TECO Maritime ASA: Mandatory offer

1/11/2012 2:00 AM EST

Reference is made to the notification dated 18 
December 2011 where TECO Group AS (the "Offeror")  
announced that it was in an offer situation and would 
propose a mandatory offer to acquire all outstanding 
shares in TECO Maritime ASA ("TECO Maritime" or 
the "Company").

The Offeror hereby propose a mandatory offer to 
acquire the remaining shares in TECO Maritime which 
are not already hold by Offeror (the "Offer") on the 
terms and conditions set out in the offer document 
dated 10 January 2012.

The offer price is 0.22 per share in cash. 

The offer period commence 11 January 2012 and expires 
at 17:30 (CET) on 8 February 2012.

The Offer will not be made in any jurisdiction in 
which the making of the Offer would not be in 
compliance with the laws of such jurisdiction. The 
Offer will not be made in or into the United States, 
Canada, Australia or Japan. This notification does 
not in itself constitute an offer. The Offer will 
only be made on the basis of the offer document dated 
10 January 2012 and can only be accepted pursuant to 
the terms of such document.

Due to the fact that the Offer is launched by an 
Offeror which is controlled by the chairman of the 
board of directors of the Company, Oslo Børs has 
required that the statement on behalf of the Company 
pursuant to Section 6-16 of the Securities Trading 
Act shall be made by an independent third party. Such 
statement will be made and published at least one 
week before the offer period expires.

The offer document is sent to all shareholders 
registered in VPS per 10 January 2012.

The offer document is available at Nordea Bank Norge 
ASA, Securities Services - Issuer Services, P.O. Box 
1166 Sentrum, N-0107 Oslo.

About TECO Maritime ASA
TECO Maritime is, with its subsidiaries, a specialist 
supplier of competence based technical services to 
the maritime industry. TECO Maritime offers voyage 
repair and maintenance services onboard vessels, 
whilst they are in service. Their range of products 
and services includes coating contracting, marine 
electronics, tank cleaning and ship repair and 
maintenance.

About TECO Group AS
TECO Group AS is an investment holding company which 
invests in companies and assets mainly within the 
shipping and offshore industry.