Scorpion Offshore to Purchase More than 50% of Sinvest

Pareto Securities ASA has received a conditional order from Scorpion Offshore Ltd. to acquire more than 50% of the outstanding shares in Sinvest ASA at a price per share of NOK 128.5 per Sinvest share payable in Scorpion shares priced at NOK 71.00 per share, giving an exchange rate of 1:1.81. (settlement in shares in Scorpion equal to minimum 50,000 EUR).

The order is conditional on Pareto being able to build a block of shares representing minimum 44% of the outstanding shares in Sinvest. Pareto will until the end of the order period on Monday 16 October 2006 at 08.30 am (CET) approach the market in order to build a sufficient book of sellers. In the event that Pareto within the end of this order period can build a block of more than 50% of the Sinvest shares, the price payable per share will be increased to (NOK 131.35).


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