Statoil to Purchase Stake in Navion Shipping

Statoil and the Rasmussen group have entered an agreement whereby Statoil will buy the Rasmussen group's 20 percent share in the Navion shipping and offshore company for NOK 1,550 million. It has also been agreed that the Rasmussen group will take over Navion's 50 percent interest in Rasmussen Maritime Services (RMS).

In connection with this part of the deal, Navion will extend the existing operation agreement for a five-year period for the ships RMS is responsible for operating today.

The announced arbitration case is being withdrawn and all unresolved issues between the Rasmussen group, Navion and Statoil have been resolved through this deal. The transaction date is set at October 1, 2001. Navion owns 50 percent of the drill ship West Navion. An agreement on the sale of multi-purpose ships Berge Hugin and Navion Munin has already been concluded.