=3/ The table below appears on page 2 of the annual report of the Norne group.

Key financials (unaudited, in millions of $, excluding earnings per share and dividends):

1996 1997 1998 1999 2000 Sales 13 289 20 273 31 260 40 112 100 789 Net income:

Recurring net income 493 515 698 957 1266 Items impacting comparability 91 −410 5 −64 −287 Total 584 105 703 893 979 Diluted earnings per share:

Recurring net income 0.91 0.87 1.00 1.18 1.47 Items impacting comparability 0.17 −0.71 0.01 −0.08 −0.35 Total 1.08 0.16 1.01 1.10 1.12 Dividend per share 0.43 0.46 0.48 0.50 0.50 Total assets 16 137 22 552 29 350 33 381 65 503 Cash from operating activities (excluding change in working capital)

742 276 1873 2228 3010 Capital expenditure 1483 2092 3564 3085 3314 Share price at 31 Dec 22 21 29 44 83 State your views