UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
AMENDMENT NO. 1
Overseas Shipholding Group, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
690368105
---------
(CUSIP Number)
Frontline Ltd.
Par-La-Ville Place, 4th Floor
14 Par-La-Ville Road
Hamilton HM 08
Bermuda
(441)295-6935
With a copy to:
Gary J. Wolfe, Esq.
Seward & Kissel LLP
One Battery Park Plaza
New York, New York 10004
(212) 574-1200
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 30, 2008
--------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the
following box [ ].
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP NO. 690368105 SCHEDULE 13D
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1. NAME OF REPORTING PERSON Frontline Ltd.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Bermuda
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7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 1,550,000
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
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10. SHARED DISPOSITIVE POWER 1,550,000
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,550,000
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.0%
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14. TYPE OF REPORTING PERSON CO
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CUSIP NO. 690368105 SCHEDULE 13D
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1. NAME OF REPORTING PERSON Hemen Holding Limited
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Cyprus
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7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 1,550,000
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 1,550,000
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,550,000
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.0%
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14. TYPE OF REPORTING PERSON CO
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CUSIP NO. 690368105 SCHEDULE 13D
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1. NAME OF REPORTING PERSON Bandama Investment Ltd.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Republic of Liberia
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7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 183,400
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 183,400
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 183,400
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.6%
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14. TYPE OF REPORTING PERSON CO
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CUSIP NO. 690368105 SCHEDULE 13D
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1. NAME OF REPORTING PERSON Geveran Holdings S.A.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Republic of Liberia
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7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 1,444,900
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 1,444,900
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,444,900
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.7%
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14. TYPE OF REPORTING PERSON CO
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CUSIP NO. 690368105 SCHEDULE 13D
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1. NAME OF REPORTING PERSON Monteray Enterprises Ltd
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Cyprus
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7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 1,444,900
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 1,444,900
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,444,900
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.7%
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14. TYPE OF REPORTING PERSON CO
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CUSIP NO. 690368105 SCHEDULE 13D
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1. NAME OF REPORTING PERSON John Fredriksen
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* OO
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Cyprus
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7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 2,994,900
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,994,900
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,994,900
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.7%
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14. TYPE OF REPORTING PERSON IN
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CUSIP NO. 690368105 SCHEDULE 13D
The purpose of this Amendment No. 1 to the Schedule 13D is to report the deemed
acquisition by certain of the filing parties of the 1,366,600 common shares of
the Issuer covered by the agreement referred to in Item 6 of this Amendment No.
1. Under that agreement, which was also described in the Schedule 13D, 1,366,600
common shares of the Issuer will be delivered to Frontline Ltd. on May 29, 2008.
Item 1. Security and Issuer
----------------------------
NO MATERIAL CHANGE FROM THE SCHEDULE 13D FILED ON MARCH 20, 2008.
Item 2. Identity and Background
--------------------------------
NO MATERIAL CHANGE FROM THE SCHEDULE 13D FILED ON MARCH 20, 2008.
Item 3. Source and Amount of Funds or Other Consideration
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As described in Item 6, below, Frontline entered in an agreement with a
financial institution whereby Frontline agreed to purchase 1,366,600 shares from
the Seller on May 29, 2008 for a purchase price of $92,177,170. This amount will
be paid on the settlement date.
The source of funds for the purchases of 183,400 shares of Common Stock held in
the account of Bandama was $14,637,154, representing the working capital of
Bandama.
The source of funds for the purchases of 1,444,900 shares of Common Stock held
in the account of Monteray was $93,147,150.76, representing the working capital
of Monteray.
None of the other persons named in response to Item 2 hold any shares of Common
Stock in their accounts.
Item 4. Purpose of Transaction
-------------------------------
NO MATERIAL CHANGE FROM THE SCHEDULE 13D FILED ON MARCH 20, 2008.
Item 5. Interest in Securities of the Issuer
---------------------------------------------
(a), (b) According to information provided by the Issuer, there were 30,789,694
shares of Common Stock issued and outstanding as of March 17, 2008. Based on
such information, the Reporting Persons report beneficial ownership of the
following shares of Common Stock:
Frontline may be deemed to beneficially own 1,550,000 shares of Common Stock,
representing approximately 5.0% of the outstanding shares of Common Stock of the
Issuer. Frontline has the sole power to vote 0 shares of Common Stock and the
shared power to vote 1,550,000 shares of Common Stock. Frontline has the sole
power to dispose of 0 shares of Common Stock and the shared power to dispose of
1,550,000 shares of Common Stock.
Bandama may be deemed to beneficially own 183,400 shares of Common Stock,
representing approximately 0.6% of the outstanding shares of Common Stock of the
Issuer. Bandama has the sole power to vote 0 shares of Common Stock and the
shared power to vote 183,400 shares of Common Stock. Bandama has the sole power
to dispose of 0 shares of Common Stock and the shared power to dispose of
183,400 shares of Common Stock.
