ANNOUNCEMENT NO. 13 - 2007
8 June 2007
Completion of the acquisition of OMI Corporation
On 26 May 2007, A/S Dampskibsselskabet TORM (TORM) announced that TORM and
Teekay Corporation (TEEKAY) through their jointly owned subsidiary, OMAHA, Inc.
(OMAHA), had acquired full control over OMI Corporation (OMI).
OMAHA now owns more than 90% of the outstanding shares of OMI. The merger of
OMI with and into OMAHA, the final step in the acquisition of OMI, is expected
to occur on Fri-day, 8 June 2007. OMAHA will as a consequence of the merger
change its name to OMI Corporation. The acquisition of OMI by TORM and TEEKAY
will consequently be completed on 8 June 2007, whereby OMI will become a
jointly owned subsidiary of TORM and TEEKAY.
Due to the acquisition of OMI Corporation TORM's second quarter report is
deferred to the 31 August 2007.
Contact Klaus Kjærulff, CEO, tel.: +45 39 17 92 00, mobile: +45 40 10 81 11.
N. E. Nielsen, Chairman, tel.: +45 72 27 00 00, mobile: +45 25 26 33 43.
This document is for informational purposes only and is neither an offer to
purchase nor a solicitation of an offer to sell shares of OMI Corporation.
Aktieselskabet Dampskibsselskabet TORM, Teekay Shipping Corporation and Omaha,
Inc. intend to file an offer to purchase and related materials with the
Securities and Exchange Commission (the “SEC”) in connection with the offer to
purchase shares of common stock of OMI Corporation. Once filed, all
stockholders of OMI Corporation are strongly advised to read these materials,
and the re-lated solicitation/recommendation statement that will be filed by
OMI Corporation with the
SEC, before any decision is made with respect to the offer, because these
documents will contain important information relating to the offer. These
documents will be available at no
charge on the SEC's website at www.sec.gov and may be obtained for free from
the infor-mation agent named in the offer materials.
About TORM
TORM is one of the World's leading carriers of refined oil products and has
significant activi-ties in the bulk market. The Company operates more than to
100 modern and secure ves-sels, most of them in pool co-operation with other
respected shipping companies, sharing TORM's commitment to safety,
environmental responsibility and customer service.
TORM was founded in 1889 and has constantly adapted itself and benefited from
the signifi-cant changes characterizing shipping. The Company conducts business
all over the World and is headquartered in Copenhagen, Denmark. TORM's shares
are listed in Copenhagen (ticker TORM) as well as on NASDAQ (ticker TRMD). For
more information, visit www.torm.com.
SAFE HARBOUR STATEMENT - FORWARD LOOKING STATEMENTS
Matters discussed in this release may constitute forward-looking statements.
Forward-looking statements reflect our current views with respect to future
events and financial performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of historical
facts.
The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical operating
trends, data contained in our records and other data available from third
parties. Although TORM believes that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control, TORM cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies and currencies, changes in charter hire rates and
vessel values, changes in demand for “tonne miles” of crude oil carried by oil
tankers, the effect of changes in OPEC's petroleum production levels and
worldwide oil consumption and storage, changes in demand that may affect
attitudes of time charterers to scheduled and unscheduled dry-docking, changes
in TORM's operating expenses, including bunker prices, dry-docking and
insurance costs, changes in governmental rules and regulations including
requirements for double hull tankers or actions taken by regulatory
authorities, potential liability from pending or fu
ture litigation, domestic and international political conditions, potential
disruption of shipping routes due to accidents and political events or acts by
terrorists.
Risks and uncertainties are further described in reports filed by TORM with the
US Securities and Exchange Commission, including the TORM Annual Report on Form
20-F and its reports on Form 6-K.
