BMS Braemar Plc

RNS Number:6005K
Braemar Shipping Services PLC
24 December 2007


                            BRAEMAR SHIPPING SERVICES PLC

                                  PRESS RELEASE

For immediate release                                           24 December 2007


                         Braemar Shipping Services plc

               Acquisition of 80% of Fred. Olsen Freight Limited


The Board of Braemar Shipping Services plc is delighted to announce that its
wholly-owned subsidiary, Cory Brothers Shipping Agency Limited has today
acquired 80% of the share capital of Fred. Olsen Freight Limited ("FOFL").


FOFL provides a range of freight forwarding and liner agency services for a
predominantly UK client base. It has 50 employees mainly based in Ipswich. The
business will be brought together with Cory's logistics business which is based
in Felixstowe and run by John van Bergen, Cory's director for freight forwarding
and logistics.


The purchase price payable for the 80% interest is �1.3 million to be satisfied
in cash from internal resources. The amount is adjustable depending on final
results for 2007 and profitability during 2008.


In the year to 31 December 2007 FOFL is expected to generate revenues of �15
million and pre-tax profits of approximately �400,000 and the net assets
acquired are expected to be in the region of �200,000.


Commenting on the acquisition, Quentin Soanes, director of Braemar Shipping
Services plc and Chairman of Cory said, "Cory's logistics business has grown
significantly over the last few years and there is a natural fit with Fred
Olsen's business which will increase the range of services we offer. The
combined business has an exciting future and we are delighted to welcome the
FOFL team to the Group."


Jeremy Dowler, director of FOFL noted that, "Combining the business with Cory
will provide a solid base for additional expansion of customer services which
Fred. Olsen will be supporting through its 20% shareholding."


Ends

For further information, contact:

Braemar Shipping Services plc
     Quentin Soanes                                     Tel +44 (0) 20 7535 2650
     James Kidwell                                      Tel +44 (0) 20 7535 2881

Aquila Financial
     Peter Reilly                                       Tel +44 (0) 20 7202 2601

Elaborate Communications
     Sean Moloney                                        Tel +44 (0) 1296 682356

Charles Stanley Securities
     Philip Davies                                      Tel +44 (0) 20 7149 6457


Notes

Braemar Shipping Services plc (previously known as Braemar Seascope Group plc)
is a leading integrated provider of broking and consultancy services to the
shipping industry.


Braemar Shipping Services plc

Specialised shipbroking and consultancy services to international ship owners
and charterers in the sale & purchase, tanker, gas, chemicals, offshore,
container and dry bulk markets.

www.braemarseascope.com


Falconer Bryan Pte Ltd

Offices at the following locations:

Australia, China, India, Indonesia, Malaysia, Singapore, Vietnam, United Kingdom

www.falconer-bryan.com


Cory Brothers Shipping Agency

Port agency, freight forwarding and logistics services within the UK.

www.cory.co.uk



Wavespec

Marine engineering and naval architecture consultants to the shipping and
offshore markets.

www.wavespec.com



DV Howells

Pollution response service primarily in the UK for marine and rail operations

www.dvhowells.co.uk


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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