Vessel Acquisition

Back Jun 04, 2004 

Ref : COR: MS/EL04019e/st
 
                                                                            1 June 2004
 
Subject    :      Vessel Acquisition 
To           :      The President of the Stock Exchange of Thailand
 
Thoresen Thai Agencies Plc hereby reports the acquisition of MV. Thor Enterprise on behalf of 
Thor Enterprise Shipping Co., Ltd., a subsidiary company of Thoresen Thai Agencies Plc details 
of which are as follows:
 
1.   Details of the Asset Acquired :
 

Name of Vessel
 
Type of Vessel
 
Size of Vessel
 
Year Built
 
M.V. Thor Enterprise
 
 
        Open Hatch 
Box Shaped Bulk Carrier
 
 
 42,529 DWT
 
 
1995

                                                                                                               
                           
2.   The Parties Involved
 
2.1) The buyer : Thor Enterprise Shipping Co.,Ltd. 
 
 The buyer is a subsidiary company of Thoresen Thai Agencies Plc
 
2.2) The seller of the vessel : Stevens Line Co., Ltd., Vanuatu
 
2.3) Relationship between buyer and seller : None
 
3.   Total Value of the Acquired Asset
 
The total cost of the vessel is USD 26,020,000 (United States Dollars Twenty-Six Million 
Twenty Thousand) or approx. Baht 1,057,713,000 (Baht One Billion Fifty-Seven Million 
Seven Hundred and Thirteen Thousand), which is the current market price. The transaction 
is equal to 10.45% of the total value of the assets of the Company and its subsidiaries as of 
31 March 2004.  (The total assets of Thoresen Thai Agencies Plc and its subsidiaries as of 
31 March 2004 amounted to baht 10,118,821,866). It is not subject to the Notification of 
the Stock Exchange of Thailand regarding Rules, Procedures and Disclosure of Acquisition 
or Disposal of Assets dated 22 January 1993.
 
After the acquisition of the vessel, the Thoresen Fleet will consist of 45 vessels, with an average 
size of  25,548 DWT.
 
 
 
 
Thoresen Thai Agencies Public Company Limited
Page 2                                                                                                   Ref. No.  COR:MS/EL04019e/st
 
4.   Benefit Expected to be Generated from the Transaction
 
To enhance market strength of the Company
 
5.   Source of Fund
 
      Internal source of fund and a local financial institution.
 
6.   Date of Acquisition
 
      1 June 2004
 
7.   General Information of Thor Enterprise Shipping Co., Ltd.
 
Thor Enterprsie Shipping Co., Ltd. is a subsidiary company of Thoresen Thai Agencies Plc, with a registered capital of Baht 300 million, divided into 3,000,000 shares, at par value of Baht 100.
 
 
 
                                                                    Yours faithfully,       
 
 
                                        --------------------------       -----------------------
                                               Mr. Frode Teigen                 Mr. Ole Teigen
                                                       Director                             Director