Report from the Annual General Meeting May 22 2008

Report from the Annual General Meeting May  22 2008

Svithoid Tankers' Annual General Meeting took place on May 22 at Näringslivets
Hus , Storgatan 19 in Stockholm. Managing Director, Fredrik Nygren, reported on
the development of operations during 2007 and the beginning of 2008, and
informed about the development in the market.

The Annual General Meeting decided on the following matters:

• The adopting of the income statement and the balance sheet.

• Allocation of the company's income in accordance with the adopted balance
sheet.

• Discharge from liability for the members of the board and the Managing
Director.

• Determining the fees for the board of directors and auditors, according to the
proposal in the notice.

• Determining the number of members of the board.

• Re-election of the members of the board: Gunnar Nygren (chairman), Carl
Christian Krefting, Hans Christner, Hans Thomas Holbye and Kjell Stenberg.
Öivind Neiman resigned from the board.  

• Amendment of the articles of association as regards the removal of the
distribution limitation of A and B shares with the aim of making it possible to
re-register A shares to B shares. 
• Giving the board authority to decide on increasing share capital by issuing
new shares, convertibles and/or warrants with the right to subscription of
shares. The authorisation aims to give the board the possibility of providing
the company the required capital for its future expansion and/or possible
acquisitions, and also to face future commitments in ongoing or future
newbuilding projects.

• Guidelines for remuneration to personnel in leading positions according to
proposal in the notice.
Stockholm, May 22, 2008
Svithoid Tankers AB (publ)

For further information please contact:

Fredrik Nygren, Managing Director
Tel: +46 8 546 999 42
E-mail: fredrik.nygren@svithoidtankers.com

Sven Lundgren, Deputy Managing Director
Tel: +46 8 546 999 44
E-mail sven.lundgren@svithoidtankers.com