As  previously  communicated,  PT  Berlian  Laju  Tanker Tbk ("BLT") and Camillo
Eitzen  & Co ASA ("CECO") announced on 5 October 2009 the submission by BLT of a
non-binding indication of interest to put forward a voluntary exchange offer for
all  outstanding shares in CECO. On 14 December 2009, the parties announced in a
joint  press  release  that  the  due  diligence  process  undertaken by BLT was
concluded and that BLT had revised the terms of the potential offer. At the same
time,  BLT and CECO also entered into a transaction and exclusivity agreement in
order to prepare for a launch of a voluntary exchange offer, subject to a number
of  conditions, consents  and approvals.  Under the  agreement, the parties also
agreed on a timeline for the offer process and key transaction milestones.

Since  December 2009, BLT  and CECO  have worked  to prepare  for launch  of the
voluntary  exchange offer under the revised terms announced 14 December 2009. As
the  initial transaction structure  proposed by BLT  (which involved an issue of
mandatory  exchangeable  bonds)  failed  to  obtain approval from the Indonesian
market  regulator,  the  parties  have  been considering alternative acquisition
structures to complete the offer.

After contemplating other options allowing earlier execution of the transaction,
BLT  has now  finally proposed  a new  transaction structure  for completing the
offer  based on issuing shares in BLT as payment to CECO shareholders. According
to BLT, having the exchange offer being based on a rights issue structure, which
is  a  proven  concept  in  Indonesia  and  for  BLT,  significantly reduces the
execution  risk in the transaction. Under the new structure, the transaction may
be completed by mid-June 2010.

BLT  has confirmed to CECO that it  remains committed to launch its contemplated
offer  for CECO on the terms  previously announced on 14 December 2009. Although
the  indicative offer from BLT is still  considered attractive by the CECO Board
of  Directors ("Board"), at this time the  Board will not extend the exclusivity
granted  to BLT to ensure  the necessary flexibility for  CECO in the process of
concluding  a long-term  agreement with  its secured  and unsecured  lenders, as
announced  in October 2009. However, the Board  remains positive to continue the
process with BLT based on the planned voluntary exchange offer under the revised
terms previously announced.

Carnegie  and ABG Sundal  Collier are acting  as financial advisors  to CECO. RS
Platou Markets is acting as financial advisor to BLT.

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#1376973]





    Press release no 1 2010 _ CECO_BLT Announcement: http://hugin.info/135041/R/1376973/338098.pdf