Oslo, December 23, 2002

As previously announced, Graham Waters, CEO of NUT, has resigned from NUT effective April 2003. Graham Waters and NUT have today agreed that Mr. Waters will leave his position as CEO with effect immediately. Mr. Waters has been on sick leave since September 2002.

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