Bergesen D.Y. AS

Bergesen owns one of the largest VLCC/ULCC and LPG fleets in the world. Its tanker fleet tops 6,000,000 dwt and its LPG fleet 1,300,000 cbm. In addition, it has a 65% interest in a dry cargo fleet of more than 1,400,000 dwt. Furthermore, the Bergesen D.Y. Group has real estate and financial investments as well as interests in onshore and offshore industries through its subsidiary Teknisk Bureau in Stavanger.

Recently, Bergesen, in a highly publicized deal, acquired 50.1% of Den Norske Amerikalinje AS (NAL). On top of this, Bergesen acquired approximately 34% of Havtor AS and, on November 20, 1995, the two companies announced that their Boards of Directors have agreed to merge the two companies with Bergesen appearing as the acquiring company. The merger is proposed to take effect on January 1, 1996. According to the agreement, Havtor shareholders will receive 11 Bergesen shares for every 70 Havtor shares. Bergesen will issue an additional 18,937,149 shares with the total number of Bergesen shares at 75,759,661 after the completion of the deal. The companies have yet to decide on management, operation and organization issues.

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