Braemar Shipping Services PLC Exit from Joint Venture (0363B)

TIDMBMS

RNS Number : 0363B

Braemar Shipping Services PLC

13 June 2016

BRAEMAR SHIPPING SERVICES PLC

("Braemar", the "Company" or the "Group")

Exit from Joint Venture

Braemar Shipping Services plc (LSE: BMS), a leading international provider of broking, consultancy, technical and other services to the shipping, marine, energy, offshore and insurance industries, today announces that it has terminated its involvement in the venture ACM ICON Shipping DMCC.

Braemar has determined that this is no longer part of Braemar's overall group strategy and should therefore be exited. Braemar's 50% share will be acquired by the joint venture partner, Icon Chartering Ltd.

Braemar Shipping Services PLC ('Braemar') merged with ACM Shipping Group ('ACM') in July 2014.

Prior to that ACM had a joint venture operating from Dubai called ACM ICON Shipping DMCC ('ICON Shipping') which until now was 50% owned by ACM Shipbroking (formerly ACM Shipping Group) and 50% owned by Icon Chartering.

The joint venture vehicles will be renamed Icon Chartering Limited (BVI) and Icon Chartering (DMCC) with effect from 13 June 2016 and will continue to trade under the management and leadership of Rohan Shetty.

For further information, contact:

 
 Braemar Shipping Services 
  James Kidwell, Chief Executive   Tel +44 (0) 20 3142 
                                                  4100 
  Louise Evans, Finance Director 
 
 Stockdale Securities 
  Robert Finlay / Antonio          Tel +44 (0) 20 7601 
   Bossi / Richard Johnson                        6100 
   / Henry Willcocks 
 
 Buchanan 
  Charles Ryland                   Tel +44 (0) 20 7466 
   Stephanie Watson                               5000

This information is provided by RNS

The company news service from the London Stock Exchange

END

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June 13, 2016 09:45 ET (13:45 GMT)

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