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March 28, 2002

Job for FPSO advocate
American Shuttle Tankers L.L.C. (AST) has appointed Peter Lovie as VP business development, AST president Oyvind Jordanger has announced.

"Having an individual of Peter Lovie's stature heading up our business development efforts will help establish AST as the leading provider of shuttle tanker services for Floating Production, Storage and Offloading (FPSO) and Floating Storage and Offloading (FSO) vessels when operators begin deploying them in the Gulf of Mexico", Jordanger said. "His broad industry expertise will be invaluable in analyzing potential operating and financial partnerships, accelerating our marketing efforts to establish a firm customer base, and demonstrating the cost-effectiveness of shuttling crude to refineries from deepwater fields in the U.S. Gulf of Mexico".

Before joining AST, Lovie worked in Houston for Bluewater Offshore Production Systems, where he became widely recognized in the deepwater floating production community through his advocacy of the use of FPSOs in the Gulf of Mexico.

Houston-based American Shuttle Tankers L.L.C. is owned 50/50 by Skaugen PetroTrans Inc. of Houston, Texas, and Navion A.S.A of Stavanger, Norway. Both Navion and Skaugen's parent companies are listed on the Oslo stock exchange, under symbols STL and SKG.

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