Schedule 1.1 Signing Date Disclosure Letter
                                                                to the Share Sale and Purchase Agreement
                                                                      between Statoil ASA and Statpet AS
                                                                                     and Norsk Teekay AS
                                                                                  dated 15 December 2002

To:        Norsk Teekay AS

Stavanger, 15 December 2002

Dear Sirs,

RE:      NAVION ASA

We refer to the Share Sale and Purchase Agreement (including its Schedules 1.1 
10.5 (c)) (the Agreement) entered into on 15 December 2002 between Statoil ASA (Statoil) and
Statpet AS (Statpet) on the one side and Norsk Teekay AS on the other side.

This letter constitutes the Signing Date Disclosure Letter referred to in Clause 1.1 and Clause 5.3 of
the Agreement.

Words and expressions defined or used in the Agreement shall have the same meaning herein, unless
otherwise stated or where those meanings would be clearly inconsistent in the relevant context.

|1. | In relation to the representations and warranties given by the undersigned in the Agreement
         (the Warranties), the following shall be deemed to be disclosed pursuant to this disclosure
         letter to the extent explicitly mentioned in or reasonably apparent from:
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| | (i)  | the Agreement (including the Schedules thereto); and                           
| | ---- | -------------------------------------------------------------------------------
| | (ii) | the documents listed in the Dataroom Index List, enclosed as Appendix 1 hereto.

| | This Paragraph 1 shall not imply any Warranty as to the matters contained or referred to in
         any such document.
| | -----------------------------------------------------------------------------------------------------------------------

|2. | Without limiting the preceding paragraphs, there are further disclosed matters set out below.
         The headings and paragraph numbers below correspond to the relevant Clauses of the Agreement
         and are for convenience only as the matters contained or referred to below also constitute
         disclosure in respect of every other Warranty:
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| | - | 5.3.6      Insurances
                  Navion Maritime AS has an outstanding insurance claim in respect of a steering
                  machine casualty. The claim, estimated to be in the range of USD 3 million is
                  expected to collect coverage in the range of USD 2 million. The claim is currently
                  under assessment by the insurers.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | - | 5.3.12   Absence of certain changes

                  In respect at VOC plants under construction, Navion has entered into agreements with
                  each of the oil companies being committed towards the authority (SFT) to make such
                  investments in the VOC plants. As a part of such agreement, the repayment period of
                  the investment is agreed to be the term of each COA with each oil company. The intent
                  is to transfer these agreements to the Co-operation of the oil companies
                  (Industrimodellen) and in respect hereof the board of such Co-operation have
                  claimed to prolong the repayment period to 7 years in general. An outcome of such
                  discussion may be to accept the 7 years repayment period, however with a commitment
                  to repay the remaining portion at the end of the term of each COA to which the
                  investment originally was related to in case such COA is not prolonged.

                  In respect of any new future VOC plant investments, the board of the Co-operation of
                  the oil companies have to propose to apply a repayment period of seven years in
                  general.

| | for and on behalf of

         STATOIL ASA


         ______________________
         [authorised signatory] | for and on behalf of

                     
                  STATPET AS


                     
                  ____________________
                     
                  [authorised signatory]
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