Agreement regarding sale of shares in Eitzen Gas A/S
and its nine Semi-Ref vessels

4 Jul, 2011

Camillo Eitzen & Co ASA ("CECO") has on 4 July 2011 entered into an agreement with C-Gas AS regarding the sale of its nine 100 % owned Semi-Ref vessels, its 100 % shareholding in Eitzen Gas A/S and back to back lease of its five Pressurized vessels on financial lease. The agreed purchase price is USD 53,000,000 to be adjusted for working capital. Upon completion of the transaction, CECO will not own any Semi-Ref vessels.

C - Gas AS is an investment company under establishment by Pareto Project Finance AS, supported and subscribed for by a group of Norwegian and international shipping investors.

Closing of the transaction is expected to take place during August 2011. The agreement is subject to legal due diligence and customary closing conditions.

For further information please find Press release at www.camillo-eitzen.com

Camillo Eitzen & Co ASA