News

Oslo, Saturday, January 1, 2000
Stock Exchange Notification
BLOM ASA HAS PRE-ACCEPTED A VOLUNTARY OFFER FOR ALL SHARES IN SCAN SUBSEA ASA.

Scan Subsea ASA (`Scan Subsea`, ticker SCASUB) and Parker Hannifin Corporation (`Parker`) have during
the week-end entered into an agreement that Parker will make a voluntary offer for all outstanding shares in Scan Subsea ASA. The offer price will be NOK 22,00 per. share.

As part of the agreement Blom has given an irrevocable pre-acceptance of the voluntary offer for all its 23,369,756 shares in Scan Subsea ASA, equivalent 36.7 % of the shares in the company. The voluntary offer from Parker is conditional on
satisfactory due diligence, 90% acceptance ratio, regulatory approvals and no material adverse change in the company.

Parker is a global industrial company headquartered in Cleveland, Ohio, USA, and is listed on the New York Stock Exchange with a market capitalization of approximately USD 13.0 billion.

If the offer is successful will Blom have sold all its shares in Scan Subsea. Blom will receive sales proceeds on NOK 514 million of which approximately NOK 372 million will be an accounting gain. See also Stock exchange notification from Scan
Subsea ASA today.

For further information please contact the:

CEO, Mr. Dirk Blaauw, on tel. +47 22 13 19 23 or
CFO Jan Erik Braathen on tel. +47 22 13 19 24.
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