SEPTEMBER 27, 2013 — Norway's Torvald Klaveness says its board has decided to seek a listing of the group's owned dry bulk fleet under the name Klaveness Bulk ASA.

Klaveness recently ordered two 82,000 dwt "Kamsarmax" dry bulk vessels at Jiangsu New Yangzi Shipbuilding Co. Ltd in China. Following a planned private placement of new shares in Klaveness Bulk, the company intends to exercise existing options and place new orders and grow the fleet to around 12 Kamsarmax vessels prior to seeking a listing on Oslo Stock Exchange. The vessels will start to be delivered in the second half of 2015, and will be of state of the art design with a high eco-efficiency.

Klaveness Bulk has decided to invest in Kamsarmax dry bulk vessels due to their flexible trading characteristics, competitiveness relative to other segments and ability to benefit from the expertise and the superior performance of the Klaveness Baumarine spot pool in which the vessels are intended to trade.

Torvald Klaveness' CEO Lasse Kristoffersen will be the Chairman of Klaveness Bulk, and the company's management will consist of current Klaveness employees.

Arctic Securities and DNB Markets have been appointed Joint Lead Managers in the planned private placement and subsequent listing.