Nordic Shipholding A/S decides to exercise its option agreement with Nordic Tankers Shipowning A/S and Clipper Group A/S.
The option agreement referred to was dated 28, March 2012.
In connection with the divestment of the chemical tanker activities in Nordic Shipholding A/S as referred to in company announcement no. 1/2012 and no. 5/2012 a vendor note with a total principal of USD 20,000,000 was issued by Nordic Tankers Shipowning A/S in favour of the company. The option allows Nordic Shipholding A/S to assign the vendor note to Clipper Group A/S against the termination of the company's obligations towards Clipper Group A/S in an aggregate amount of USD 15,000,000.
Exercising the option will result in a loss of approximately USD 5 million for 2012. The loss will have no liquidity effect and Nordic Shipholding expects hereafter a result before tax of USD 20 - 25 million for 2012.