August 23, 2006: TRONDHEIM, NORWAY - Petrojarl ASA ("Petrojarl" or the "Company") (OSE: PETRO) today announced that it has been informed that Teekay Shipping Corporation (''Teekay'') has acquired 15 percent of the shares outstanding in Petrojarl.

On June 15, 2006, Teekay and Petrojarl announced that they had together formed the Teekay Petrojarl Offshore Joint Venture to pursue growth opportunities within mobile production solutions, with emphasis on FPSO units. The competencies and ambitions of Teekay in relation to the floating production market is therefore well known to Petrojarl.

Petrojarl considers the interest expressed in the Company by Teekay as positive, also in view of the fact that it evidences a higher value of Petrojarl's assets and operational capabilities .

**** 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