Roxar Demerged Into Three Separate Entities

October 2, 2007, CorrOcean resolved to demerge Roxar by liquidation of Roxar and incorporating three new entities that will take over the entire business of Roxar in accordance with chapter 14 of the Norwegian Limited Liability Companies Act.

The three new companies taking over the business of Roxar will be (1) RFM Holding AS (taking over the hardware business of the Roxar group), (2) RSS Holding AS (taking over the main part of the software business of the Roxar group) and (3) Roxar Holding AS (taking over the ownership interest of Roxar AS in the UK subsidiary Energy Scitech Limited). As CorrOcean ASA is owner of 100 % of the shares of Roxar AS, CorrOcean ASA will through the demerger become owner of 100 % of the shares in each of RFM Holding AS, RSS Holding AS and Roxar Holding AS.

The main objective of the demerger is to organize the CorrOcean ASA group of companies and its business in a more operational and structural optimal way for future operations and growth, by dividing the Roxar business in three distinct fields of operation.

All the employees of Roxar AS will be transferred to RFM Holding as part of the demerger. The demerger will take effect for accounting purposes from 1 January 2007, and is expected to be registered as completed in the Norwegian Register of Business Enterprises (Foretaksregisteret) medio December 2007.