NOR Offshore May Be Listed on SGX-ST

Nor Offshore, a Singapore incorporated company which is 50% owned by Solstad Offshore, submitted a listing application on September 5, 2007 to the Singapore Exchange Securities Trading Limited and is currently awaiting the receipt of the conditional eligibility-to-list letter from the Singapore Exchange Securities Trading Limited (SGX-ST) for the listing of NOR on the Mainboard of the SGX-ST.

Under the securities laws of Singapore, following the receipt of an eligibility-to-list letter from the SGX-ST, NOR is required to lodge a preliminary prospectus with the Monetary Authority of Singapore (MAS). Between the 14th and 21st days (both days inclusive) from the date of lodgment of the preliminary prospectus with the MAS, the MAS may register the final prospectus. The Singapore public offer will commence only after the registration of the final prospectus with the MAS.