Meeting Of The Board Of Oslo Børs On 22 December 2004

At it meeting on 22 December 2004, the Board of Oslo Børs resolved to admit the shares in DynaPel Systems Inc. to listing on Oslo Børs. At the same meeting the Board reversed its decision of November 24. 2005 to permanently delist Northern Offshore Ltd., and instead continue the temporary delisting until 5 April 2005.

DynaPel Systems Inc. to be listed on Oslo Børs
The Board of Oslo Børs resolved to admit the shares in DynaPel Systems Inc. to listing on the SMB-list of Oslo Børs. Admission to listing is conditional on the company raising NOK 20 million through a new share issue prior to listing, and publish a listing prospectus.

Admission to listing is conditional on the company recruiting a person dedicated to financiall reporting no later than the end of first quarter of 2005.

The Board authorised the President of Oslo Børs to fix the date of the first day of listing, which is to be no later than 27 January 2005.

Appeal from Northern Offshore Ltd. concerning the decision to permanently de-list the company
The Board reversed its decision of 24 November 2004 to permanently de-list Northern Offshore Ltd.(NOF).

The background to setting aside this decision is a change in circumstances since the Board of Oslo Børs passed the resolution to delete the company from listing. It is now significantly more likely that the factors that motivated the decision to cancel the listing can be clarified or resolved within a reasonable time. Attention is drawn in this respect to the press release issued by the court-appointed Joint Provisional Liquidators in Bermuda dated 20 December 2004 to announce that agreement has been reached between the majority of the company’s bondholders, its main shareholders and the Provisional Liquidators.

The Board decided to continue temporary de-listing in accordance with the Stock Exchange Regulations Section 25-3 paragraph from 5 December 2004 until 5 April 2005. It is a condition for the continued temporary de-listing that the Joint Provisional Liquidators (JPL’s) of NOF keep Oslo Børs updated on the progress of the restructuring process and any deviations from the timeframe indicated.

At the expiry of the temporary de-listing the company may be re-listed if the following conditions are met:

1. The JPL’s have declared and documented to the satisfaction of Oslo Børs that the restructuring of Northern Offshore Ltd. has legally been completed and effectuated
2. The Company complies with the process for continuous listing applicable in Stock Exchange Regulations Section 2-7 continuous listings in accordance with Circular No 5/2001.
3. The company publicises a prospectus in accordance with the Stock Exchange Regulations Chapter 15 and 16, controlled and approved by Oslo Børs in accordance with the Stock Exchange Regulations Section 14-4.
4. In addition to 3, the prospectus shall include a detailed description of the events leading up to the temporary de-listing, the events occurred during the period of de-listing and the results of the restructuring of the company.

If the JPLs does not keep Oslo Børs updated of the progress, or if it becomes highly likely that the restructuring will not be completed, or that the restructuring will not render the company able to fulfil the listing conditions or obligations, Oslo Børs may before the expiry of the temporary de-listing period initiate a process and make the decision to permanently de-list the Company’s shares.

The authority to temporary de-list, permanently de-list or re-list NOF, is delegated from the Board to the administration of Oslo Børs.