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Hitt og þetta 22. ágúst 2006

Camillo Eitzen & Co ASA - Private Placement

Camillo Eitzen & Co ASA (CECO) has retained Pareto Securities ASA to advise on and effect a private placement directed towards professional and international investors by raising gross proceeds of up to NOK 229 mill.

The proceeds will primarily be used to finance the acquisition of Sigas Kosan A/S as announced on 18 August 2006, as well as other projects expected to be announced within the next few months.

CECO will issue up to 3,500,000 ordinary shares, or approx. 9.7% of the existing registered share capital, at an issue price of NOK 65,50 per share. Existing shareholders will be given priority.

Eitzen Holding AS, main shareholder of CECO, and Eitzen Invest AS have committed to subscribe for a number of shares in the private placement (at the subscription price) sufficient to maintain their relative shareholdings in CECO of 52.7% and 1.0%, respectively.

The private placement is subject to the approval by the board of directors of CECO.

For further information, please contact:

Axel C. Eitzen, Chief Executive Officer Telephone: +47 67 11 98 00

Snorre Krogstad, Chief Financial Officer Telephone: +47 67 11 98 44

Camillo Eitzen & Co ASA is the holding company of a wide range of shipping activities world-wide, including ship owning and chartering, ship operation (particularly within dry bulk) and participation in pool activities for its different business segments. The activities are marketed through Eitzen Group, which is also involved in ship management and ship supplies through Eitzen Maritime Services ASA and commercial management through Eitzen Bulk A/S, Eitzen Gas A/S, Eitzen Chemical A/S, Eitzen Chemical (Spain) S.A, Navale Française S.A.S. and Fouquet Sacop S.A.

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