Agreement regarding sale of shares in Eitzen Bulk Shipping A/S

15 Jun, 2010

Camillo Eitzen & Co ASA (CECO) has on 15 June 2010 entered into an agreement with Navieras Ultragas Ltda. regarding the sale of its 74.33% shareholding in Eitzen Bulk Shipping A/S (Eitzen Bulk Shipping) at an agreed purchase price of USD 92,914,872. Upon completion of the transaction, CECO will not own any shares in Eitzen Bulk Shipping.

Navieras Ultragas Ltda. will designate a Newco ApS to complete the purchase of shares in Eitzen Bulk Shipping A/S, and has undertaken to provide financing to complete the purchase of shares from CECO as well as for completion of a mandatory public offer for the remaining outstanding shares in Eitzen Bulk Shipping. Closing of the transaction is expected to take place by the end of June 2010. The agreement is subject to customary closing conditions.

Camillo Eitzen & Co ASA, press release