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Details Of Meeting Of The Oslo Stock Exchange Board On 14 March 2000.

Date 15/03/2000

Fred. Olsen Energy has been fined a violation charge equivalent to three times the annual listing fee for a breach of the duty of disclosure. The company was late in reporting an agreement which was of significance for the financial standing of the company's subsidiary Harland & Wolff Holdings Plc.

Whilst the agreement in question was signed on the night of 17 November 1999, the company did not release this information until it issued a Stock Exchange Announcement at 12.12 p.m. on 18 November. The Oslo Stock Exchange is of the opinion that the duty of disclosure in this respect came into force no later than 10.00 a.m. that day (the start of trading on the Oslo Stock Exchange). The company should accordingly have informed the market of the agreement prior to this time.

Itera meets all the requirements for a listing on the Main List. The Stock Exchange Board has accordingly approved the company's application to be transferred from the SMB List. The first day for the shares to be listed on the Main List will be 3 April 2000.

The Stock Exchange Board has resolved to grant an exemption to TGS Nopec Geophysical Company to allow the company to provide information pursuant to Chapter 5 and ยงยง 6-3 and 6-4 of the Stock Exchange Regulations only in English.