A/S Em. Z. Svitzer, a subsidiary of the AP Møller group, based in Copenhagen, Denmark has acquired the 100% of shares from Wijsmuller Groep Holding B.V. of IJmuiden, The Netherlands, one of the world's leading providers of harbour and terminal towage as well as salvage services.

Closing of the transaction is conditional upon limited confirmatory due diligence and certain regulatory approvals. Completion is targeted in early July 2001.

The Wijsmuller Group operates a fleet of over 150 vessels in 21 countries employing more than 1.000 people.

A/S Em. Z. Svitzer, established in 1833, is engaged in salvage, towage and heavy-lift transportation and bulk cargoes. It is also involved in offshore activities such as hydrographic/seismic surveys and stand-by rescue vessels.

The Svitzer group operates companies in Denmark, Estonia, Sweden, United Kingdom and Australia. The fleet totals 70 units, including salvage and towage vessels, barges and vessels for special assignment, employ over 620.

Through it's branch Co, Svitzer Surveys with office and workshop in Esbjerg, Denmark, A/S Em. Z. Svitzer offers also the following range of services:

OFFSHORE SURVEY SERVICES

- hydrographic & bathymetric surveys

- seabed investigations

- submarine pipeline/cable route & inspection surveys

- offshore survey consultancy

POSITIONING SERVICES

- accurate sub sea positioning (acoustics)

- rig positioning.

REMOTELY OPERATED VEHICLE (ROV) SERVICES

- drilling rig support

- sub sea engineering inspection

- salvage operations