Due to the challenging  shipping markets, as a  direct effect of  the
global economical environment, CECO  has informed its employees  that
the Company plans on carrying out redundancies among its  shore-based
employees  in  order   to  adapt  to   the  current  situation.   The
restructuring will regrettably  involve the redundancy  of 17 out  of
106 employees in Oslo and Copenhagen. In addition there will be other
cost cutting measures, in order to achieve an overall cost  reduction
of about 20%.

Peter D. Knudsen says: "We sincerely regret to have to let go of  our
committed  and  loyal  employees.  These  and  other  measures  are a
consequence  of  the  markets  in  which  we  operate,  and  we   are
implementing changes to the  organization that have been approved  by
our Board of Directors. Under the present situation, our stakeholders
expect us to adjust our ambition level - to focus on our key shipping
segments (Bulk, Gas and Chemical), and develop a business model  that
is sustainable  and adjusted  to the  present business  climate.  Our
reputation and ability  to service  our clients in  an efficient  and
cost effective way  shall remain  in the  center of  our focus  going
forward."


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


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