Svithoid Tankers intends to file for company re-organization

Svithoid Tankers intends to file for company re-organization

Since Svithoid Tankers AB (publ) ("Svithoid Tankers") has not been able to
secure the company's financing, the board of directors of Svithoid Tankers
intends to file for company re-organization (Sw. företagsrekonstruktion).

As previously announced, Svithoid Tankers has been involved in negotiations with
several of Svithoid Tankers creditors, bond holders, convertible holders and
shareholders with the aim to find a long term solution in order to secure the
company's financing and the continued operations of the business. Since these
discussions have not been able to solve the company's immediate liquidity
shortage, the board of directors of Svithoid Tankers intends to file for company
re-organization. For this purpose, the company will have a meeting today with a
company re-organizer (Sw. företagsrekonstruktör) to assess the possibilities
herefore. The board of directors believes that there are opportunities for
reaching long term profitability and therefore it is in the company's and the
shareholders' interest to file for company re-organization.

Further, Svithoid Tankers announces that the member of the board of directors,
Hans Thomas Holbye, has upon his own request, resigned from the board.
Hereafter, the board of directors is composed of Gunnar Nygren (chairman),
Christian Krefting , Hans Christner and Kjell Stenberg.


For further information please contact:

Svithoid Tankers AB 
Gunnar Nygren, Chairman of the Board
Tel: +46 546 999 30
E-mail: gunnar.nygren@svithoidtankers.com 


Svithoid Tankers may be required to disclose the information provided herein
pursuant to the Swedish Securities Markets Act and/or the Swedish Financial
Instruments Trading Act. The information was provided for public release on
Friday October 13, 2008 at 08.45 a.m. Swedish time.