Statoil Sells Navion to Teekay Shipping

Statoil ASA has sold its wholly-owned shipping company Navion ASA to Teekay Shipping Corporation. "We are very pleased to have entered into this transaction with Teekay. I am confident that Navion, under Teekay's ownership, will continue to deliver first class services to both Statoil and its other customers," says Erling Overland, executive vice president for Statoil's Manufacturing & Marketing business area and chairman of Navion.

The net sales price is approximately USD 800 million (around NOK 6 billion) in cash. The effective date of the transaction will be 1 January 2003 and the closing is expected to occur in the second quarter of 2003 at the latest. Navion's present board and president will continue until the closing.

"We achieved a fair price with Teekay – a company with a proven record in safety, service and quality, global reach and financial strength. Teekay has expressed a commitment to further develop the competent Navion organization in Stavanger which will be the main operating office for Teekay in Norway," adds Mr. Overland.

"We are proud to have been chosen as the long-term global shipping partner of Statoil," says Bjorn Moller, president and chief executive officer of Teekay. "There is a great fit between Statoil and Teekay, both in terms of operating philosophy and growth ambitions. Navion complements Teekay's existing business and enables us to expand our offer of services to our global customer base, for example, through Navion's broader involvement in the product tanker trades."