24 Apr, 2014

Notice from Bondholders' meeting

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,
DIRECTLY OR INDIRECTLY, THE UNITED STATES, CANADA,
AUSTRALIA, HONG KONG OR JAPAN, OR ANY OTHER
JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE
WOULD BE UNLAWFUL.

Oslo, 24 April 2014

Reference is made to the press release dated 11 April
2014 regarding the proposed financial restructuring
and the summons to bondholders' meeting attached
thereto related to the 12% Eitzen Maritime Services
ASA Senior Unsecured Callable Bond Issue 2011/2014
(the "Bond Issue").

The bondholders' meeting was held today and the
proposals included in the summons were adopted.
Accordingly, the bondholders have approved the
following amendments to the Bond Issue agreement
(the "Bond Agreement"); (i) waiver of all accrued and
not paid interest under the Bond Agreement, (ii)
waiver of all interest accruing going forward until
the Bond Issue is repaid or set-off against shares in
the Company, (iii) waiver of the 1% premium on the
Company's call option under the Bond Agreement
resulting in a call option at 100% of par value, and
(iv) allow for the Company to repay the Bond Issue
with shares in the Company through the proposed
directed share issue, however limited so that no
individual bondholder's holding of shares will exceed
a mandatory offer threshold.

The directed share issue is further described in the
summons to bondholders' meeting. 
The Company has received undertakings from the
majority bondholders representing approximately 82%
of the share capital of the Company to vote in favour
of the directed share issue at the General Meeting to
be held 22 May 2014.

For further information, please contact:

Toril Eidesvik
Chief Executive Officer
Telephone: +47 90 07 82 18

Ole Anton Gulsvik
Chief Financial Officer
Telephone: +47 99 56 85 20

Important Notice
The contents of this announcement have been prepared
by, and are the sole responsibility of, the Company.
The Company's financial advisor is acting exclusively
for the Company and no one else, and will not be
responsible to anyone other than the Company for
providing the protections afforded to its clients, or
for advice in relation to the share issue, the
contents of this announcement or any of the matters
referred to herein. The share issue and the
distribution of this announcement and other
information in connection with the share issue may be
restricted by law in certain jurisdictions. The
Company assumes no responsibility in the event there
is a violation by any person of such restrictions.
Persons into whose possession this announcement or
such other information should come are required to
inform themselves about, and to observe, any such
restrictions. This announcement may not be used for,
or in connection with, and does not constitute, any
offer of securities for sale in the United States or
in any other jurisdiction.

The share issue will not be made in any jurisdiction
or in any circumstances in which such offer or
solicitation would be unlawful. This announcement is
not for distribution, directly or indirectly in or
into any jurisdiction in which it is unlawful to make
any such offer or solicitation to such person or
where prior registration or approval is required for
that purpose. No steps have been taken or will be
taken relating to the share issue in any jurisdiction
outside of Norway in which such steps would be
required. Neither the publication and/or delivery of
this announcement shall under any circumstances imply
that there has been no change in the affairs of the
Company or that the information contained herein is
correct as of any date subsequent to the earlier of
the date hereof and any earlier specified date with
respect to such information.

This announcement is not for publication or
distribution, directly or indirectly, in the United
States (including its territories and possessions,
any state of the United States and the District of
Columbia). This announcement does not constitute or
form part of any offer or solicitation to purchase or
subscribe for securities in the United States. There
will be no offer of securities in the United States.
All offers and sales outside the United States will
be made in reliance on Regulation S under the US
Securities Act.

This announcement does not constitute an offering
circular or prospectus in connection with an offering
of securities of the Company. Investors must neither
accept any offer for, nor acquire, any securities to
which this document refers, unless they do so on the
basis of the information contained in the prospectus
made available by the Company only to qualified
persons in certain jurisdictions where an offer may
be made (if an offer is made). This announcement does
not constitute an offer to sell or the solicitation
of an offer to buy or subscribe for, any securities
and cannot be relied on for any investment contract
or decision.


Notice from Bondholders' meeting

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