Due to disagreement on management issues, Mr Kjeld Fjeldgaard will resign as Partner of the Firm A.P. Møller and as Head of oil activities with effect from 1 July 2004.


New Management Board of Mærsk Olie og Gas AS will be Mr Thomas Thune Andersen, 49, at present President and Chief Executive Officer of Maersk Inc., USA, as Chief Executive Officer and Mr Jep Brink, 51, Executive Vice President, today deputy to Mr Kjeld Fjeldgaard.


Until Mr Thomas Thune Andersen is released from Maersk Inc., Mr Jess Søderberg will act as Chief Executive Officer of Mærsk Olie og Gas AS.


When Mr Thomas Thune Andersen leaves Maersk Inc., he will be succeeded by Mr J. Russell Bruner, 48, who has been with the A.P. Moller - Maersk Group since 1989. Mr J. Russell Bruner, who was born and raised in the USA, has for a number of years held management positions in and outside the US. At the same time, Mr Jess Søderberg will become Chairman of the Board of Directors of Mærsk Olie og Gas AS succeeding Mr Michael Pram Rasmussen, who will become Vice Chairman.


Contact person: Mr Michael Pram Rasmussen, tel. no. +45 33 63 36 07


Copenhagen, 2 June 2004