(Oslo, 11 May 2006) Block Watne Gruppen has reached agreement today with Nordea Bank Norge on reducing the interest rate margin on its long-term loan of NOK 499 million.

 

With effect from 1 May, the margin has been lowered by 40 basis points, from 95 to 55 points on three-month Norwegian interbank offered rate (Nibor).

 

Block Watne Gruppen has no requirement to start making repayments before December 2009, and the loan matures in its entirety in 2010.

 

Lars Nielsen, president and CEO, Block Watne Gruppen ASA, +47 23 24 60 00

Ketil Kvalvik, chief financial officer, Block Watne Gruppen ASA, +47 23 24 60 42, +47 90 77 13 15