Awilco to Apply for Listing on Oslo Bors

In line with the strategy set out by its Board of Directors, Awilco Heavy Transport ASA (AWHT) has initiated a process to apply for listing of its shares on Oslo Bors. The Company's shares are currently traded on the OTC market in Oslo.

The Company intends to apply for listing in the Oslo Bors board meeting to be held on 28 March 2007. Assuming the admission to listing, the Company's shares are expected to be listed during April 2007. The Company has retained Fearnley Fonds ASA and Pareto Securities ASA to assist in the listing process.

AWHT took delivery of its first heavy lift vessel, Willift Eagle, in November 2006 and the second vessel is due for delivery during first quarter 2007, upon which the Company will have successfully completed its conversion program.

Willift Eagle will soon complete its first voyage, and the vessel is further chartered for two more firm assignments with duration until early March 2007. As announced on 20 November 2006, the average day rate is approximately US$75,000.