August 20, 2006: TRONDHEIM, NORWAY - Petrojarl ASA ("Petrojarl" or the "Company") (OSE: PETRO) today announced that its Board and management have reason to believe that an industrial buyer is attempting to acquire an ownership stake of between 25 and 40 percent in the company.
The Board of Petrojarl has not been approached in relation to the above unsolicited initiative and is not aware of the detailed terms of any potential offer. Petrojarl has retained ABG Sundal Collier as its financial advisor to assist in reviewing all options open to the company.
Petrojarl's market - Floating Production Storage and Offloading - is currently strong and growing rapidly. The Board and management of Petrojarl believe that this market environment creates substantial long term opportunities for the company, both in respect of organic and non-organic growth.
The Board would like to generally caution that the acceptance by a significant number of Petrojarl shareholders of any potential offer may influence the extent to which alternative options may be developed.
**** 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