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Sale of MST Odin to Marathon (vedlegg)

February 23, 2004, 16:00 CET

Statoil has signed a contract to sell the multipurpose shuttle tanker MST Odin to Marathon Petroleum and its Alvheim project partners.

The sale is contingent upon the partners' approval of the development of the Alvheim area, and following approval of a plan for development and operation (PDO) by the Norwegian authorities.

Marathon intends to convert the vessel into a floating production, storage and offloading (FPSO) unit for use on the Alvheim field in the North Sea.

The vessel was previously owned by Navion. In connection with the sale of Navion to Teekay, ownership of MST Odin was transferred to Statoil in December 2002.

The multipurpose vessel is designed for use in harsh conditions, and there has been little demand for this type of ship.

Statoil is pleased to be able to sell MST Odin at a price that is expected to give a positive contribution to Statoil's results in 2004/2005.

See the press release from Marathon here.