Knightsbridge Tankers Limited Announces Preliminary Results of Shareholder Vote to Continue the Company in Business

30.09.2003

Hamilton, Bermuda, September 26, 2003.  Knightsbridge Tankers Limited (the “Company”) today announced that based on preliminary results from its special shareholders meeting this morning, the Company’s shareholders have voted by an overwhelming majority to continue the Company in business.  The alternative had been to sell the Company’s five very large crude carriers (VLCCs) on the scheduled expiration of their charters with Shell International Petroleum Company Limited in the first quarter of 2004.  Following consideration of the first proposal, the meeting has been adjourned to a time, date and place to be announced by press release pending receipt of the official vote on proposal 1.
 
Assuming the official vote confirms the decision to continue the Company in business, the reconvened meeting will consider the proposal to amend the Company’s bye-laws to remove the current restrictions on the Company’s business activities.
 
Shareholders may continue to submit proxies on the proposal to amend the bye-laws up to the time the meeting is reconvened.  The Board of Directors reiterated its recommendation in favor of the proposal and urged the shareholders who have not yet submitted proxies to do so.  The affirmative vote of holders of two-thirds of the Company’s outstanding shares is required to approve the bye-law amendments.
 
Shareholders may contact Mellon Investor Services directly at 1 (877) 688-7273 with any questions with respect to voting.
 
The Company’s common shares trade on the Nasdaq National Market under the symbol “VLCCF”.

Press release (PDF)