Sea-Cargo, 30th March 2010

SEA-CARGOAGENCIES BV (AMSTERDAM)

- CHANGE IN OWNERSHIP AND MANAGEMENT

IN OWNERSHIP:
Sea-Cargo AS (Bergen, Norway), and VCK BV (Amsterdam, The Netherlands), have since 2001 been joint owners of Sea-Cargo Agencies BV in Amsterdam. The joint ownership originated from a merger of activities back in 2001 - when the parties included their respective Agency and Liner activities in the new company.

.Sea-Cargo has since 2001 spent considerable resources on building an infrastructure that covers all parts of the service network. This includes fully owned subsidiaries in all key ports, Bergen, Stavanger, Esbjerg, Immingham, Aberdeen and Amsterdam.

Sea-Cargo has now reached an agreement with VCK to acquire all of its shares in Sea-Cargo Agencies BV – thereby taking 100% ownership in the company. The consolidation is fully in line with Sea-Cargo’s strategy of building a complete infrastructure.
The agreement is reached with both parties acknowledging the need for a clear and neutral relationship going forward, avoiding any potential conflict of interest related to future business opportunities

The Sea-Cargo Agencies BV office will as from April 2010 be profiled and managed in line with the other Sea-Cargo Agencies offices, including management, accounting and IT services.

CHANGE IN MANAGEMENT:
The General Manager of Sea-Cargo Agencies BV (Amsterdam), Rob Jensch, has reached retirement age after more than 45 years with the trade. Rob will on 1 May 2010 officially hand over daily management to the new General Manager, Hans van Velthoven. Rob Jensch will be working with Hans until end of 2010 - ensuring a smooth transition of the business. Hans van Velthoven is coming from a central position in UNIFEEDER Benelux, but has earlier worked 8 years with LYSLINE – building their continental infrastructure.

For further details or questions related to the above, please contact the undersigned.

SEA-CARGO AS.

Ole Sævild / Managing Director.