The Company has over the last 4 months been subject to compulsory composition proceedings, during which time the Company has explored all possibilities for a debt restructuring solution which would give the creditors of the Company a minimum of 25% dividend over time.

Up until very recently, the Company was working on a solution that, while being complex, was promising. However and due to recent and unforeseen events, the Company's Cash balance (in Escrow against the Gdf contract ) was given to GdF against the Company´s will and understanding of the Escrow terms.. This has eliminated a very important building block in the restructuring solution.

The board of directors of the Company has decided to notify the compulsory composition committee that the Company is unable to present a plan for a compulsory composition - whereby the compulsory composition committee will notify the same to the City Court of Aust-Agder and request that the Company is declared bankrupt.

The Company is a holding company and the companies it is invested in will continue its operations as prior to this.

For more information, please contact:
Riulf Rustad
Chairman of the Board
+47 90087703

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