Camillo Eitzen & Co ASA - Implementing cost reduction plan

25 Mar, 2009

Due to the challenging shipping markets, as a direct effect of the global economical environment, CECO has informed its employees that the Company plans on carrying out redundancies among its shore-based employees in order to adapt to the current situation. The restructuring will regrettably involve the redundancy of 17 out of 106 employees in Oslo and Copenhagen. In addition there will be other cost cutting measures, in order to achieve an overall cost reduction of about 20%.

Peter D. Knudsen says: "We sincerely regret to have to let go of our committed and loyal employees. These and other measures are a consequence of the markets in which we operate, and we are implementing changes to the organization that have been approved by our Board of Directors. Under the present situation, our stakeholders expect us to adjust our ambition level - to focus on our key shipping segments (Bulk, Gas and Chemical), and develop a business model that is sustainable and adjusted to the present business climate. Our reputation and ability to service our clients in an efficient and cost effective way shall remain in the center of our focus going forward."

Camillo Eitzen & Co ASA