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PRESS RELEASE

For Immediate Release: 29 Jan 2002



MARINEPROVIDER TAKES EQUITY IN OCEANCONNECT


CEO Lewis: 'Proven savings, personal service the formula for success'

WHITE PLAINS, NY, January 29, 2002 - OceanConnect, the only marine fuel brokerage combining an online exchange with traditional fuel services, announced today that it has attracted another new equity partner: MarineProvider ASA, the e-procurement solution for the electronic trading of ship's stores and spare parts. The news comes shortly after announcements that Chemoil Corporation and DS Norden AS have acquired equity in OceanConnect, and OceanConnect's acquisition of the Clarksons Bunker Group.

"Proven savings combined with personal service is OceanConnect's formula for success. Having seen what OceanConnect can do for ship owners, our board of directors felt that owning equity would strengthen MarineProvider's investment portfolio," MarineProvider CEO Collin Lewis said.

Ola Lorentzon Managing Director of Frontline and Board member of MarineProvider ASA added, "At first, we were skeptical of OceanConnect's assertion that buyers get better prices through OceanConnect. We've tested the promise and found savings and other benefits that have made us a repeat customer."

"We have an aggressive strategy to add more products and services that create value for our customers. With the acquisition of the Clarksons Bunker Group, we now have a larger team to offer 24/7 service to our growing customer base. Savings, service and market intelligence are what buyers need. OceanConnect offers them all," OceanConnect President Thomas Reilly said.

MarineProvider equity partners including Frontline, Reederei "Nord" Klaus Oldendorff, OMI Corporation and Euronav have committed to purchase bunkers through OceanConnect.

About Marine Provider

MarineProvider offers a neutral and secure marine procurement solution for the electronic trading of marine products.

MarineProvider's technology facilitates seamless integrations into existing procurement software systems. MarineProvider's software adaptors are pre-installed in AMOS Version 5 and ShipNet Version 6.01, and its technology partners' adaptors are pre-installed in SAP, JDE, PeopleSoft andother major ERP systems. Users without an existing back-office system can use MarineProvider's off-line equivalent marine e-procurement solution, Polaris. The whole process is simple, effective and efficient, from the initial RFQ and contract purchase, to the final delivery - a total solution for maritime purchasing.

MarineProvider ASA, headquartered in Oslo, is a highly secure and neutral Internet-based e-procurement integration solution for the maritime industry. MarineProvider is listed on the Oslo OTC and has offices in the US, the United Kingdom, and Hong Kong. For more information, see www.marineprovider.com or e-mail to: marketing@marineprovider.com .


About OceanConnect

OceanConnect launched its online bunker auction platform in July 2000. The company's unique combination of traditional broker services with a transparent online marketplace allows buyers and suppliers to efficiently find the best available deal, with or without a computer. Fuel requirements have been fulfilled worldwide, with auctions in North and South America, Europe, Africa and the Middle East, the Far East, and Australia. Over $250 million in business has been closed to date. OceanConnect succeeds by creating value for the marine industry with:

Purchasing Services - Suppliers compete in live, transparent auctions to win a buyer's business. Buyers and suppliers see the real market while finding the best possible deal.

Traditional Broker Support - A worldwide team of fuel experts is available 24/7 to offer traditional broker service including market indications, advice on when and where to buy, and post-fixture support.

CreditSolutions - Access to credit insurance can ensure that suppliers receive payment in the unlikely event of buyer default or insolvency, at no additional charge.

Market Information - Daily bunker pricing from Clarksons, the latest news from Bunkerworld, weekly bunker market reports from Cockett Marine Oil Ltd, commentary from industry expert Michael J. Marco, forward price indications from Sempra Energy and average price charts from Petroleum Argus are available online.

Bunker Intelligence - Customers can receive personalized analyses of fuel spending and market conditions that highlight opportunities for saving money.

E-procurement site MarineProvider AS routes bunker enquiries to OceanConnect as part of their total solution for maritime purchasing.

OceanConnect is the global online marketplace for the marine industry offering marine fuels, products and services to all buyers and sellers. Investors include Argos Group NL; Booz Allen Hamilton; BP International; Chemoil Corporation; ChevronTexaco Fuel and Marine Marketing; Clarksons; DS Norden AS; Eletson Ventures Inc.; Keystone Shipping Company; Lazard Brothers & Co. Ltd; MarineProvider AS; Marubeni International Petroleum (Singapore) Pte Ltd.; Nippon Mitsubishi Oil Corp (NMOC); P&O Nedlloyd; Shell; Stena Bulk AB. Except for historical information, the matters discussed in this news release contain forward-looking statements. For more information about OceanConnect contact Annette Manna at (914) 253-7991.


  CONTACT

Annette Manna,
OceanConnect

Bob Welsh,
OceanConnect

Telephone

1 914-253-7991

1 914-253-7883

E-mail

amanna@oceanconnect.com

rwelsh@OceanConnect.com

Web

www.OceanConnect.com

www.OceanConnect.com

Address

OceanConnect.com - Americas
2000 Westchester Avenue
White Plains, NY 10650
USA


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