The Statoil subsidiary, Advanced Production and Loading AS (APL), one of the worlds leading companies within the field of offshore loading and turret-mooring systems, will change ownership.

An agreement has been made resulting in the sale of APL to the management of APL (30%) and the two Stavanger, Norway, based private equity funds; Energivekst (46,7 %) and Energy Ventures (23,3%). The parties to the agreement has decided not to make the price public. The sale will not influence the equity nor business activities of APL.

Statoil founded APL in 1993 to commercialize new advanced technical solutions for offshore loading. Due to Statoil's commitment and dedication to put new concepts in use, APL has had the opportunity to develop unique and competitive solutions. These solutions have contributed to a reduction in development capital expenditure and thereby development of several national and international oil fields, as well as given APL international references and credibility in the market place.

APL is today a company with 100 employees, headquartered in Arendal, Norway. The company has activities in several countries world wide. APL is today an EPIC technology contractor within its field of operation with considerable activities outside Norway. The expected turnover in 2003 is 500 mill. NOK. Considerable growth is expected in the years ahead.

In his commentary to the agreement, Statoil Senior Vice President and Chairman in APL, Martin Sigmundstad, says; "We believe the agreement is an excellent industrial solution to ensure continued development of APL. We believe that the new owners are well placed to support this development. Statoil's focus is towards the early phases of development and commercialization of new technological solutions that serves Statoil's business objectives. It is not within our strategy to be a majority owner in such large EPIC contractors that APL has become. This may give rise to doubts about Statoil's impartiality as a client and customer."

Managing Director in APL and Calculus, Carl Arnet, comments; "We have had an excellent relationship with Statoil as an owner and first user right from the inception of APL. Statoil has given us the necessary credibility in the marketplace as well as the means to develop our business model. The new ownership will enable us to continue to pursue the strategies and ambitions of the management. We are very pleased with the process as well as the result. Continued development of APL will depend on the availability of investment capital and business understanding provided by the specialized funds, Energivekst and Energy Ventures."

Energivekst and Energy Ventures are the two most influential funds, specializing in Norwegian developed technology for the offshore oil and gas sector. The funds have a total capital of 690 and 314 mill. NOK respectively. The funds investors are among the best known private equity names like; Argentum, HitecVision, Umoe, Sparebank-1 SR Bank, and others.

The lead investor and Managing Director in Energivekst, Ole Ertvaag, comments; "APL is precisely the target company we have in our investment strategy. We have been founded to invest in mid sized technology companies in the energy sector with a considerable potential for international development. We are very optimistic with respect to the future of APL and believe that we are taking over the baton from Statoil at a very opportune point in time for APL."

In his commentary to the agreement, Ole Melberg, managing partner in Energy Ventures says; "APL is an investment well placed with respect to our funds objectives of focus on investments within offshore technology that provides flexible solutions, cost efficiencies, development of smaller fields and tail end production. The fact that APL has already obtained considerable international recognition, strengthens our resolve to actively participate in the development of the company."

Further comments to the press release are available from;

Statoil by:
Managing Director Offtech, Invest Jan Inge Røyland, phone +47 952 35 766

APL by:
Managing Director, Carl Arnet, phone +47 452 97 000

Facts about the entities:

APL
APL is a specialist technology company in the field of offshore loading, turret-mooring systems and associated equipment for oil and gas production and storage. APL has through its 10 years history developed into a leading player within its niche of operation. The company had 90% of its total revenue of 440 mill. NOK in 2002 from sales outside Norway and 80% outside the North Sea. APL has offices in Houston, Rio de Janeiro, Paris and Stavanger.
Further information about APL can be found at: www.apl.no

Energivekst
The Norwegian private equity fund Energivekst has a capital base of 690 mill. NOK. The fund is based in Stavanger, Norway. The prime focus of the investment fund is investments in the energy sector. Behind Energivekst are some of the first names in Norwegian private equity; Argentum Fondsinvesteringer AS (the state investment fund and main investor at 42%), Sparebank 1 SR-Bank, Lyse Energi, HitecVision, Styrbjørn, Telenor, DnB, Gjensidige and Norsk Hydro Technology Ventures. Energivekst is managed by HitecVision AS. More information about the fund can be found at: www.hitecvision.com

Energy Ventures
Energy Venture is an independent classic sector venture fund based in Stavanger, Norway. The fund specialises its investment activities in high growth technology companies within the energy sector.
Energy Ventures' main focus is on upstream E&P technologies, but consideration is also be given to mid- or downstream technologies as well as to power and environmental technologies for the energy business. Target companies are located in the North Sea region, but will preferably have international operations. New technologies and smart applications of these are key drivers for investment, improved performance, productivity gains, cost reductions and the opening of new territory for E&P activities. The fund invests in high growth North Sea based technology companies that successfully markets and sells proprietary or unique technology products or solutions to the international market. More information can be found on: http://www.energyventures.no/