SinOceanic Shipping ASA (the "Company") and its subsidiaries SinOceanic I, II and III AS (the "Subsidiaries") have long been working to increase their equity. Further to these efforts, the Companyand the Subsidiaries have recently entered into negotiations with Sinindo Holdings Limited (the owner of 81.97% of the shares of the Company, hereinafter "Sinindo"), Oceanus International Investment AS ("Oceanus") and a major Chinese bank for the complete refinancing of the Subsidiaries.

The details of the planned refinancing remain to be agreed. However, it is currently contemplated that Sinindo as part of the refinancing will acquire all of Oceanus' remaining claims, including interest, under the junior loans issued to each of the Subsidiaries (the "Junior Loan Claims"), and transfer them to the Company against consideration in shares, in whole or in part. The Company will thereafter convert parts of the Junior Loan Claims into equity in SinOceanic I, II and III AS, respectively. As per the date of this notice, the total nominal amount of the Junior Loan Claims is approximately USD 205million. The final terms and structure of such refinancing will be submitted to the general meeting of the Company for its approval in due course.

The Board is of the opinion that the Company will succeed in refinancing all of the Subsidiaries at or before maturity of the loans. The refinancing of SinOceanic I AS and the transfer of the Junior Loan Claims to the Company are expected to take place during Q2 or Q3 2013.