SvitzerWijsmuller A/S (“SvitzerWijsmuller”) announced today that it has received acceptances exceeding of 90% of the issued shares in Adsteam Marine Limited (“Adsteam”).  To coincide with this important development, SvitzerWijsmuller has determined to declare the Offer final. Accordingly, the Offer will remain open for acceptance until 7.00pm (AEST) on 23 March 2007 and will not be further extended.

Having become entitled to more than 90% of Adsteam, SvitzerWijsmuller will seek to compulsorily acquire any outstanding Adsteam Shares in accordance with section 661B of the Corporations Act, once the Offer has closed.  As part of the compulsory acquisition process, SvitzerWijsmuller will arrange for Adsteam to be removed from the official list of the Australian Stock Exchange in accordance with the requirements of ASX.

As detailed in its Bidder’s Statement which was lodged with ASIC on 7 July 2006, SvitzerWijsmuller will replace all of the members of the Adsteam Board and will seek to streamline Adsteam’s current head office in Sydney, to become a regional head office for the Merged Group in Oceania.  SvitzerWijsmuller anticipates that the regional offices of the Merged Group in the United Kingdom will be combined and located in Tees (U.K) and that the Merged Group’s headquarters will be located in Copenhagen, Denmark.

Jesper T. Lok, CEO of SvitzerWijsmuller, said:  “Now that SvitzerWijsmuller has achieved 90% of Adsteam, we look forward to bringing our two great businesses together.  With more than 4,000 colleagues, operating 500 vessels in some 35 countries around the world, we have a unique opportunity to be the preferred provider globally of safety and support services at sea.”

As at 7.00pm (AEST) on 23 March 2007, SvitzerWijsmuller had received acceptances equal to 95,75% of Adsteam’s issued shares.

Adsteam Shareholders are encouraged to accept the Offer, which is now unconditional, without further delay.