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Another Restructuring Milestone

FOR IMMEDIATE RELEASE

BERLIAN LAJU TANKER - ANOTHER RESTRUCTURING MILESTONE

The Company announced, on 12 March 2012, that various of its operating subsidiaries had obtained Orders from the Singapore High Court pursuant to s.210(10) of the Singapore Companies Act, granting protection to those subsidiaries against action from their creditors for a period of 3 months ("the Orders"). The purpose of the Orders was to allow the Company time to present a Scheme of Arrangement to its creditors to deal with the various liabilities of the Group. On 8 May 2012, the Orders were extended to 2 July 1012, with the approval of the major secured creditors of the Company. On 2 July 2012, the Orders were extended for a further period of 3 months, once again with the approval of the major secured creditors. The Indonesian bondholder creditors of the Company have also agreed not to take any action until 30 July 2012 to allow the Company to present its proposals to them. BLT delivered to the Court and its major secured lenders its preliminary restructuring plan and will now commence working with its creditors to finalise the plan as quickly as possible. It is the Company's expectation that the various creditor groups will be able to work with the Company and each other to bring the proposed plan to a form that will be equitable and acceptable to all. The Plan involves a careful restructuring - the immediate aim is a streamlined organization operating a younger fleet of fully stainless steel chemical tankers, as well as eight gas tankers and two oil tankers – all of which are employed on long term time charter. The first stage of

restructuring process that culminated in the Plan has been conducted over the past monthsand with a restructuring of the corporate, operational and financial affairs of the group with the support of the major lenders and creditors and most importantly BLT's loyal customer base. In Indonesia, one of the creditors of the Company, Bank Mandiri, has filed for a PKPU, which is in many ways similar to an application for a Scheme of Arrangement in Singapore. The Indonesian action requires the Company to present its restructuring plan to its creditors for them to consider and take a vote on, with the Company facing potential bankruptcy if it does not get the requisite majority of its creditors to accept the proposal. The company is aware of the seriousness of the situation and has already prepared its preliminary plan which it has presented to the Singapore Court. The Company expects to move forward with the Indonesian and Singapore processes, as far as possible, in tandem. It would have been the Company's preference for it to have filed for PKPU itself, so that the processes between Singapore and Indonesia could have been more easily streamlined. In addition, the Company is of the view that Bank Mandiri's PKPU application is wrong under Indonesian law and it is being challenged on that basis. Notwithstanding that challenge, as matters stand the PKPU filed by Bank Mandiri is moving forward and the Company is acting on that assumption. Notwithstanding this, whether the PKPU action is one initiated by the Company or another party, the Company intends to move forward with its restructuring plan and to work with its creditors to ensure that it is accepted and eventually sanctioned by the Courts in Indonesia and Singapore, a process which is well underway. The next phase of restructuring, after securing creditor approval, will be the full implementation of the Plan, many aspects of which are already well underway. The newly reorganized company will emerge with a strong focus on the interests of its stakeholders. This will be accomplished through the persistence and hard work which has been the very core of Berlian Laju Tankers since its founding over thirty years ago.

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