Cancellation of contract – “Brave Tern”

5/12/2011 5:10 AM EST

In a notice to Oslo Stock Exchange of 18 October 2010 it was informed that a subsidiary of Fred. Olsen Windcarrier AS, which is indirectly owned 50/50 by Bonheur ASA and Ganger Rolf ASA, had entered into a six months contract for the specialized transport and installation vessel for offshore wind turbines “Brave Tern” with the Belgian offshore company GeoSea NV. The vessel is currently under construction at the Lamprell ship yard in Dubai with scheduled delivery in 2012. The said contract has now been terminated by GeoSea, as optionally available to GeoSea under the contract, and the subsidiary of Fred. Olsen Windcarrier is accordingly entitled to a termination fee of EUR 950 000.