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BLT and Eitzen to establish shipping giant

BLT and Eitzen to establish shipping giant,
as BLT plans to launch a voluntary offer for Camillo Eitzen & Co ASA

(Jakarta/Oslo 5 October 2009) PT Berlian Laju Tanker Tbk ("BLT" or the "Company") plans to submit a voluntary exchange offer ("Offer") for all outstanding shares in Camillo Eitzen & Co ASA ("CECO"). The offer is based on payment of NOK 25 per CECO share, payable in securities which will be converted into BLT shares, representing a premium of 270 % on the CECO share price as of market close on 2 October 2009.

                        The Board of CECO and main shareholders representing 76% of the shares support the received indicative, non-binding offer.

                        The Board of CECO and Axel C. Eitzen as the controlling shareholder have entered into an exclusivity agreement with BLT.

                        The proposed transaction is supported by the syndicate agent bank Nordea.

                        BLT's majority shareholder (PT Tunggaladhi Baskara), controlling 59% of the voting rights in BLT, fully supports the transaction.

                        According to the Offer, CECO will participate in the announced Eitzen Chemical ASA ("ECHEM") equity offering with its pro-rata share.

                        The company will seek listing at the Oslo Stock Exchange


The proposed transaction will combine two strong maritime traditions and create a leading international shipping group within the chemical, gas, oil, dry bulk and maritime services segments. The group will comprise the world's largest and most modern chemical tanker fleet.

The combined company will be well positioned to benefit from a shipping market recovery as industrial production and international trade improves. The combined company will provide new and existing customers with world class transportation solutions, with global reach and local presence, including access to the Indonesian domestic market and a large Asian presence. Total revenues of the combined company for the past 12 months amount to approximately USD 2.3 billion with an EBITDA of USD 499 million. Including newbuilds the group will own and/or operate 157 chemical tankers, 14 oil tankers, 42 gas tankers, 50-60 bulk carriers and 1 FPSO, in addition to services offered through Eitzen Maritime Services ("EMS").

The combined entity will create a truly global network capable of serving an international customer base across key markets. In addition to the complementary businesses of the companies, both share a set of common values, and a belief in the value of strong corporate cultures and the development of human capital within the organization. The combined company intends to build on these mutual strengths going forward.

CECO chairman Axel C. Eitzen will remain actively involved in the further development of the combined group, and will be its second largest shareholder.

The Offer represents an opportunity for BLT and CECO shareholders to take part in a large, global, well diversified company with financial flexibility, strong market potential and with enhanced liquidity to shareholders.

"We are truly excited about the industrial prospects the combination of CECO and BLT can deliver. The transaction with CECO, which has extensive shipping networks and a global customer base, is part of BLT's strategy to expand its footprint in all regions worldwide. It will enhance our global trading routes, bolster our strategic presence in the chemical and gas tanker segments, and diversify the business to dry bulk and maritime services," said Ms Siana Anggraeni Surya, Director of Business Development in BLT.

"I believe this combination would have significant commercial potential and can deliver valuable synergies in all segments. The group will be truly international in all respects, with the advantage of exploring the significantly increasing cabotage locally in Indonesia, coupled with the organic growth in the South East Asian markets. I believe the indicative offer presents our shareholders and employees world-wide with strong possibilities to explore renewed opportunities and to develop each core segment substantially. Majority shareholder Eitzen Holding and the board of CEOO is in principle positive to the indicative offer," said Axel C. Eitzen, Chairman of CECO

On behalf of the Board of PT Berlian Laju Tanker Tbk and the Board of Camillo Eitzen & Co ASA:

Siana Anggraeni Surya

Axel Camillo Eitzen

Director of Business Development,

Chairman of the Board,

PT Berlian Laju Tanker Tbk

Camillo Eitzen & Co ASA


Please see enclosed release to the Indonesia, Singapore and Oslo Stock Exchange for more details.

The transaction will be presented by the management of BLT, CECO and ECHEM at the R.S. Platou Shipping and Offshore Conference in Singapore on 9 October 2009.

PT Berlian Laju Tanker Tbk

BLT was founded in 1981 and is a leading worldwide seaborne liquid cargo transportation specialist and one of the largest chemical tanker operators in the world. The BLT fleet comprises chemical tankers (62 vessels + 10 newbuilds), oil tankers (14 vessels), gas tankers (13 vessels +4 newbuilds) and 1 FPSO. In 2008, BLT had total revenues of USDm 723, an operating profitt of USDm 182 and assets totalling USDbn 2.4. BLT is listed on the Indonesian and Singapore Stock Exchange (IDX and SGX ticker: BLTA) and currently has a market capitalization of USDm 515. BLT's major shareholder is PT Tunggaladhi Baskara, controlled by the Surya family of 59 % of the voting shares in the company. The company is headquartered in Jakarta, Indonesia and has offices around the globe.

Camillo Eitzen & Co ASA

With origins dating back to 1883 CECO is a diversified international holding company involved in a broad range of shipping activities including ship owning, operation, and commercial management through companies in the gas, bulk and tank segments. The main assets of CECO include the publicly listed companies Eitzen Chemical (ECHEM) and Eitzen Marine Services ASA (EMS). ECHEM acts as ship owner, operators and manager, and is one of the largest chemical ship owning companies in the world based on the number of vessels. EMS offers a full range of ship management, ship supply, and insurance broker services from a worldwide organisation.

CECO is a global organisation with more than 80 offices around the world, employing 1,200 shore-based staff and a pool of more than 5,000 seafarers from more than 20 different nations. The company has its corporate head office in Oslo, and commercial headquarters in Copenhagen.

Camillo Eitzen & Co was listed on the Oslo Stock Exchange in 2004, and continues a long tradition of experience, dedication, and high ethical standards

Advisors and legal counsel

RS Platou Markets is acting as financial advisor to BLT. ABG Sundal Collier ASA and Carnegie ASA are acting as advisors to CECO. Bugge, Arentz-Hansen & Rasmussen (BAHR) are acting as legal advisors to BLT, while Wikborg Rein & Co is acting as legal counsel to CECO.

For press enquiries, please contact:

PT Berlian Laju Tanker Tbk

Kathy Zhang

Managing Director, Financial PR

Tel no: +65 64382990


Camillo Eitzen & CO

Peter D. Knudsen Chief Executive Officer (CEO) Tel no: +47 24 00 61 54 Mobile: +47 91 32 63 74


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