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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