January 05, 2007

Bore Finnish entities merged as of 1.1.2007 into Rettig Group Ltd Bore – new legal structure for the ship owning activities in Finland

In 2005 Bore acquired 100 % of Bror Husell Chartering AB Ltd and in 2006 100 % of Rederi AB Engship. These steps resulted in a transformation for Bore – not only tripled the turnover to approx EUR 75 million but also the fleet and the crew grew. Now Bore operates with a fleet of 22 ships providing RoRo, container and multi-purpose vessels to its customers.

Both Bror Husell Chartering AB Ltd from Mariehamn, on the islands of Åland and Rederi AB Engship from Turku will now trade under the name of Rettig Group Ltd Bore. The trade names BHC and Engship will no longer be used, but remains a part of our valuable history.

Bore will have three offices in Finland with centralised finance in Mariehamn. This means that all invoices as of now should be sent to Rettig Group Ltd Bore, Elverksgatan 10, AX-22100 Mariehamn, Åland Finland.

Thomas Franck, Senior Executive Vice President for Bore, says: "The merger of the Finnish entities emphasises the importance of joining forces and act as a unified ship owning company. Together with our subsidiary in the Netherlands, Bore Shipowners BV, we will deepen and further develop our business to provide well-maintained and smooth operation of our ships together with a motivated and competent crew onboard and ashore".

Jhonny Husell now Executive Vice President Contract of Affreightment, says: "the legal merger takes away triplicated administrative work and will now allow us to concentrate on providing good and efficient services towards our customers."

For further information on the merger please contact Thomas Franck, tel + 358 9 61883213.

Bore is a shipping business area of Rettig Group Ltd with a fleet of 22 vessels. In 2007 the turnover is expected to reach EUR 75 million, capital employed EUR 250 million and the number or employees 450.

Rettig Group is a Finnish family owned industrial group focusing on three core business areas: Rettig ICC (hydronic and electrical heating, indoor climate regulation), Bore (shipping) and Tarkala (real estate development and rental). In 2006, the turnover amounted to EUR 700 million and the number of personnel is 4000.