Eitzen Maritime Services ASA (OSL:EMS) Settlement Of The Acquisition Of Seven Seas Shipchandlers

Eitzen Maritime Services ASA (OSL:EMS) Reference is to the press release on June 9th 2008 and the prospectus issued on July 3rd 2008 regarding the acquisition of Seven Seas Shipchandlers.

After completing the transfer of ownership and meeting other conditions of the contract and the loan agreement, Eitzen Maritime Services ASA (EMS) and the Seller closed the transaction on November 26th 2008. The payment of the consideration amount being adjusted to USD 114.3 million consists of 3 elements; a cash settlement of USD 90 million, a Sellers Credit of USD 19.3 million and a share issue valued to USD 5 million. Yesterday EMS paid the cash settlement and issued the shares less a deduction of remaining balance to the Seller. The remaining balance will be a final payment of USD 10 million when some conditions relating to operations in Bahrain are met. This is likely to be met within the end of 2008. Further the Sellers Credit of USD 19.3 million will be paid over a 2 year period.

The number of shares issued is based on the share price of NOK 3.00 and the currency exchange rate on June 25th 2008 being the same date the private placement took place. Thus EMS has issued 8.480.833 shares to the Seller to meet the USD 5 million obligations. EMS' share capital will after the registration of the Private Placement consist of NOK 56,563,118.50 divided into 226,252,474 shares, each with a par value of NOK 0.25.

For further information, please call :

Ms Annette Malm Justad, CEO, telephone +47 9520 9396 or Mr Knut Abrahamsen, CFO, telephone +47 9240 1038.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Eitzen Maritime Services ASA

http://www.eitzen-maritime.com

ISIN: NO0003075905

Stock Identifier: XOSL.EMS