Hemen may be deemed to beneficially own 1,550,000 shares of Common Stock,
representing approximately 5.0% of the outstanding shares of Common Stock of the
Issuer. Hemen has the sole power to vote 0 shares of Common Stock and the shared
power to vote 1,550,000 shares of Common Stock. Hemen has the sole power to
dispose of 0 shares of Common Stock and the shared power to dispose of 1,550,000
shares of Common Stock.
Monteray may be deemed to beneficially own 1,444,900 shares of Common Stock,
representing approximately 4.7% of the outstanding shares of Common Stock of the
Issuer. Monterey has the sole power to vote 0 shares of Common Stock and the
shared power to vote 1,444,900 shares of Common Stock. Monteray has the sole
power to dispose of 0 shares of Common Stock and the shared power to dispose of
1,444,900 shares of Common Stock.
Geveran may be deemed to beneficially own 1,444,900 shares of Common Stock,
representing approximately 4.7% of the outstanding shares of Common Stock of the
Issuer. Geveran has the sole power to vote 0 shares of Common Stock and the
shared power to vote 1,444,900 shares of Common Stock. Geveran has the sole
power to dispose of 0 shares of Common Stock and the shared power to dispose of
1,444,900 shares of Common Stock.
Mr. Fredriksen may be deemed to beneficially own 2,994,900 shares of Common
Stock, representing approximately 9.7% of the outstanding shares of Common Stock
of the Issuer. Mr. Fredriksen has the sole power to vote 0 shares of Common
Stock and the shared power to vote 2,994,900 shares of Common Stock. Mr.
Fredriksen has the sole power to dispose of 0 shares of Common Stock and the
shared power to dispose of 2,994,900 shares of Common Stock.
None of the other persons named in response to Item 2 have the sole power to
vote or to direct the vote, the shared power to vote or direct the vote, the
sole power to dispose or to direct the disposition of the shares of Common Stock
that are the subject of this Statement.
(c) There have not been any transactions in the shares of Common Stock by the
Reporting Persons since March 20, 2008, the date of the previously filed 13D. In
addition, to the best of the Reporting Persons' knowledge, none of the other
persons named in response to Item 2, were involved in any transactions in shares
of Common Stock since March 20, 2008, the date of the previously filed.
(d) No other person is known to have the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of, any of the
Issuer's Common Stock beneficially owned by the Reporting Persons.
(e) Not applicable.
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Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
On March 3, 2008, Frontline entered in an agreement (the "Forward Contract")
with DnB NOR Bank ASA (the "Seller") whereby Frontline agreed to purchase
1,366,600 shares from the Seller on May 29, 2008, for a purchase price of
$92,177,170. In the event a dividend is paid by the Issuer prior to May 29,
2008, such dividend shall accrue to Frontline.
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Item 7. Material to be Filed as Exhibits
-----------------------------------------
Exhibit A -- Joint Filing Undertaking.
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: March 31, 2008
FRONTLINE LTD.
By: /s/ Bjorn Sjaastad
------------------------
Name: Bjorn Sjastad
Title: Principal Executive Officer
BANDAMA INVESTMENT LTD.
By: /s/ Inger M. Klemp
------------------------
Name: Inger M. Klemp
Title:President and Director
HEMEN HOLDING LIMITED
By: /s/ Eva Agathangelou
------------------------
Name: Eva Agathangelou
Title:Director
MONTEREY ENTERPRISES LTD.
By: /s/ Marios Saveriades
------------------------
Name: Marios Saveriades
Title:Director
GEVERAN HOLDINGS S.A.
By: /s/ Marios Saveriades
------------------------
Name: Marios Saveriades
Title:President and Director
JOHN FREDRIKSEN
/s/ John Fredriksen
-------------------
John Fredriksen
Exhibit A
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby executes this agreement
as an exhibit to this Schedule 13D with respect to the shares of Common Stock of
Overseas Shipholding Group, Inc. to evidence the agreement of the below-named
parties, in accordance with the rules promulgated pursuant to the Securities
Exchange Act of 1934, as amended, to file this Schedule 13D jointly on behalf of
each such party.
Dated: March 31, 2008
FRONTLINE LTD.
By: /s/ Bjorn Sjaastad
------------------------
Name: Bjorn Sjastad
Title: Principal Executive Officer
BANDAMA INVESTMENT LTD.
By: /s/ Inger M. Klemp
------------------------
Name: Inger M. Klemp
Title:President and Director
HEMEN HOLDING LIMITED
By: /s/ Eva Agathangelou
------------------------
Name: Eva Agathangelou
Title:Director
MONTEREY ENTERPRISES LTD.
By: /s/ Marios Saveriades
------------------------
Name: Marios Saveriades
Title:Director
GEVERAN HOLDINGS S.A.
By: /s/ Marios Saveriades
------------------------
Name: Marios Saveriades
Title:President and Director
JOHN FREDRIKSEN
/s/ John Fredriksen
-------------------
John Fredriksen