LEIF HOEGH BUYS OUT UGLAND’S 50% INTEREST IN HUAL

LEIF HOEGH BUYS OUT UGLAND’S 50% INTEREST IN HUAL

   Leif Hoegh & Co. ASA has agreed to acquire the 50 percent interests of Ugland International Holding plc in their joint venture HUAL for NoK 3.14 billion (U.S. dollars 390 million).

   The transaction is expected to be completed by the end of March.

   Oslo-based HUAL moved nearly one million car equivalent units in 1999 and now becomes 100 percent owned by Leif Hoegh.

      In addition to its interests in HUAL, Leif Hoegh operates three liner services of its own. These are its North America/Asia via Suez service, the Chile/North America/Europe service and its Europe/ECSA service (for details see freesite www.compairschedules.com).