13 August 2004

Subject:   Third Quarter Financial Result/ Appointment of Director/

  Closing Date of Warrants Registered Book/

  Investment in a Subsidiary

To       :    The President of the Stock Exchange of Thailand

At the board of directors meeting on 13 August 2004, the board of directors approved the followings:

1.            The third quarter financial results ended on 30 June 2004.

2.            Appointment of Mr. Pichai Chirungsappasuk as a director to fill the position vacated by

           Dr. Teera Ashakul. The appointment is effective since 13 August 2004.

3.            Fixing the date of closing TTA-W2 register book from 31 August 2004 at 12.00 noon

           to 29 September 2004 for the last exercise of the warrants. Details of the last exercise of

           TTA-W2 are shown in the ELCID No. COR:MS/EL04031/st dated 13 August 2004.

4.            Investment in newly issued shares of  Chidlom Marine Services & Supplies Ltd., a subsidiary

           of Thoresen Thai Agencies Plc., at the total amount of approximately baht 15 million to maintain

           its stake in such company.

Details of the board of directors' resolutions are as per attached.

Yours faithfully,

                                    ผผผผผผผผผผผผผ           ผผผผผผผผ

                                      (M.R. Chandram S. Chandratat)      (Mr. Arne Teigen)

                                                         Chairman                         Managing Director

Detail of the Board of Directors' Resolutions

Investment in the Chidlom Marine Services & Supplies Ltd.

Date of Transaction                        :           around mid of August 2004

Name of the Company to Invest   :           Chidlom Marine Services & Supplies Ltd.,

                                                                       a subsidiary company in which 99.9% of the shares held

                                                                       by Thoresen  Thai Agencies Plc.   

Type of  Business                           :           marine supplies

Present Share Capital                      :           baht 5 million, divided into 50,000 shares at

                                                                        par value baht 100 per share

New Share Capital                           :           baht 20 million, an increase of baht 15 million                                             

Value of Investment by

Thoresen Thai Agencies Plc         :           approximately baht 15 million or 100% of the

                                                                        increase

Rationale                                           :           for future business expansion of CMSS

Source of Fund                                :           from the working capital of the Company

After share capital increase in Chidlom Marine Services & Supplies Ltd., Thoresen Thai Agencies Plc.

maintains its stake of 99.9%

Yours faithfully,

                                    ผผผผผผผผผผผผผ         ผผผผผผผ..

                                     (M.R. Chandram S. Chandratat)    (Mr. Arne Teigen)

                                                         Chairman                      Managing Director