Eitzen Chemical - Share Incentive Program 2008

Eitzen Chemical ASA The Board of Eitzen Chemical ASA ("Eitzen Chemical" or the "Company") has approved the grant of 1.2 mill. share options in the Company to the senior management under the share option scheme approved by the Annual General Meeting 28 May 2008. These options provide for the recipients to subscribe for new shares in Eitzen Chemical at a subscription price of NOK 19.19 per share. The options vest with one third each over three years, and the option period is five years. All the options are granted to primary insiders as set out below.

The following primary insiders have received options:

Terje Askvig Chief Executive Officer 350,000 options Jens Grønning Chief Operating Officer 170,000 options Per Sylvester Jensen Chief Chartering Officer 170,000 options Per-Hermod Rasmussen Chief Financial Officer 170,000 options Per R. Voie President - USA 170,000 options Theodor Berg Vice President 170,000 options

New total holdings for the same primary insiders, including controlled companies, are:

Terje Askvig 60,000 shares 350,000 options Jens Grønning 20,000 shares 170,000 options Per Sylvester Jensen 10,000 shares 170,000 options Per-Hermod Rasmussen 10,000 shares 170,000 options Per R. Voie 10,000 shares 170,000 options Theodor Berg 10,000 shares 170,000 options

For further information, please contact:

Mr Terje Askvig +47 2400 6100 Chief Executive Officer

Mr Per-Hermod Rasmussen +47 2400 6100 Chief Financial Officer

Eitzen Chemical ASA

http://www.eitzen-chemical.com/

ISIN: NO0010327620

Stock Identifier: XOSL.ECHEM