Re Agreement

RNS Number:0993S
Bergesen d.y. ASA
27 February 2002


BEA - FINAL NEGOTIATIONS ON LNG-CONTRACT

Bergesen has agreed with Nigeria LNG Limited ("NLNG") on a preliminary agreement
for the employment of four LNG-carriers for minimum 20 1/2 years from delivery.
Final contract is subject to NLNG making its final investment decision on its
further extension called NLNG Plus. This decision is expected to be made
shortly.

Subject to same investment decision, Bergesen will enter into an agreement with
Daewoo Shipbuilding & Marine Engineering Co. Ltd., Korea, to build the vessels.
Delivery shall take place in first, third and fourth quarter 2005, and in first
quarter 2006. Total project price will be about USD 710 million, including
interest and other expenses during construction period.

The agreement is based on four vessels of 140.500 cbm each, but the vessels'
capacity can be increased to 145.000 cbm at NLNG's option.

The capital element of the charter rate is fixed for the entire period, while
the operating element is subject to an annual adjustment. When all four vessels
are delivered, the annual charter income will amount to about USD 100 million.

Bergesen may invite partners to own up to 49% equity in vessel 3 and/or 4.

NLNG has an option to purchase each of the four vessels at agreed stages during
the contract period, first time five years after delivery from the yard.

NLNG is producing and exporting natural gas from Nigeria. The company is owned
49% by the Nigerian National Petroleum Company, NNPC, and 51% by the oil
companies Shell, Total/Fina/Elf and Agip.

Provided final agreement is concluded, Bergesen will have seven LNG-carriers
under construction at Daewoo, of which six are employed for minimum 20 years
from delivery.


Contact person: Svein Erik Amundsen, Managing Director, phone: + 47 22 12 05 13

Other information about Bergesen is available at: www.bergesen.no



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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