Norwegian chemicals transporting group Eitzen Chemical ASA said that it has signed a preliminary agreement to acquire chemical tankers owner Mosvold Chemical KS.
Eitzen Chemical said that it has entered into an agreement on main terms for the acquisition of Mosvold Chemical for USD12m in cash and shares.
Mosvold Chemical comprises a fleet of four stainless steel chemical tankers of 5,400 to 7,600 dwt. The vessels are currently on time charter to Italian company Marnavi SpA.
The final purchase agreement is expected to be signed during March. Eitzen Chemical on Wednesday also published its fourth quarter report, posting an operating profit of USD12,54m, as compared to pro forma USD20.29m in the third quarter. Total revenues for the quarter amounted to USD76.97m, up from pro forma USD77.73m in the previous quarter.
Eitzen Chemical, headquartered in Lysaker in Norway, is one of the world's largest regional chemical transportation companies, controlling a fleet of 118 vessels. The company is part of Eitzen Group. Eitzen Chemical was listed on the Oslo Stock Exchange in November 2006, and is traded under the ticker ECHEM.
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