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The Product of a Strategic Alliance -------------------------------------------------------------------------------- StenTex is the product of a 1995 Strategic Marine Alliance between our parent company and Texaco although the business relationship between Stena Bulk and Texaco dates back to 1986. The alliance established StenTex as a 50/50 Joint Venture Company responsible for all aspects of international shipping functions, including full technical and commercial management of Texaco's tankers, marine related offshore support and access to Stena's considerable technical expertise. The joint venture provided the chartering-in function for all their international hydrocarbon requirements in addition to full commercial operations of a core fleet of dedicated tankers. StenTex provided competitive freight rates that helped increase oil sales profit margins and market share, and helped create new markets for their petroleum products. During this period, our proactive chartering and operations services were responsible for a significant increase in the number of arranged transportation fixtures for Texaco - from 600 to approximately 2,000 per year. After the October 2001 merger between Chevron and Texaco, our services were expanded in certain key geographical areas of the new super-major's operations. Post merger, StenTex became a wholly-owned subsidiary of Stena Bulk, one of the world's leading operators of large tankers. A Timeline of Important Milestones -------------------------------------------------------------------------------- September 1986: Stena Bulk charters a Texaco VLCC on a 50/50 joint venture basis for a period of one to three years. August 1987: A second Texaco VLCC is added to the joint venture. September 1988: A third and fourth VLCC are added to the Texaco joint venture. November 1989: Stena s public subsidiary, Concordia Maritime, purchases six Concordia-class VLCCs with long term charters from Texaco. May 1994: Strategic alliance discussions are initiated. December 1994: Stena Bulk and Texaco complete a strategic alliance that involves 20 vessels. January 1995: StenTex is officially launched as a 50/50 joint venture Texaco-Stena Bulk company with three offices, five vessels and 600 fixtures. April 1999: StenTex achieves ISO 9002 certification. October 2001: StenTex expands to four offices, 21 vessels and has grown its business activities to more than 2,000 fixtures per year. November 2001: StenTex expands services with the newly merged super-major, ChevronTexaco. It is standard policy at StenTex that our Chartering and Commercial Operations staff are available to attend to customer needs on a 24/7 basis. StenTex