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Buying Rasmussen's share in Navion 

August 31, 2001, 10:45 CEST

Statoil and the Rasmussen group have entered an agreement whereby Statoil will buy the Rasmussen group's 20 per cent share in the Navion shipping and offshore company for NOK 1,550 million.

It has also been agreed that the Rasmussen group will take over Navion's 50 per cent interest in Rasmussen Maritime Services (RMS).

In connection with this part of the deal, Navion will extend the existing operation agreement for a five-year period for the ships RMS is responsible for operating today.

The announced arbitration case is being withdrawn and all unresolved issues between the Rasmussen group, Navion and Statoil have been resolved through this deal. The transaction date is set at 1 October 2001.

Erling Øverland, executive vice president in Statoil and chairman of Navion's board, maintains that this solution for the ownership of Navion provides a good basis for the further commercial development of the company. "We can now look ahead," says Mr Øverland. "Statoil's aim is to complete the sale of Navion's floating production and drilling operations, and to implement Statoil's plans to reduce its interests in shuttle tankers and conventional shipping."

Navion owns 50 per cent of the drilling ship West Navion. An agreement on the sale of multi-purpose ships Berge Hugin and Navion Munin has already been concluded.