OSLO, Norway, May 8, 2003 (PRIMEZONE) -- Norsk Hydro (NYSE:NHY) has entered into an agreement to sell a 30 percent stake in production license 153 in the Norwegian offshore sector. The buyer is Gaz de France. The sale includes the oil and gas discovery Gjoea.
The transaction is expected to result in an estimated accounting gain for Hydro of approximately NOK 250 million after tax.
"We are very pleased with the sale of our share in PL 153. It is the result of Hydro's active management of the company's oil and gas portfolio. For us, it's a strategic choice. The sale will free up capital for further growth within Hydro's core areas," said senior vice president Torstein Dale Sjoetveit, of Hydro Exploration and Development Norway.
Hydro is keeping its share in the western part of PL 153. Gjoea was discovered in 1989 and is located about 50 kilometers south-west of Floroe, Norway. The find is not approved for development and the transaction will therefore not reduce Hydro's proven reserves.
The transaction between Hydro and Gaz de France is subject to approval by the Norwegian authorities.
PL 153 is currently owned by Norsk Hydro (30%), Petoro (30%), Statoil (20%), Shell (12%) and RWE-DEA (8%).
Certain statements in this press release are or may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not in the nature of historical facts may be deemed to be forward-looking statements and may contain identifying words such as "believes", "anticipates", "plans", "expects" and similar expressions. These forward looking statements are based on Hydro's current expectations, assumptions, estimates and projections about the company and the industries in which it engages in business. All forward-looking statements involve risks and uncertainties. For a detailed description of factors that could cause Hydro's actual results to differ materially from those expressed in or implied by such statements, please refer to its annual report on Form 20-F for the year-ended December 31, 2002 and subsequent filings on Form 6-K with the U.S. Securities and Exchange Commission. With respect to each non-GAAP financial measure Hydro uses in connection with its financial reporting and other public communications, Hydro provides a presentation of what Hydro believes to be the most directly comparable GAAP financial measure and a reconciliation between the non-GAAP and GAAP measures. This information can be found in Hydro's earnings press releases, quarterly reports and other written communications, all of which have been posted to Hydro's website (www.hydro.com).
Contact Hege Marie Norheim Lars Bjelvin Telephone (+47) 22 53 81 25 (+47) 22536614 Cellular (+47) 95 70 64 27 (+47) 482 95 667 E-mail hege.marie.norheim@hydro.com Lars.Bjelvin@hydro.com