Letter of intent - joint venture

Green Reefers ASA (Green) and Silver Sea AS (Silver)
have entered into a letter of intent for the
establishment of a joint venture company, operating a
fleet of 14 smaller sized reefer vessels, primarily
serving Northern European customers.

The parties believes that a combined operation will
provide a better service for the customers, and at
the same time create large synergies in form of a
more efficient operation, saved bunkers expenses,
port calls etc.

The transaction will be notified to the competition
authorities. The parties intend to start the
operation 1st July.

Contact:Toril Eidesvik (CEO), mob 90078218
Harald S. Thorstensen (Dep. CEO), mob 91116295