The United Kingdom’s Competition Commission today announced its provisional findings relating to SvitzerWijsmuller A/S’ recommended $2.54 per share cash Offer for all the shares in Adsteam Marine Limited.

See the Competition Commission’s media release here.

SvitzerWijsmuller's Chief Executive Officer, Mr. Jesper T. Lok said:

"We welcome the Competition Commission's provisional findings that the proposed transaction will not result in a substantial lessening of competition outside Liverpool.

We will address the provisional findings both in respect of Liverpool and the possible remedies in relation to that port with the Competition Commission during the ongoing review process. However, we note that these are provisional findings only and that no decisions concerning the future of these operations have been made or will be made until after the Commission releases its final report which is expected by 14th February 2007".

SvitzerWijsmuller presently intends to extend the Offer as required to accommodate the UK Competition Commission process. However, SvitzerWijsmuller reserves the right to declare the Offer free from the UK Competition Approval Condition, or to determine to allow the Offer to lapse in accordance with the Offer terms and the Australian Corporations Act, particularly if it considers that circumstances change.

Given the provisional nature of these findings and the fact that the proposed acquisition is still the subject of an ongoing regulatory process, it would be inappropriate to comment any further at this stage.

SvitzerWijsmuller will keep Adsteam shareholders informed of any material developments.

Background data:
SvitzerWijsmuller operates with more than 2,500 colleagues and 300 vessels in some 35 countries.

Operations include harbour/terminal towage, ocean towage, emergency response and salvage.

SvitzerWijsmuller is part of the A.P.Moller-Maersk Group which employs 110,000 people in 125 countries.

Adsteam provides ship assist services. Operations are located in Australia and the United Kingdom and cover major container, bulk and general cargo ports in Australia, the South Pacific and the UK. With activities including towage, line running/mooring, workboat and offshore services, vessel management, salvage, emergency response and ships' agency, Adsteam is a leading international provider of maritime services.

For further details please contact:

Denmark, SvitzerWijsmuller A/S:
Mr. Bo V. Laub, Phone: +4539193919

Australia, Third Person:
Ms. Jan Eakin
Phone: +61-2-82986100
Mobile: +61-422997161
 
United Kingdom, Svitzer Marine Ltd.:
Mr. James Curry
Phone: +44 1642 258305