Bonds/warrants allocated by board decision

Arendal, 9 March 2011

The loan was oversubscribed and allocation is made on a pro rate basis of position in existing loans.

The subscribers of the new bonds received allocation of 65,000,000 warrants on a pro rate basis in accordance with the resolution of the extraordinary general meeting on 28 February 2011. The restructuring is further described in the Term Sheet published on 31 January  2011. Issuance of the new bonds and warrants are conditional upon completion of the Restructuring. Under the current time table the restructuring is scheduled to close during week 11 2011.

For further information, contact:
CFO Ivar H. Halvorsen   +47 48 13 22 45