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**EMPLOYMENT      AGREEMENT**

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**between**

**Tankers      Services AS **

**and**

**Eirik      Ubøe**

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**EMPLOYMENT      AGREEMENT**

| 1.   | **Tankers                Services AS**,                a                company incorporated under the laws of Norway having its registered                office                at Haakon VII’s gt 1, Oslo, Norway **(“Employer”)**,                and |
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| 2.   | **Eirik                Ubøe**,                an individual having his address in Jacob Neumanns                vei 42, 1384 Asker, Norway **(“Executive”**). |
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**WHEREAS      **

| A.   | Employer                desires to employ Executive as its Managing Director;                and |
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| B.   | Executive                is willing to serve in the employ of Employer for the period and                upon the                other terms and conditions of this                Agreement. |
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| **1.  ** | **EMPLOYMENT** |
|--------------------|----------------|

| **1.1  ** | **Effectiveness** |
|---------------------|-------------------|

| **1.2  ** | **Term** |
|---------------------|----------|

| **1.3  ** | **Position** |
|---------------------|--------------|

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| **1.4  ** | **Time                and Effort** |
|---------------------|------------------------------------|

| **1.5  ** | **Location                and Travel** |
|---------------------|----------------------------------------|

| **2.  ** | **COMPENSATION** |
|--------------------|------------------|

| **2.1  ** | **Signing                on fee** |
|---------------------|-----------------------------------|

| **2.2  ** | **Salary** |
|---------------------|------------|

| **2.3  ** | **Equity                Awards and Cash Awards** |
|---------------------|--------------------------------------------------|

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| **2.4  ** | **Benefits** |
|---------------------|--------------|

| **2.5  ** | **Vacation.** |
|---------------------|---------------|

| **2.6  ** | **Business                Expenses** |
|---------------------|--------------------------------------|

| **2.7  ** | **Withholdings/deductions                from salary etc.** |
|---------------------|-------------------------------------------------------------|

| a.   | amounts                paid to Executive as advance on                salary; |
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| b.   | incorrectly                paid salary or holiday allowance; |
|----------------|--------------------------------------------------------------|

| c.   | amounts                received as advance on travel or business                expenses; |
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| d.   | defaults                on instalments and interest on loans agreed upon in writing granted                by                Employer to Executive; |
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| e.   | Executive’s                outstanding debts to Employer at the date of the termination of                employment, unless a specific repayment agreement has been entered                into                and adequate security provided. |
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**3.**
**TERMINATION**

| **3.1  ** | **General** |
|---------------------|-------------|

| **3.2  ** | **Termination                by Executive** |
|---------------------|---------------------------------------------|

** **

| **3.3  ** | **Termination                by Employer** |
|---------------------|--------------------------------------------|

** **

| **3.4  ** | **Accrued                Rights** |
|---------------------|-----------------------------------|

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| **3.5  ** | **Termination                by Employer Other Than for Cause** |
|---------------------|-----------------------------------------------------------------|

| a.   | If                (i) Employer elects to terminate Executive’s employment during the                Term for any reason other than Cause (as defined below) or                (ii) Employer elects not to extend the Term                in accordance with Section 1.2 and Employer would not at such time                have Cause to terminate Executive’s employment, then (A) Employer                shall continue to pay Executive’s Salary through the later of (1) 15                June 2008 and (2) the first anniversary of the effective date of                Executive’s termination of employment and (B) in the event of a                termination pursuant to clause (i), all equity-based compensation                granted to Executive pursuant to Clause 2.3 (including the Initial                Grants) shall immediately vest and become exercisable, subject to                the                other terms and conditions of such grants, provided                that Employer shall not be obligated to commence any payment under                this                Section 3.5, and Executive shall not be entitled to any such acceleration,                until such time as Executive has provided an irrevocable waiver and                general release of claims, including under any applicable Norwegian                labour                legislation (other than Executive’s rights under this Agreement), in favor                of Employer, its affiliates, and their respective directors, officers,                employees, agents and representatives in form and substance acceptable                to                Employer; provided,                further,                that Employer shall be entitled to cease making, and Executive shall                forfeit any entitlement to receive, such payments in the event that                Executive breaches any of his obligations under Section                4. |
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| b.   | For                purposes of this Agreement, the term “Cause”                shall mean (i) Executive’s  failure to perform those duties that                Executive is required or expected to perform pursuant to this Agreement                including a failure to ensure that the Employer fulfils its obligations                towards the Parent Company under the Service Agreement dated 2006                (unless                otherwise instructed by the board), (ii) Executive’s dishonesty or                breach of any fiduciary duty to Employer in the performance of Executive’s                duties hereunder, (iii) Executive’s conviction of, or a plea of                guilty or nolo contendere to, a misdemeanor involving moral turpitude,                fraud, dishonesty, theft, unethical business conduct or conduct that                impairs the reputation of Employer or any of its affiliates or any                felony                (or the equivalent thereof in any jurisdiction), (iv) Executive’s                gross negligence or wilful misconduct in connection with Executive’s                duties hereunder or any act or omission that is injurious to the                financial                condition or business reputation of Employer or any of its affiliates                or                (v) Executive’s breach of the provisions of Section 4 of this                Agreement. |
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| **3.6  ** | **Termination                upon Death or Disability** |
|---------------------|---------------------------------------------------------|

