Neptune Marine Names New CFO

Neptune Marine Oil & Gas Ltd.

Mr. Olav Eikrem has been named Vice President & Chief Financial Officer (CFO) of Neptune Marine Oil & Gas Ltd.

He holds an Executive MBA in Strategic Management and a Master of Management in Corporate Finance, Accounting, Tax and Company Law. He also holds a degree in Engineering.

Mr. Eikrem has many years experience from executive positions in different companies, from Selvaag Group, Cap Gemini Ernst & Young, Rolls-Royce Commercial Marine, MRG and latest from Coca-Cola responsible for North and French West Africa.

He has held directorships in other companies such as Embra in Poland, Ulstein Turbine AS and Ulstein Holding AS as well as Rolls-Royce Pension Fund.

Mr. Eikrem will start on October 23, 2006 in Singapore and his main responsibilities will be Accounting, Finance, Treasury, IR, Corporate Governance and Financial Controls.