Private Placement towards Employees and Board

Private Placement towards Employees and Board

Reference is made to item 8 of the agenda for the Annual General Meeting
held 28 June 2011 and where the Board received a power of attorney to
issue up to

50 629 837 new shares.

On 2 September 2011 the Board resolved to issue 15 188 951 new shares in
a private placement towards employees and members of the board.

Subscription price is set to NOK 0.50, the same price as in the recent
Rights Issue.

The private placement is fully subscribed and final allocation is
expected to be decided by 8 September 2011.

Through this private placement two issues are addressed:

(i) equity is increased, improving the working capital (ref 8.12 of the
Prospectus)

(ii) key employees and board members, who have been in inside
information position are given the opportunity to invest in the company.