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CECO Housecleaning – Eitzen Gas and Ethylene Carriers Disposed Of

Last week, Camillo Eitzen & Co. ASA (“CECO”) announced that it had agreed to sell its nine 100% owned semi-ref vessels along with its 100% shareholding in Eitzen Gas to C-Gas AS, an investment company established by Pareto Project Finance with Bergshav Group of Grimstad as the disponent owner acquiring a 51% interest along with two others who took the rest of the deal. The purchase price is $53 million, subject to adjustments for working capital, which will yield an estimated profit on the sale of the Semi-ref vessels of approximately $4 million.

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