55 million shares returned to Eimskip Reykjavik, Iceland, 30 July, 2008 - Eimskip (OMX: HFEIM), the international transportation company, today announced that as part of a detailed review by the Board of Directors into the company's investment into its UK subsidiary Innovate, an amicable agreement has been reached with the prior owners of Innovate, Stephen Savage and Stephen Dargavel, who have agreed to return 55.406.354 shares in Eimskip, which they received for selling shares in Innovate to Eimskip in June 2007. The value of the Eimskip shares in that transaction was approximately ISK 2.5 billion. By end of trading on 29 July, the value of the shares is approximately ISK 792 million. Eimskip's ownership in treasury shares following the settlement is 159.878.087 shares. Discussions with Peter Osborne are expected to continue. He received 27.703.177 Eimskip shares in June 2007, in relation to Eimskip's investment in Innovate. For further information contact: Halldor Kristmannsson Executive Vice President of Corporate Communications & IR Tel: (+354) 525 7000 / (+354) 825 7221 E-mail: halldor@eimskip.is