Completion of merger
The  shareholders? meetings in Dampskibsselskabet  Orion A/S (the ?Company?) and
Shipholding  Holding A/S (Eitzen Bulk),  respectively, have on 21 December 2009
resolved  to approve  the merger  between the  companies in  accordance with the
merger plan of 20 November 2009.
In connection with the merger, the Company takes over all assets and liabilities
of  Shipholding Holding A/S with effect  for accounting purposes as of 1 January
2009. In  the same connection the Company  changes its registered name to Eitzen
Bulk Shipping A/S.
The merger consideration of nominally DKK 221,385,020 new shares are transferred
to  the shareholders of Shipholding Holding  A/S in accordance with the exchange
ratio  set out in the merger plan. It is expected that the capital increase will
be  registered by the Danish Commerce  and Companies Agency on 21 December 2009
and  that the  new shares  will be  admitted to  trading and official listing on
NASDAQ OMX Copenhagen A/S with first day of trading on 23 December 2009.
For  additional information on the merger, please see the Company?s announcement
no.  186 of 20 November 2009 and  the publicly available  merger plan and merger
statement.
Share Option Scheme in the Company
The  Company?s general meeting  has on 21 December  2009 approved guidelines for
incentive  based  remuneration  of  the  Company?s  management.  Based  on these
guidelines, the Company will enter into a share option agreement with management
and certain key employees, including the Company?s chief executive officer, that
will  entitle the  option holders  to acquire  shares in  the Company subject to
certain  terms and conditions. The grant of share options is intended to provide
an  incentive to create furthervalue in  the Company and thereby contributing to
the  satisfaction  of  the  Company?s  long-term  goals. For further information
please see the Company?s announcement no 188.
https://newsclient.omxgroup.com/cdsPublic
/viewDisclosure.action?disclosureId=378856&
messageId=453712
Peter D. Knudsen, CEO of Camillo Eitzen & Co ASA (CECO) says:
?We  believe the  merger will  create an  excellent opportunity to expand Eitzen
Bulk?s  existing  operating  activities  by  providing  a  platform for engaging
further  into  ship  owning  at  the  right  time. Eitzen Bulk shipping A/S will
continue  to be one of the key investments for CECO, and we are pleased that the
key personnel have become co-owners in Eitzen Bulk Shipping A/S?.
For further information, please contact:

Peter D. Knudsen,
Chief Executive Officer
Tel: +47 24 00 61 54

Snorre Krogstad,
Chief Financial Officer
Tel: +47 24 00 61 44

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


[HUG#1365635]





    Press release no 16 2009 - CECO - Eitzen Bulk Shipping: http://hugin.info/135041/R/1365635/333569.pdf