APL Prices at NOK 49.0

APL ASA announces the successful completion of its new issue and a simultaneous secondary sale of shares by existing shareholders at a price of NOK 49.0 in connection with the Company's listing on Oslo BÝrs.

The Company will be listed on Friday 18 March 2005, with the ticker symbol APL.

"We are pleased with the level of interest from investors" says Carl K. Arnet, CEO of APL ASA. "We feel that the interest in our IPO and listing is an endorsement from the capital markets in the future prospects for APL and our technology".

A total of 9,348,812 shares have been sold in the Offering comprising 5,103,382 new shares and 4,245,430 secondary shares. The total transaction size, including over-allotted shares, is NOK 458 million, of which NOK 250 million have been raised by the Company.

A total of up to 9,348,812 shares, including over-allotted shares, were offered in the transaction at an indicative price range of NOK 44.0 and NOK 49.0 per share. The price per share was set at NOK 49.0 per share. Subscriptions for a total of approximately 172 million shares were received at this price, implying that the Offering was oversubscribed by a factor of 17.5. Approximately 95% of the shares were allocated to institutional investors and approximately 5% to investors in the retail offering.

The offering was met with significant interest internationally, in particular from UK and US based investors. Approximately 72% of the subscriptions were made by international investors.

After completion of the transaction the Company will have 19,476,482 shares outstanding and approximately 850 shareholders.

Investors' attention is drawn to the fact that the Managers of the Offering, Enskilda Securities ASA and First Securities ASA, have exercised the over-allotment option of up to 1,219,410 shares granted to them by the selling shareholders, pursuant to which they may require the selling shareholders to sell them up to this amount of shares at the Offering Price. The Managers may effect transactions in the market during a period of 30 calendar days after the first day of trading of the share, whether to close out any short position so created or otherwise, in order to support the market price of the APL share at a level higher than would otherwise prevail. There is no assurance that such stabilization will occur, and, if commenced, it may cease at any time. Any such stabilizing actions will be conducted in accordance with the requirements of Directive 2003/6/EC of the European Parliament and the European Council as regards the stabilization of financial instruments. Further details on such potential stabilization activities are set out in the Prospectus for the Offering.

A notification of allocation will be issued on 18 March 2005. Investors who want to know more about allocation can contact Enskilda Securities ASA or First Securities ASA. For those with access to investor services through their account manager in the Norwegian Central Securities Depository (VPS) it is possible to check the allocation of shares with effect from 18 March 2005.

APL is one of the leading companies in the development, production and sale of advanced oil and gas offshore production systems. APL was established in 1993 in order to develop and commercialize the loading and production systems Submerged Turret Loading (STL) and Submerged Turret Production (STP). APL's technology has been selected for the mooring of production vessels, storage vessels and oil tankers in a wide range of field developments in the North Sea, Africa, Asia, Russia and the USA. Installation of the world's first offshore discharge terminal for LNG vessels based on APL's STL technology was recently completed offshore Louisiana in the US sector of the Gulf of Mexico. APL is headquartered in Arendal, Norway and has approximately 115 employees. In 2004 APL had a turnover of NOK 595 million (US $95 million).


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