APL Applies for Listing on the Oslo Stock Exchange

Advanced Production and Loading (APL) submitted its application for listing on the Oslo Stock Exchange (OSE) today. APL is a Norwegian-owned, internationally leading technology company in the oil services sector. Through an OSE listing, APL seeks to strengthen the company's equity, finance further growth and secure broader ownership. The company's OSE listing is expected to be approved by the end of March 2005.

Since its establishment initiated by Statoil in 1993, APL has developed into an internationally leading technology company in the oil services industry. APL develops production systems for mooring of floating installations, such as FPSOs and FSOs, as well as offshore terminals for the loading and discharge of oil and gas and load transfer systems for use onboard shuttle tankers and other vessels.

APL has shown strong and profitable growth over the last few years and has a solid balance sheet and liquidity. 2004 was another good year for the company, with several new orders and successful project completions. The company's growth is a result of the improved market position both in the core business areas and through the launch of new products, for i.a. the rapidly growing LNG market.

"APL's OSE listing constitutes an important milestone for the company. APL is a technology leader with a sound market position, and we want to draw on those strengths as we go forward. The oil services market is strong, and we are currently evaluating more projects than ever before. Based on our leading technology and market position, we expect to grow both revenue and profit substantially in 2005 and ahead. We therefore consider an OSE listing and broader share ownership as appropriate steps towards reaching our goals", says Carl K. Arnet, Chief Executive Officer of APL. "We believe the stock exchange market will welcome a technology company like APL. APL represents an exiting investment opportunity in the cross between oil, shipping and maritime technology, which are all areas in which Norway holds a pivotal position internationally."

APL is currently owned by two energy investment funds, Energivekst and Energy Ventures, with ownership shares of 46.7% and 23.3% respectively. Leading employees hold the remaining shares. In connection with the company's OSE listing, a placement is planned, to ensure broader ownership and sufficient liquidity for the APL share.

APL expects the company's application for listing on the Oslo Stock Exchange to be approved by ultimo March 2005.

APL's Board of Directors has retained First Securities and Enskilda Securities as financial advisors in the listing process.