Petrojarl Insiders Accept Teekay Offer

The following primary insiders of Petrojarl ASA have accepted the Mandatory Offer dated September 18, 2006 from Teekay Shipping Corporation, made through its subsidiary TPO Investments AS:

Keith N. Henry, Chairman of the Board, has accepted to sell 4,600 shares. Following the acceptance, Keith N. Henry holds no shares and no options in Petrojarl ASA.

Rolf Erik Rolfsen, Deputy-Chairman of the Board, has accepted to sell 3,200 shares. Following the acceptance, Rolf Erik Rolfsen holds no shares and no options in Petrojarl ASA.

Joey S. Horn, Board Member, has accepted to sell 12,600 shares. Following the acceptance, Joey S. Horn holds no shares and no options in Petrojarl ASA.

Espen Klitzing, President and CEO, has accepted to sell a total of 12,664 shares, of which 7,720 shares are accepted by EK Kapital A/S, a company controlled by Espen Klitzing. Following the acceptance, Espen Klitzing holds no shares and 200,000 options in Petrojarl ASA.

Helge Krafft, Executive Vice President, has accepted to sell 12,647 shares. Following the acceptance, Helge Krafft holds no shares and 80,000 options in Petrojarl ASA.

Erik Evjen, Chief Financial Officer, has accepted to sell 8,160 shares. Following the acceptance, Erik Evjen holds no shares and 80,000 options in Petrojarl ASA.

Rolf Børresen, Senior Vice President Engineering, has accepted to sell 1,007 shares. Following the acceptance, Rolf Børresen holds no shares and 60,000 options in Petrojarl ASA.

Sverre W. Stenvaag, Senior Vice President Operations, has accepted to sell 2,280 shares. Following the acceptance, Sverre W. Stenvaag holds no shares and 60,000 options in Petrojarl ASA.

Nils B. Johannessen, Vice President HR, IT and Administration, has accepted to sell 887 shares. Following the acceptance, Nils B. Johannessen holds no shares and 40,000 options in Petrojarl ASA.

Terje Ruud, Vice President Finance and Control, has accepted to sell 302 shares. Following the acceptance, Terje Ruud holds no shares and 25,000 options in Petrojarl ASA.

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