OW Bunker announces fraud in Singapore subsidiary and additional, significant risk management loss

COMPANY ANNOUNCEMENT
5 November 2014
No. 25/2014



                          FRAUD IN SINGAPORE SUBSIDIARY
                  ADDITIONAL SIGNIFICANT RISK MANAGEMENT LOSS

The senior management of OW Bunker has today been informed about a fraud
committed by senior employees in the Singapore-based subsidiary Dynamic Oil
Trading (DOT). The case is under investigation. The extent of the fraud is not
yet clear, but preliminary findings suggest a potential loss of around USD 125
million.

Isolated from the above, a review of OW Bunker's risk management contracts has
revealed a significant risk management loss in addition to the loss of USD 24.5
million announced on October 23, 2014 (Company Announcement 23/2014). As of
today, the mark to market loss is around USD 150 million.

In order to reduce risk management exposure to an absolute minimum level, risk
management contracts are currently being unwound.

Head of Risk Management and EVP Jane Dahl Christensen has as a consequence of
the risk management loss been dismissed with immediate effect.

The above events affects OW Bunker's operations and credit facilities. OW Bunker
is currently in discussions with the syndicate banks. OW Bunker will inform the
market further as soon as possible.


For further information, please contact:
Niels Henrik Jensen, Chairman of the Board of Directors, tel.: +45 20 23 21 88
Jim Pedersen, CEO OW Bunker, tel. +45 98 12 72 77


This announcement contains forward-looking statements. Any forward-looking
statements involve known and unknown risks, uncertainties and other important
factors that could cause our actual results, performance, achievements or
industry results, to differ materially from any future results, performance or
achievements expressed or implied by such forward-looking statements. Should one
or more of these risks or uncertainties materialise, or should any underlying
assumptions prove to be incorrect, our actual financial condition, cash flows or
results of operations could differ materially from what is described herein as
anticipated, believed, estimated or expected.

In the event of any discrepancy between the Danish and the English version of
this announcement, the English version shall prevail.



About OW Bunker
OW Bunker is a leading global independent marine fuel (bunker) company founded
in Denmark in 1980 with operations in 29 countries, including the world's
busiest and most important ports. OW Bunker acts as a physical distributor as
well as reseller of marine fuel, and operates a global fleet of around 30 bunker
vessels. Read more on www.owbunker.com

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