Tschudi Shipping Company AS has concluded an agreement with Camillo Eitzen & Co ASA (CECO) whereof CECO shall acquire Tschudi Shipping Company's 50% of the shares in TESMA Holding AS and Tschudi Shipping Company AS shall acquire 100% of the shares in TESMA Estonia AS.

After the acquistion, TESMA Holding will be 100% owned by CECO. The ship managment company TESMA Estonia AS will be 100% owned by Tschudi Shipping Company AS. Tschudi Shipping Company AS will continue as a client of TESMA for the OBO and Tanker fleet.

After this transaction, Tschudi Shipping Company AS will continue it's positioning of the company as a privately owned shipping company with interests in several of the segments in shipping, offshore and logistics. Such interest shall also in the future include ship managment and crewing.