03 APR 2016

Further to the announcement issued by The National Shipping Company of Saudi Arabia (Bahri) on Tadawul website dated 24/5/2015 regarding the contract signed with Hyundai Samho Heavy Industries to build five (5) VLCCs, with an option to build additional five (5) VLCCs,The National Shipping Company of Saudi Arabia (Bahri) announces that the company signed a Murabaha Facility Agreement (Islamic financing using Murabaha Structure) with Riyad Bank on Friday 1 April 2016 to finance the construction cost of five Very Large Crude Carriers (VLCC) mentioned above. The value of the Murabaha Facility is equivalent to Saudi Riyals 1,425,000,000 (One billion Four Hundred and Twenty-Five million) for a period of 10 years and 6 months including a maximum of 2 years grace period. The 5 vessels will be mortgaged to Riyad Bank as the essential collateral for the financing