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June 16 2010

Norwegian car carrier specialists to combine

The Boards of Norway's Eidsiva Rederi ASA and Dyvi Holding AS have reached an agreement that will see all of the shares in Dyvi Shipping AS -- which contains Dyvi Shipping's car carrier activities--to Eidsiva in return for shares in Eidsiva that will give it a 46.4 percent stake in the newly combined entity.

The combined Eidsiva and Dyvi Shipping will be renamed Norwegian Car Carriers ASA (NOCC).

The new company will have an experienced management team focused on pursuing growth opportunities and to utilize the current demanding market conditions to expand the present fleet of 16 car carriers and ro/ro-vessels. NOCC's ambition is to be a leading tonnage provider in the car carrier market building on Dyvi Shipping's and Eidsiva's more than 60 years of combined experience in the industry.

Dyvi Shipping is the shipowning entity for the car carrier activities in the Dyvi Holding group. Dyvi was founded in 1955 by Mr. Jan-Erik Dyvi who pioneered the car carrier segment by developing and contracting the world's first roll on/roll off pure car carrier in 1962. Dyvi has been in the car carrier market continuously ever since and has chartered out its fleet to all of the major operators.


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