| a.   | Executive’s                employment with Employer shall terminate immediately upon Executive’s                death or Disability (as defined below). In the event Executive’s                employment terminates due to death or Disability, then Employer shall                continue to pay Executive’s Salary through the first anniversary of the                effective date of such termination of                employment. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| b.   | For                purposes of this Agreement, the term “Disability”                shall mean the inability of Executive, due to illness, accident or                any                other physical or mental incapacity, to perform Executive’s duties in a                normal manner for a period of 120 days (whether or not consecutive)                in any twelve-month period during the Term. The Board shall determine,                on                the basis of the facts then available, whether and when the Disability                of                Executive has occurred. Such determination shall take into consideration                the expert medical opinion of a physician mutually agreeable to Employer                and Executive based upon such physician’s examination of Executive.                Executive agrees to make himself available for such examination upon                the                reasonable request of Employer. |
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| **3.7  ** | **Change                of Control** |
|---------------------|--------------------------------------|

| a.   | In                the event that Executive’s employment is terminated by Executive for Good                Reason within one year following a Change of Control, Executive shall                be                entitled to receive the continuation of his Salary through the later                of                (i) 15th June 2008 and (ii) the first anniversary of the effective                date of                Executive’s termination of                employment. |
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| b.   | For                purposes of this Agreement, the term |
|----------------|---------------------------------------------------------|

| (i)   | “Change                of Control”                shall mean the occurrence of any of the following events: |
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| A.   | (A)the                consummation of (1) a merger, consolidation, statutory share exchange                or                similar form of corporate transaction involving (x) Parent Company or                (y) any entity in which Parent Company, directly or indirectly, possesses                50% or more of the total combined voting power of all classes of                its                stock, but in the case of this clause (y) only if Parent Company                Voting                Securities (as defined below) are issued or issuable in connection                with                such transaction (each of the transactions referred to in this clause                (1)                being hereinafter referred to as a “Reorganization”) or (2) the sale                or other disposition of all or substantially all the assets of the                Parent                Company to an entity that is not an affiliate (a “Sale”) if such                Reorganization or Sale requires the approval of Parent Company’s                stockholders under the law of the Parent Company’s jurisdiction of                organization (whether such approval is required for such Reorganization                or                Sale or for the issuance of securities of Employer in such Reorganization                or Sale), unless, immediately following such Reorganization or Sale,                (I) all or substantially all the individuals and entities who were                the “beneficial owners” (as such term is defined in Rule 13d-3 under the                Exchange Act (or a successor rule thereto)) of the Shares or other                securities eligible to vote for the election of the Board (collectively,                the “Parent Company Voting Securities”) outstanding immediately prior to                the consummation of such Reorganization or Sale beneficially own,                directly                or indirectly, more than 50% of the combined voting power of the                then                outstanding voting securities of the entity resulting from such                Reorganization or Sale (including, without limitation, an entity                that as a                result of such transaction owns Parent Company or all or substantially                all                the Parent Company’s assets either directly or through one or more                subsidiaries) (the “Continuing Entity”) in substantially the same                proportions as their ownership, immediately prior to the consummation                of                such Reorganization or Sale, of the outstanding Parent Company Voting                Securities (excluding any outstanding voting securities of the Continuing                Entity that such beneficial owners hold immediately following the                consummation of the Reorganization or Sale as a result of their ownership                prior to such consummation of voting securities of any entity involved                in                or forming part of such Reorganization or Sale other than Parent                Company                and its affiliates) and (II) no Person beneficially owns, directly or                indirectly, 30% or more of the combined voting power of the then                outstanding voting securities of the Continuing Entity immediately                following the consummation of such Reorganization or                Sale; |
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| B.   | the                stockholders of Parent Company approve a plan of complete liquidation                or                dissolution of Parent Company; or |
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| C.   | any                “person” or “group” (as such terms are used in Sections 13(d) and 14(d)(2)                of the Exchange Act, respectively) (other than Employer or an affiliate)                becomes the beneficial owner, directly or indirectly, of securities                of                Parent Company representing 50% or more of the then outstanding Parent                Company Voting Securities; provided                that for purposes of this subparagraph (C), any acquisition directly from                Parent Company shall not constitute a Change of Control; and |
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| (ii)   | “Good                Reason”                shall mean the occurrence of any of the following events or circumstances                (without the prior written consent of Executive): (A) a material                reduction                of Executive’s authority or a material change in Executive’s functions,                duties or responsibilities, (B) a reduction in Executive’s Salary, (C) a                requirement that Executive report to anyone other than the Board,                (D) a                requirement that Executive relocate his residence (it being understood                that the requirements set forth in Section 1.5 do not constitute a                requirement to relocate) or (E) a breach by Employer of any material                obligation of Employer under this Agreement (which breach has not                been                cured within 30 days after written notice thereof is provided to                Employer                by Executive specifically identifying such breach in reasonable                detail). |
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**4.**
**EXECUTIVE      COVENANTS**

