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Closing of Navion sale

April 7, 2003, 14:30 CEST

Statoil ASA (OSE: STL, NYSE: STO) has formally transferred its wholly-owned shipping company Navion ASA on 7 April 2003 to Norsk Teekay AS, a wholly-owned subsidiary of Teekay Shipping Corporation (NYSE: TK).

Navion’s operations embrace offshore loading and conventional tanker transport.

In connection with the transfer of shares in Navion to Teekay, Statoil executive vice president Erling Øverland will be replaced as chair of Navion by Bjørn Møller, chief executive of Teekay.

The new president of Navion from the same date will be Peter Antturi, who comes from the post of chief financial officer of Teekay.

The sale of Navion took effect on 1 January 2003 in accounting terms. Statoil has received just over NOK 6 billion through the sale. The effect of the sale on Statoil’s results will not be significant.