Oslo, December 23, 2002

Following the termination of former CEO Graham Waters` employment with NUT, Lars Hoie, member of the Board of Directors of NUT, has on Dec 23, 2002 acquired 750.000 shares in NUT from Graham Waters for NOK 1,00 per share. After this purchase Mr. Hoie owns 32.200.000 shares in NUT totalling 40,93% of the outstanding shares of NUT. According to the Norwegian Securities Trading Act, Mr. Hoie is obliged to make a mandatory offer at NOK 1,00 per share for all outstanding shares. A formal offer will be made to all shareholders within four weeks.

For further information, please contact
Nicolas Bruun-Lie, Chairman  +47 210 210 00
Eirik Uboe, CFO  +47 23 31 08 80