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Outstanding shares in Camillo Eitzen & Co ASA ("CECO")


(Incorporated as a company with limited liability under the laws of the Republic of Indonesia)

PT Berlian Laju Tanker Tbk ("BLT" or the "Company") has given a non‐binding indication of interest to submit a voluntary exchange offer ("Indicative Offer") for all outstanding shares in Camillo Eitzen & Co ASA ("CECO"). Please see the joint press release issued by BLT and CECO today.

The following are the key terms in the Indicative Offer:

Offer price/MEB exchangeable to BLT shares

Shareholders in CECO will be offered mandatory exchangeable bonds ("MEB") equivalent to NOK 25 per CECO share, based on BLT share price at the end of the offer period, which at any event shall not exceed 49.13 BLT shares per CECO share. BLT has informed that the MEB will, subject to certain conditions, be exchanged for ordinary shares in BLT. The conversion is expected to take place following a general meeting in BLT, scheduled for July 2010. Following the completion of the Indicative Offer, BLT will seek a secondary listing of the company’s shares on Oslo Børs, securing increased visibility and liquidity to CECO’ and BLT’ shareholders.

CECO is in the process of evaluating the nature and features of the MEB and whether the MEB is eligible for listing on Oslo Børs.

Conditions to the Indicative Offer

The Indicative Offer will be subject to inter alia the following conditions:

                        Satisfactory due diligence investigation of CECO and subsidiaries

                        Successful private placement in BLT of minimum USD 200 million in new equity. BLT intends, through CECO, to participate in the announced capital raising in ECHEM with CECO’s pro rata share.

                        Satisfactory agreements with lenders in CECO and ECHEM.

                        Acceptance by a minimum of 95 % of CECO shareholders.

                        Approval by the shareholders of BLT.

                        In principle support from shareholding companies controlled by Mr. Eitzen , and commitment to grant BLT exclusivity until completion of the Offer, to be followed in due course by an irrevocable acceptance undertaking in a form and substance acceptable to BLT.



The Company expects to be able to launch the Indicative Offer in mid‐November 2009 and with an ambition to close the Indicative Offer within the end of November.


CECO and its main shareholders (Eitzen Holding AS, Eitzen Invest AS, Ollimac AS and Camillo Trading AS) are positive to the Indicative Offer and have therefore agreed to an exclusivity undertaking with BLT until completion of the Indicative Offer. The exclusivity undertaking may, however, subject to certain conditions expire prior to completion of the Indicative Offer.

Due diligence

BLT has started its due diligence investigation of CECO.


The main stakeholders in BLT and CECO are commited to support the transaction and intend to underwrite about 50% of the contemplated private placement in BLT.

By Order of the Board

Kevin Wong

Singapore, 5 October 2009

Sponsorship statement: Deutsche Bank AG, Singapore Branch and UBS AG, acting through its business group, UBS Investment Bank were the Issue Managers, Joint Global Coordinators, Joint Book runners and Joint Lead Managers of the Offering in respect of 576,062,000 shares of the Company pursuant to the prospectus issued by the Company dated 18 October 2006.

(c) 2007 PT Berlian Laju Tanker Tbk. All Rights Reserved.