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Camillo Eitzen & Co ASA - Acquisition of LPG Carriers and Commercial Gas Operation Company


18.08.2006 Camillo Eitzen & Co ASA (CECO) has through its 100% owned subsidiary Eitzen Gas A/S entered into an agreement with Lauritzen Kosan A/S to acquire its shares in Sigas Kosan A/S (50%) together with Lauritzen Kosan A/S’ 8 semi/ref LPG carriers operated by Sigas Kosan A/S. The acquisition will be financed by debt and equity.

CECO already own 50% of the shares in Sigas Kosan A/S and operate 7 LPG carriers in this cooperation with Lauritzen Kosan A/S. By acquiring the remaining 50% CECO is taking full control of Sigas Kosan A/S including an experienced commercial organization. The fleet will be taken over in October 2006 at the same time as the organization is expected to move to Eitzen Gas A/S’ headquarter in Gentofte.

Sigas Kosan A/S operates a fleet of 16 LPG carriers and is the world largest operator of semi/ref. gas carriers below 3.000 cbm load capacity. The fleet operates mainly in Europe and the Mediterranean and is normally used for regional trades for the petrochemicals industry.

The acquisition is subject to satisfactory inspection of vessels and class records.

CECO hereafter control a fleet of 34 LPG and ethylene carriers.

Camillo Eitzen & Co ASA is the holding company of a wide range of shipping activities world-wide, including ship owning and chartering, ship operation (particularly within dry bulk) and participation in pool activities for its different business segments. The activities are marketed through Eitzen Group, which is also involved in ship management and ship supplies through Eitzen Maritime Services ASA and commercial management through Eitzen Bulk A/S, Eitzen Gas A/S, Eitzen Chemical A/S, Eitzen Chemical (Spain) S.A, Navale Française S.A.S. and Fouquet Sacop S.A.


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