ITCL - Golden State Petroleum Corporation Announces Sale of VLCC Ulriken (ex-Antares Voyager)

Golden State Petroleum Corporation (the "Company"), a wholly-owned subsidiary of Independent Tankers Corporation Limited ("ITCL") announced today that Golden State Petro (IOM-I-A) PLC ("GS IOM-A"), a subsidiary of the Company, has entered into an agreement to sell the VLCC Ulriken (ex-Antares Voyager) (the "Vessel") to an unrelated third party. The delivery is expected to take place in October 2014 and will comply with the provisions of the Indenture, as amended and supplemented (the "Indenture"), governing the 8.04% First Preferred Mortgage Notes due 2019 issued by the Company (the "Notes"). After delivery it is expected that the vessel will cease to operate in the tanker market.

The sales price will result in an Adequate Bid (as defined in the Indenture), and pursuant to Section 12.1(d) of the Indenture, the net proceeds from such sale, together with any other amounts held by or on behalf of The Bank of New York Mellon for the benefit of the holders of the Notes, will be applied to redeem all outstanding Notes at 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, which is 90 days after the sale of the Vessel.

The Board of Directors
Independent Tankers Corporation Limited
Hamilton, Bermuda
September 22, 2014

Questions should be directed to:
Aage K. Korff Østern,
Vice President Finance,
Frontline Management AS              
+47 23 11 40 00

Forward Looking Statements

This press release contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including the Company's management's examination of historical operating trends. Although the Company believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, the Company cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company's view, could cause actual results to differ materially from those discussed in this press release include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the tanker market as a result of changes in OPEC's petroleum production levels and world wide oil consumption and storage, changes in the Company's operating expenses including bunker prices, drydocking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company with the Norwegian over-the-counter market in Oslo.