| **4.1  ** | **Employer’s                Interests** |
|---------------------|-----------------------------------------------|

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| **4.2  ** | **Scope                of Covenants** |
|---------------------|---------------------------------------|

| **4.3  ** | **Non-Disclosure                of Confidential Information** |
|---------------------|---------------------------------------------------------------|

| a.   | Executive                acknowledges that, in the performance of his duties as an employee                of                Employer, Executive may be given access to Confidential Information                (as                defined below). Executive agrees that all Confidential Information                has                been, is and will be the sole property of Employer and/or the Parent                Company and that Executive has no right, title or interest therein.                Executive shall not, directly or indirectly, disclose or cause or                permit                to be disclosed to any person, or utilize or cause or permit to be                utilized, by any person, any Confidential Information acquired pursuant                to                Executive’s employment with Employer (whether acquired prior to or                subsequent to the execution of this Agreement or the Commencement                Date) or                otherwise, except that Executive may (i) utilize and disclose                Confidential Information as required in the discharge of Executive’s                duties as an employee of Employer in good faith, subject to any                restriction, limitation or condition placed on such use or disclosure                by                Employer and/or the Parent Company, and (ii) disclose Confidential                Information to the extent required by applicable law or as ordered                by a                court of competent jurisdiction. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | For                purposes of this Agreement, “Confidential                Information”                shall mean trade secrets and confidential or proprietary information,                knowledge or data that is or will be used, developed, obtained or                owned by                Employer, Parent Company or any of their affiliates relating to the                business, operations, products or services of Employer, Parent Company                or                any such affiliate or of any customer, supplier, employee or independent                contractor thereof, including products, services, fees, pricing,                designs,                marketing plans, strategies, analyses, forecasts, formulas, drawings,                photographs, reports, records, computer software (whether or not                owned by,                or designed for, Employer, Parent Company or any of their affiliates),                operating systems, applications, program listings, flow charts, manuals,                documentation, data, databases, specifications, technology, inventions,                developments, methods, improvements, techniques, devices, products,                know-how, processes, financial data, customer or supplier lists,                contact                persons, cost information, regulatory matters, employee information,                accounting and business methods, trade secrets, copyrightable works                and                information with respect to any supplier, customer, employee or                independent contractor of Employer, Parent Company or any of their                affiliates in each case whether patentable or unpatentable, whether                or not                reduced to writing or other tangible medium of expression and whether                or                not reduced to practice, and all similar and related information                in any                form; provided,                however,                that Confidential Information shall not include information that                is                generally known to the public other than as a result of disclosure                by                Executive in breach of this Agreement or in breach of any similar                covenant                made by Executive or any other duty of                confidentiality. |
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| **4.4  ** | **Non-Disparagement** |
|---------------------|-----------------------|

