Sale of two Bulk Vessels       7 Apr, 2008

Camillo Eitzen & Co ASA (CECO) today announced that it has reached an agreement in principle for the sale of the two bulk vessels "SIBULK INNOVATION" and "SIBULK QUALITY". The vessels are 53,100 dwt and 55,700 dwt, built in 2004 and 2005 respectively. The vessels are scheduled for delivery to new owners in July 2008.

Total price for the two vessels is USD 145.5 million. The sale generates a gross profit of USD 103 million. In 3rd quarter CECO expects to book an estimated profit on the sale of the vessels of about USD 49 million, after provisions for contract commitments and profit split agreement.

Camillo Eitzen & Co ASA