Takeover by BW Offshore Completed

APL improved the operating result (EBITDA) to USD 6.5 million compared with USD 6.3 million for the second quarter in 2006.

The EBITDA margin for the first half of 2007 was 9.0%, the same as for the first half of 2006. Excluding costs related to the move to Cyprus and the takeover by BW Offshore, the underlying EBITDA margin was 13.2%. Order intake was USD 28 million during the period resulting in an order backlog of USD 220 million at the end of June 2007.

In July BW Offshore Ltd. (BWO) acquired all outstanding shares in APL and a new Board has been elected consisting of the current Board Members of BWO and the former Chairman of the APL Plc Board. BWO is planning a de-listing of APL from the Oslo Stock Exchange shortly.