** **

| **4.5  ** | **Non-Competition** |
|---------------------|---------------------|

| a.   | For                the Restricted Period (as defined below), Executive shall not directly                or                indirectly, without the prior written consent of the                Board: |
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| (i)   | engage                in any activity or business, or establish any new business, in any                location that is involved with the voyage, chartering or time chartering                of crude oil tankers, including assisting any person in any way to                do, or                attempt to do, any of the                foregoing; |
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| (ii)   | solicit                any person that is a customer or client (or prospective customer or                client) of Employer, Parent Company or any of their affiliates to                purchase                any goods or services of the type sold by Employer, Parent Company                or any                of their affiliates from any person other than Employer, Parent Company                or                any of their affiliates or to reduce or refrain from doing (or otherwise                change the terms or conditions of) any business with Employer, Parent                Company or any of their affiliates, (B) interfere with or damage                (or                attempt to interfere with or damage) any relationship between Employer,                Parent Company or any of their affiliates and their respective employees,                customers, clients, vendors or suppliers (or any person that Employer,                Parent Company or any of their affiliates have approached or have                made                significant plans to approach as a prospective employee, customer,                client,                vendor or supplier) or any governmental authority or any agent or                representative thereof or (C) assist any person in any way to do, or                attempt to do, any of the foregoing;                or |
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| (iii)   | form,                or acquire a two (2%) percent or greater equity ownership, voting                or                profit participation interest in, any                Competitor. |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| b.   | For                purposes of this Agreement, the term “Restricted                Period”                shall mean a period commencing on 1 January 2006 and terminating                one year                from the date Executive ceases to be an employee of Employer for                any                reason. The Restricted Period shall be tolled during (and shall be                deemed                automatically extended by) any period in which Executive is in violation                of this Section 4.5. |
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| c.   | For                purposes of this Agreement, the term “Competitor”                means any person that engages in any activity, or owns or                controls a significant interest in any person that engages in any                activity, in the voyage, chartering and time chartering of crude                oil                tankers; provided                that a Competitor shall not include any person who the Board has                deemed,                through its prior written approval, not to be a                Competitor. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4.6  ** | **Records** |
|---------------------|-------------|

| **4.7  ** | **Specific                Performance** |
|---------------------|-----------------------------------------|

| **4.8  ** | **Executive                Representations and Warranties** |
|---------------------|-------------------------------------------------------------|

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| **4.9  ** | **Cooperation** |
|---------------------|-----------------|

**5.**
**MISCELLANEOUS**

| **5.1  ** | **Assignment** |
|---------------------|----------------|

| **5.2  ** | **Successors** |
|---------------------|----------------|

| **5.3  ** | **Entire                Agreement** |
|---------------------|-------------------------------------|

| **5.4  ** | **Amendment** |
|---------------------|---------------|

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| **5.5  ** | **Notice** |
|---------------------|------------|

| If                to Employer:  | Tankers                Services ASP.O.                Box 2039 Vika, 0125 Oslo, Norway.Attn:                Board of Directors |
|---------------------------------|--------------------------------------------------------------------------------------------------------------------------------|
| If                to Executive: | Eirik                UbøeJacob                Neumannsvei 42 1384                Asker, Norway                  |

| **5.6  ** | **Governing                Law; Jurisdiction;** |
|---------------------|-------------------------------------------------|

| **5.7  ** | **Severability** |
|---------------------|------------------|

| **5.8  ** | **Survival** |
|---------------------|--------------|

| **5.9  ** | **No                Waiver** |
|---------------------|------------------------------|

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| **5.10  ** | **Counterparts** |
|----------------------|------------------|

| **5.11  ** | **Construction** |
|----------------------|------------------|

| a.   | The                headings in this Agreement are for convenience only, are not a part                of                this Agreement and shall not affect the construction of the provisions                of                this Agreement. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | For                purposes of this Agreement, the words “include” and “including”, and                variations thereof, shall not be deemed to be terms of limitation                but                rather will be deemed to be followed by the words “without                limitation”. |
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| c.   | For                purposes of this Agreement, the term “person” means any individual,                partnership, company, corporation or other entity of any                kind. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d.   | For                purposes of this Agreement, the term “affiliate”, with respect to any                person, means any other person that controls, is controlled by or                is under                common control with such person. |
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