Date: 25 May 2009

Nordic Heavy Lift ASA resolution to redeem Bond Loan

On May 25th, 2009 a Bondholders' meeting was held pursuant to summons of 12th May 2009 regarding a restructuring proposal in order to enable an orderly redemption of the "Nordic Heavy Lift ASA Senior Secured Callable Bond Issue 2007/2012".

There were sufficient Bondholders present at the meeting to form a quorum and the proposed resolution as set out in the summons to the bondholders meeting was approved by 99.52% of the bonds represented at the meeting and it was thus approved.

The proposal comprises a 40% of par value in a cash payment in addition to a convertible note which will ensure bondholder participation in a possible upside following a successful establishment of a total financing solution for Nordic Heavy Lift ASA. A precondition for the redemption of the bonds is that an Extraordinary Shareholders' meeting resolves to issue the convertible note. The Extraordinary Shareholders' meeting is to be held on 28th May 2009. Norsk Tillitsman will be the agent for the convertible note.

For more information:
CEO Rob Boer T +31 (0)8800 62710 M+31 (0)6 5356 5933

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