Veidekke was also awarded the contract for the first construction phase, section F2. This contract is for the second stage of the development of the former container terminal and covers an area of about 6,400 sq.m. The work will include sheet piling and excavation, handling of clean and contaminated earth, and the construction of a basement car park using in-situ cast concrete.

Work will start at the beginning of March and be completed by November 2006. About thirty of Veidekke's own skilled workers will be employed on this contract.

For further information, please contact:

Department Manager Jarle Røe, Veidekke Entreprenør AS, Special Projects,

telephone +47 21 05 74 89

jarle.roe@veidekke.no

Project Director Dagfinn Godell, Tjuvholmen Utvikling AS,

mobile phone +47 909 12 224,

dg@tjuvholmen.com