Born in Kvinnherad, Myklebust took a law degree from the University of Oslo in 1967, before starting work with the Norwegian Welfare Services (1968 to 1971). After that he worked at Norsk Hydro from 1971 to 2001, the ten last as Chief Executive Officer. After he retired of CEO of Norsk Hydro he took over as chairman of the board of Norsk Hydro (until 2004) and SAS Group, as well as deputy board chairman of Norske Skog.
He was also CEO of the Norwegian Employers' Confederation (NAF) from 1987 to 1989, and then of the Confederation of Norwegian Enterprise until 1990, overseeing the 1989 merger. He is a former member of the Steering Committee of the Bilderberg Group.
- "Myklebust, Egil". Aschehoug og Gyldendals Store norske leksikon. Kunnskapsforlaget. 2007.
- "Former Steering Committee Members". bilderbergmeetings.org. Bilderberg Group. Retrieved 2014-02-08.
- "Medlemmer: MYKLEBUST, Egil" (in Norwegian). Norwegian Academy of Technological Sciences. Retrieved 11 May 2013.
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