FreeSeas Inc. Announces Exercise and Closing of Over-Allotment Option

November 7, 2007

FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ), a provider of seaborne transportation for drybulk cargoes, announced that the underwriters of its recent public offering of 11,000,000 shares of common stock have fully exercised their over-allotment option to purchase an additional 1,650,000 shares of common stock at a price of $8.25 per share. The offering of the additional 1,650,000 shares of common stock recently closed. This additional purchase increased the aggregate number of shares sold in the offering to 12,650,000, resulting in total net proceeds from the stock offering after deducting underwriting discounts and commissions, but before expenses, of approximately $97m. Credit Suisse and Cantor Fitzgerald & Co. served as the joint book running managers, and Oppenheimer & Co. and DVB Capital Markets served as the co-managers.

FreeSeas Inc. Announces Exercise and Closing of Over-Allotment Option

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