CONVERSION OF SHARES

Thu, Jul 21, 2005 10:48 CET

One of our bondholders have today converted NOK 671.000
into 9.867 new shares at NOK 68,-. The new share capital
after conversion will be NOK 1.219.009.740 divided into
60.950.487 shares at par value NOK 20,-. Correspondingly
the nominal value of the Convertible bond will be reduced
to NOK 390.766.000.