The Audited Twelve Months Financial Results

Ref: COR:MS/EL70033e/ms

21 December 2007

Subject: The Audited Twelve Months Financial Results

To: The President of the Stock Exchange of Thailand

Thoresen Thai Agencies Public Company Limited ("TTA") recorded a consolidated net profit for the twelve-month period that ended on 30 September 2007 of Baht 4,968.52 million, including an exchange gain of Baht 723.36 million, as compared to a net profit of Baht 3,502.44 million,including an exchange gain of Baht 742.09 million, for the twelve-month period that ended on 30 September 2006.

The higher net profit was the result of higher freight rates and strong fleet utilisation in the Dry Bulk Shipping Group and higher day rates in the Offshore Services Group, which were offset by lower asset utilisation in the Offshore Services Group, higher vessel and administrative expenses, and a stronger Thai Baht currency. Dry bulk shipping supply and demand remain tightly balanced. TTA expects that dry bulk shipping demand will remain relatively strong in 2008.

At this time, TTA has fixed about 22.16% of our total available capacity for the current financial year on period time charters and has entered into contracts of affreightment, which cover an additional 2,780 vessel days.

TTA also expects strong contributions from the Offshore Services Group in 2008, as demand and pricing for offshore services remain high. Altogether, we believe that TTA is progressing towards another good year of profitability.

 

Yours faithfully,
Thoresen Thai Agencies Public Company Limited

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