BLT has decided to withdraw its indicative proposal to launch a voluntary offer for CECO

19 Mar, 2010

As previously communicated, Camillo Eitzen & Co ASA ("CECO") and PT Berlian Laju Tanker Tbk ("BLT") announced on 26 January 2010 the suspension of BLT's exclusivity with respect to the planned acquisition of CECO. Since that time BLT and CECO have had discussions in order to attempt to re-establish a mutually binding commitment to the transaction. However, unfortunately up to this time such efforts have failed. In light of the foregoing, BLT's board has decided to withdraw its indicative proposal for the voluntary offer for CECO effective immediately. However, BLT remains positive to continue discussions with CECO with a view to a potential transaction at some point in the future.

Meanwhile, CECO is continuing to pursue other strategic alternatives, as per earlier announcements.

Camillo Eitzen & Co ASA