Sale of interests in Brage and Njord

(July 8, 2002) As part of active management of Hydro's oil and gas portfolio Hydro has sold interests in six licences in the Njord and Brage area to OER Offshore Engineering Resources A/S.

The divestments will result in an estimated accounting gain of approximateiy NOK 70 million.

Hydro has signed an agreement with OER for the sale of 4.4424% in Brage Unit (20.6% share in PL053B and 3.2% share in each of PL055, PL055B and PL185) and 2.5% in Njord Unit (2.5% in each of PL107 and PL132).

Hydro will retain a 20% share in Brage and a 20% share in Njord and remain operator of both fields. As a result of this sale Hydro's equity will be harmonised in all four Brage licences.

The transaction is subject to necessary approvals from Norwegian authorities.