Re Agreement

RNS Number:1675N
Bergesen d.y. ASA
15 November 2001


BEA - ESTABLISHMENT OF A NEW DRYBULK COMPANY

Bergesen has together with its strategic drybulk partner, General Ore 
International Corporation (GOIC), entered into a preliminary agreement to 
establish a new drybulk company, that will have a leading position in the 
specialized market for drybulk carriers above 200,000 dwt. The company will be 
owned 51% by Bergesen and 49% by GOIC.

The company will own a fleet of ten drybulk carriers and two combined oil/ore 
carriers. The company will in addition operate a fleet of nine drybulk carriers 
that are chartered in. More specific, this implies:

The new company will acquire six drybulk carriers, which are currently owned 65%
by Bergesen and 35% by GOIC. These vessels are:   

Berge Athene (225.200 dwt, built 1979)
Berge Stahl (364.800 dwt, built 1986)
Bergeland (322.900 dwt, built 1992)
Berge Nord (220.400 dwt, built 1997)
Berge Pacific (231.900 dwt, built 1986)
Berge Shan (200,700 dwt, built 1986)

This part of the transaction will for Bergesen represent a reduction in 
ownership share from 65% to 51%. The sale of ownership share will have a minor 
accounting effect for Bergesen.

Furthermore, the new company will acquire four drybulk vessels that GOIC 
recently acquired from Thyssen Krupp. These vessels are:

- Athesis Ore (255.900 dwt, built 1991)
- Lyra (256.900 dwt, built 1991)
- Auriga (256.900 dwt, built 1990)
- Neckar Ore (322.500 dwt, built 1997)

The two combined ore/oil carriers that the company will acquire, were also 
recently acquired by GOIC from Thyssen Krupp. They are:
- Ruhr Ore (301.000 dwt, bygget 1987)
- Alster Ore (305.894 dwt, bygget 1988)

The new company's fleet of chartered-in tonnage will consist of nine drybulk 
carriers, of between 122,000 and 317,000 dwt, built in the period
1982-1997, The charter agreements have various durations, expiring between 2002 
and 2012. The acquired and chartered-in tonnage has a considerable contract 
coverage.

The acquisition from Thyssen Krupp also includes a chartering and operation 
company in Germany, that will conduct the commercial operation of the new 
company's entire drybulk fleet, including the vessels that are chartered in.

The two oil/ore carriers will be employed in a pool together with Bergesen's 
wholly owned oil/ore carriers Berge Phoenix and Berge Fjord, and will for the 
time being be traded in the spot market for oil. Bergesen will conduct the 
commercial operation of the pool. GOIC will have an option to acquire a 49% 
ownership share in Berge Phoenix and Berge Fjord, at a price that will be the 
higher of the market value at 30.09.2001 and the market price at the time the 
option is declared.

The transactions described above are based on market values at 30.09.2001, with 
due consideration to concluded charter contracts. The new company will partly 
finance its acquisitions by bank loans taken up on a stand-alone basis.

Bergesen's two drybulk vessels Berge Atlantic and Berge Arctic will not be owned
or chartered in by the new company, but will be commercially operated by it.

Oslo, 15 November 2001 BERGESEN D.Y. ASA

Contact person: Svein Erik Amundsen, Managing Director,
Telephone: + 47 22 12 05 13

Other information about Bergesen is available at: www.bergesen.no

Hsbc Bk. 25 (LSE:57OT)
過去株価チャート
から 11 2024 まで 12 2024