September 1, 2006: TRONDHEIM, NORWAY - Petrojarl ASA ("Petrojarl" or the "Company") (OSE: PETRO) today announced that it has been informed that Teekay Shipping Corporation (''Teekay') has notified it has bought more than 40 per cent of the shares outstanding in Petrojarl and it now intends to put forward a mandatory offer, pursuant to the Norwegian Securities Trading Act, for all remaining shares outstanding.
The Board of Petrojarl will issue its statement regarding such mandatory offer no later than one week prior to the expiry of the mandatory offer period, as set forth in the Norwegian Securities Trading Act section 4-16.
**** The information included herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on various assumptions made by the Company which are beyond its control and are subject to certain additional risks and uncertainties as disclosed by the Company in its As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements. Petrojarl ASA is one of the largest operators of floating production storage and offloading vessels in the North Sea. Petrojarl owns and operates four FPSO vessels in addition to operating two shuttle tankers and one storage tanker. Petrojarl is currently evaluating projects outside of the North Sea and has ambitions to double its fleet within 2010. Petrojarl's revenues for the year ended 31 December 2005 amounted to USD 280.7 million. The company employs approximately 524 people. The headquarters are located in Trondheim. Petrojarl also has an operations office in Aberdeen. For more information about Petrojarl visit www.petrojarl.com.
FOR DETAILS, CONTACT:
Espen Klitzing Chief Executive Officer Phone: +47 928 26 166
Erik Evjen Chief Financial Officer Phone: +47 48264314
