Neste Oil - Company Announcement

Neste Oil to outsource its ship management functions to OSM Group AS of Norway

Neste Oil Corporation
Stock Exchange Release
20 February 2014 at 2 p.m. (EET)

Neste Oil to outsource its ship management functions to OSM Group AS of Norway

Neste Oil and Norwegian-based OSM Group AS have today, 20 February 2014, agreed
on a business transfer under which Neste Oil will transfer the ship management
functions of Neste Shipping to OSM. OSM is a global provider of offshore and
ship management services. The outsourcing of ship management functions is part
of Neste Oil's plan to exit the shipping business announced on 19 September
2013.

Under the agreement, OSM will set up a subsidiary in Finland responsible for the
crewing and maintenance of vessels previously under the management by Neste
Shipping that continue to be used by Neste Oil. The intention is to transfer the
shore and seagoing personnel currently employed by Neste Shipping's ship
management functions to OSM's new Finnish subsidiary during spring 2014. Neste
Shipping's ship management functions currently employ around 300 people at sea
and 17 people on shore. Neste Shipping's chartering functions will be retained
and integrated to the Neste Oil organization."Norwegian-based OSM was chosen after a careful review of a number of possible
partners," says Arvo Ruotsalainen, Neste Shipping's Managing Director. "OSM's
good reputation and safety record, and capabilities in terms of developing ship
management functions and leveraging the specialist expertise of our personnel,
all contributed to our choice. We also believe that OSM will be able to offer
our fleet personnel a wider range of opportunities than Neste Shipping would
have been able to, as a much smaller company in the ship management field."

Statutory employer-employee negotiations covering all of Neste Shipping's shore
and seagoing personnel were held during October and November last year as part
of the plan to outsource the company's ship management functions. All personnel
currently employed in these functions will be able to transfer to OSM's Finnish
subsidiary as existing employees.

Background to the restructuring

The restructuring of Neste Shipping's operations is based on Neste Oil's desire
to reinforce its focus on developing its core business based on cleaner traffic
solutions. In addition to outsourcing ship management functions, Neste Oil will
sell its key vessels to companies jointly owned by Finland's National Emergency
Supply Agency and the Ilmarinen Mutual Pension Insurance Company, from which it
will charter them back on long-term agreements. As part of the restructuring,
Neste Oil will set up an asset management company to manage and administer the
vessel assets, together with the Ilmarinen Mutual Pension Insurance Company and
the National Emergency Supply Agency. In addition, Neste Oil plans to sell its
other vessels later. The decision to restructure the shipping business was
announced in detail in a Stock Exchange Release issued on 19 September 2013.


Neste Oil Corporation

Kaisa Lipponen
Director, Corporate Communications

Further information:

Arvo Ruotsalainen, Managing Director, Neste Shipping, tel. +358 (0)50 458 8205

Photos and video material can be downloaded to be used by the media at:
http://brandbank.nesteoil.com/?cart=837-heecakedec&l=EN


Neste Oil in brief

Neste Oil Corporation is a refining and marketing company concentrating on low-
emission, high-quality traffic fuels. The company produces a comprehensive range
of major petroleum products and is the world's leading supplier of renewable
diesel. Neste Oil had net sales of EUR 17.5 billion in 2013 and employs around
5,000 people, and is listed on NASDAQ OMX Helsinki.

Neste Oil is included in the Dow Jones Sustainability World Index and the
Ethibel Pioneer Investment Register, and has featured in The Global 100 list of
the world's most sustainable corporations for many years. Forest Footprint
Disclosure (FFD) has ranked Neste Oil as one of the best performers in the oil &
gas sector. Further information: www.nesteoil.com

OSM in brief

OSM Maritime Group is a provider of high-quality offshore and ship and crew
management services with operations worldwide. Today, OSM has a fleet of more
than 430 vessels under its management, and operates from 26 offices around the
world. The company employs more than 10,000 employees with around 30
nationalities. www.osm.no/en


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