Distribution of company announcements to the professional platforms, finance portals and syndication of important corporate news to a wide variety of news aggregators and financial news systems.
Eitzen Maritime Services ASA On 7 June, 2008, the Board of Directors of Eitzen Maritime Services ASA (EMS) approved an agreement to purchase Seven Seas Shipchandlers LLC (Seven Seas), headquartered in Dubai, United Arab Emirates and its sister companies in Djibouti, Bahrain, Oman, Qatar and Kuwait.
Upon completion of the transaction, Seven Seas will be a subsidiary of EMS and included in the Company's ship supply division. The transaction is expected to be completed by the end of third quarter 2008 and Seven Seas will be included in EMS' accounts from primo June 2008.
Total consideration for the group on a debt free basis is USD 115 million, which will be financed through an EMS equity issue, a seller's credit and bank financing (see section 4). The transaction is based on 31.12.07 accounts with cash and 2008 retained earnings being for the buyers account.
EMS will provide detailed information and answer questions at a press conference and presentation on Monday, 9 June, 2008 at 10:00 CET. The presentation is held at the Eitzen Group's headquarters, Bolette Brygge 1 (Tjuvholmen), Oslo.
For further information, please call Ms Annette Malm Justad, CEO, telephone +47 9520 9396 or Mr Knut Abrahamsen, CFO, telephone +47 9240 1038.
