements with Norwegian limited partnerships (DIS).
The current financial situation is mainly due to extraordinary
circumstances relative to offshore supply vessels. Two AHTS vessels were
previously agreed sold to Venezuelan interests for approximately USD 40
million; however, the buyer failed to complete these transactions.
Despite this, the buyer illegitimately detained one of these vessels in
Venezuela for more than two years. This vessel was only recently
released in a poor condition. Another AHTS vessel has faced continuing
technical problems resulting in several unexpected offhire periods and
yard stays in Brazil. In addition Oceanlink is suffering from high
bareboat hire obligations compared to the weak reefer and offshore
supply markets. This development has lead to Oceanlink seeking
discussions with affected financial parties with a view to identify a
possible basis for continued trading.