This means that the merger between TTS and Umoe Schat-Harding announced on 16 August 2006 will not take place. Umoe has a long term strategy to grow the group's presence in the maritime industry based on the ownership in Umoe Schat-Harding. Umoe's decision to sell the shares and consequently stop the merger process with TTS was based on the recent development in the shareholder structure in TTS Marine. Another industrial shareholder recently acquired close to 40% of the shares in TTS Marine. This meant that Umoe's strategy to be the lead industrial shareholder in TTS Marine would have been challenging to maintain. Umoe Schat-Harding has over the last year shown very good financial and industrial performance.

The company has a clear strategy and is uniquely positioned for further growth in a strong market.'

Schat-Harding supplies lifeboat and evacuation systems for the cruise, offshore and shipping industries. Brands now supported by Schat-Harding include Watercraft, Waterman, Fiskars, Davit-Company, William Mills Marine, Schat, Harding, Mulder & Rijke and the Beiyang Boatbuilding Co.

MJInformation No: 22244