Cancellation of contract – “Brave Tern”

In a notice to Oslo Stock Exchange of 28 February 2011 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 on certain subjects entered into a six months contract for the specialized transport and installation vessel for offshore wind turbines “Brave Tern” with Vestas Offshore Germany Gmbh for the “Gode Wind II” project. The contract was scheduled to commence 1 May 2013. 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 Vestas, following delays for the development project due to postponement of grid connection onshore in Germany. This termination is in line with Vestas contractual rights.

For further information please contact Tor Erik Andreassen at +47 22341151 or +47 47655591.