Eitzen Maritime Services ASA (Oslo Stock Exchange: EMS), the
Norwegian maritime services provider, today announced the acquisition
of Dubai based Seven Seas Shipchandlers. The acquisition doubles EMS'
annual sales in ship supply and positions the Company in the midst of
one of the world's most dynamic regions.

The acquisition brings together two of the world's largest ship
supply organizations and creates the definite world leader, with an
unprecedented global offering. The move is also expected to boost
profits in EMS' ship supply division.

"EMS became an industry leader in ship supply following our
acquisition of Spanish Provimar last year. This time around we
acquire an outstanding company and the market leader in one of the
world's most dynamic and fast growing shipping regions. We are well
underway in implementing our communicated strategy and developing a
truly global footprint," said Ms Annette Malm Justad, CEO of Eitzen
Maritime Services.

Seven Seas Shipchandlers is headquartered in Dubai with operations
throughout the United Arab Emirates as well as in Bahrain, Oman,
Qatar, Kuwait and Djibouti. The merchant fleet and naval vessels are
the company's most important customer segments. The acquisition
includes Seven Seas' highly efficient logistical centre and
warehouse, strategically located in Dubai.

Sevens Seas' sales last year were USD 192.5 million with a 7.7 per
cent EBITDA margin. In the first quarter of 2008 the company had
sales of USD 52.5 million and an EBITDA margin of 8.6 per cent. The
company's margins are well above the industry average.

Total consideration for the group on a debt free basis is USD 115
million, which will be financed through an EMS equity issue, a
seller's credit and bank financing. EMS has retained Kaupthing and
Fondsfinans as financial managers.

The transaction is expected to be completed by the end of third
quarter 2008 and Seven Seas Shipchandlers will be included in EMS'
accounts from primo June 2008.

The combined company will cover more than 60 ports worldwide and
serve more than 8,000 ships every year. Through increasing sales
volumes, improving purchasing power and developing more efficient
logistics, EMS aims at further enhancing the profitability of its
ship supply business.

EMS will provide detailed information and answer questions at a press
conference and presentation on Monday, 9 June, 2008 at 10:00 CET. The
presentation is held at the Eitzen Group's headquarters, Bolette
Brygge 1 (Tjuvholmen), Oslo.


For further information, please call Ms Annette Malm Justad, CEO,
telephone +47 9520 9396 or
Mr Knut Abrahamsen, CFO, telephone +47 9240 1038.


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