Green Reefers Asa News

With immediate effect, Trym Jacobsen has left as CEO of Green Reefers ASA following disagreement with the board. The Chairman of the Board, Toril Eidesvik will in an interim period act as CEO, until a permanent CEO has been engaged. The board will immediately start the process of recruiting a new CEO.

Trym Jacobsen has joined Green Reefers ASA as the company's new managing director, replacing Erik Thulin. Jacobsen has been employed with Green Reefers ASA since 1991 and is currently holding the position as CFO.

Green Reefers ASA has agreed to buy the Silver Fjord (ex. "Frio Hamburg") for $10,4 mill. The vessel is 194,000 cu. ft. and built in Denmark in 1997. Delivery will take place in June/July 2006 and the vessel will be renamed Green Tromsø. In June 2005 the company acquired the sistervessel Green Bergen (ex. "Frio Pusan"). The purchase of Green Tromsø is part of a fleet renewal program where the company is selling the smaller and older units and buying modern and larger units.

Green Reefers ASA increased its share in the Polish terminal Euro Terminal Sp.z.o.o.; formerly Odraport. An agreement has been reached to acquire Frax AS' 6 percent shares in Odra Industries ASA, the holding company of Euro Terminal. Green Reefers will thereafter own 31 percent in the terminal. Euro Terminal owns and operates a port in the northwestern corner of Poland with a total cold store capacity of 30,000 tons. Euro Terminal is the main port for Green Reefers in Poland. The port is serving the markets in Poland, Central- and Eastern Europe.