TECO MARITIME ASA - MANDATORY OFFER - FINAL RESULT

2/24/2012 2:55 AM EST

Correction: TECO MARITIME ASA - MANDATORY OFFER - 
FINAL RESULT

TECO Group AS has received an updated acceptance 
list. Numbers are corrected in yesterdays notice 
below.

Reference is made to the offer document dated 10 
January 2012 (the "Offer Document") regarding the 
mandatory offer (the "Offer") to acquire all 
outstanding shares in TECO Maritime ASA 
(the "Company") made by TECO Group AS 
(the "Offeror"). By stock exchange report on 9 
February 2012, the acceptance period of the Offer was 
extended to 22 February 2012 at 17:30 CET. 

The final result shows that the Offeror has received 
acceptance of the Offer for a total of 1 914 938 
shares in the Company, representing approximately 5.9 
% of the outstanding shares and votes in the Company. 
Together with the 15 448 365 shares already held by 
the Offeror and its closely related parties (TECO 
Holding AS and TECO Management AS), this represents 
in total 53.5 % of all the issued shares of the 
Company.

In accordance with the terms and conditions set out 
in the Offer Document, settlement according to the 
Offer will take place as soon as reasonably possible 
and not later than 7 March 2012.