VLCCF – Announces Underwriters’ Exercise of Over-Allotment Option

Knightsbridge Tankers Limited Announces Underwriters’ Exercise of Over-Allotment Option

Hamilton, Bermuda, October 12, 2010

Knightsbridge Tankers Limited (the “Company” or “Knightsbridge”) (Nasdaq:VLCCF) today announced that in connection with its previously announced underwritten public offering of 4,250,000 common shares which closed on October 5, 2010, the underwriters have exercised in full the over-allotment option granted to them by the Company to purchase 637,500 common shares at the public offering price of $19.00 per share.  The closing of the exercise of the over-allotment option is expected to take place on October 14, 2010.

BofA Merrill Lynch is acting as the bookrunning manager and DnB NOR Markets and Nordea Markets are acting as co-managers for the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering is being made by means of a prospectus and related prospectus supplement. A prospectus supplement related to the offering has been filed with the Securities and Exchange Commission. Copies of the prospectus and prospectus supplement relating to the offering may be obtained from the offices of BofA Merrill Lynch at 4 World Financial Center, New York, New York 10080, Attention: Preliminary Prospectus Department or by email at dg.prospectus_requests@baml.com.

FORWARD LOOKING STATEMENTS

Matters discussed in this press release may constitute forward-looking statements.  The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business.  Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

Knightsbridge desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this document are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties.  Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charterhire rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC’s petroleum production levels and world wide oil consumption and storage, changes in Knightsbridge’s operating expenses, including bunker prices, drydocking and insurance costs, the market for Knightsbridge’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by Knightsbridge with the Securities and Exchange Commission.

The Board of Directors
Knightsbridge Tankers Limited
Hamilton, Bermuda
October 12, 2010

Questions should be directed to:

Contact:          
Ola Lorentzon: Chairman and Chief Executive Officer, Knightsbridge Tankers Limited, + 46 703 998886
Inger M. Klemp: Chief Financial Officer, Knightsbridge Tankers Limited, +47 23 11 40 76