Arendals Fossekompani ASA (`Arendals Fossekompani`) has today, 15th Mai 2009, acquired 1 966 500 shares (10.26%) of Powel ASA (’Powel’) at NOK 15 per share. Following this purchase Arendals Fossekompani owns a total of 51.52 % of the shares in the company. Arendals Fossekompani has announced that the company will, within the appropriate deadlines, make a mandatory offer for all outstanding shares in Powel.

The Board of Powel (`Board`) has recently conducted valuations of Powel, concluding that the underlying value of Powel is substantially above today’s share price levels. The Board has engaged Alpha Corporate Finance as financial advisor for the company. The Board, together with Alpha Corporate Finance, will assess other strategic and financial alternatives for the company and its shareholders.

The Board of Powel will inform the company’s shareholders about its opinion on the offer in accordance with the Securities Trading Act § 6-16, at the latest one week before the expiry of the mandatory offer period.

The Board recommends that Powel’s shareholders refrain from selling their shares into the offer before the Board has informed the shareholders of the results of the assessment as well as its opinion on the mandatory offer.

For questions, please contact:

Chairman of the Board Bente Rathe, mob: 90692180
CEO Bård Benum, mob: 48164670

Trondheim, 15th May, 2009