Announcement No. 1, 2014

Jan 15 2014

Sale of three shuttle tankers

J. Lauritzen (JL) has accepted an offer to sell its fleet of three shuttle tankers to Knutsen NYK Offshore Tankers, Norway (KNOT).

The deal is subject to buyers’ inspection of the three vessels and to current charterers’ approval of the transfer of ownership of the vessels.

It is the intention that the three vessels will be delivered to the new owner between 1 April 2014 and 15 May 2014.

“We are pleased that Knutsen NYK have found our activities in shuttle tankers attractive and provided us with an offer to which we have agreed. When exiting shuttle tank we will have concluded our strategic objectives of adjusting our business portfolio while providing further funds for developing our core bulk and gas activities”, says Jan Kastrup-Nielsen, President & CEO.

Outlook 2013
Due to the vessel sale, the shuttle tanker actives will be defined as “discontinued operations” and assets and liabilities re-classified as “held for sale” in JL’s 2013 accounts.

Subject to its completion, the sale will strengthen JL’s cash position by around USD 65m and only have insignificant effect on the result for 2013.

Outlook 2014
Our expectations to the result for 2014 will be included in the annual report for 2013, scheduled to be released on 25 February 2014.

Forward-looking statements
This message contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond the control of J. Lauritzen, may cause actual developments and actual results to differ materially from expectations contained in the message.

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