Employee Share Option Programme

On 31 January 2007 the Board of Directors of
IMAREX NOS ASA resolved to implement a new share
option incentive programme for the group`s
employees. The program is limited to 500 000
share options which can be issued within the end
of 2008. Each option gives the subscription
rights to one share.

On 22 February 2007 IMAREX NOS ASA issued 370 100
share options to the group`s employees of the
established programme. Up to 50 % of the options
may be exercised on 20 June 2008 at a strike
price of NOK 99.95 per share and the remaining
options may be exercised on 19 June 2009 at a
strike price of NOK 108.75 per share.

A list of primary insiders that is affected by
the transaction is enclosed.

Oslo, 22 February 2007
IMAREX NOS ASA

For additional information please contact

Arild Jæger, Chief Financial Officer
Telephone +47 23 89 42 11