COMPLETED SALE OF SHARES IN FRED. OLSEN ENERGY ASA

Bonheur ASA and Ganger Rolf ASA, together
majority owner of Fred. Olsen Energy ASA
(`FOE`), have each sold 2.5 million shares in
FOE at NOK 282 per share after market close
yesterday. The book value of these shares in the
consolidated accounts of both Bonheur and Ganger
Rolf is estimated to NOK 55 per share.

For full information see : www:newsweb.noBonheur ASA and Ganger Rolf ASA, together
majority owner of Fred. Olsen Energy ASA
(`FOE`), have each sold 2.5 million shares in
FOE at NOK 282 per share after market close
yesterday. The book value of these shares in the
consolidated accounts of both Bonheur and Ganger
Rolf is estimated to NOK 55 per share.

The placing was substantially oversubscribed.
ABG Sundal Collier acted as manager for the
secondary sale of shares.
Bonheur ASA and Ganger Rolf ASA each owns
17.814.382 shares in FOE after the placing,
together representing approximately 54% of the
total number of outstanding shares in FOE. The
sellers are insiders in FOE.

Contact person:
CFO Mårten Lunde, phone +47 22 34 10 00

About Us

Fred. Olsen Energy ASA (the Company) is listed on the Oslo Stock Exchange and provides exploration and production services to the offshore oil and gas industry building on 150 years experience in shipping and more than 35 years in offshore drilling. The Company focuses on rewarding long term customer relationships where innovative and integrated solutions are presented to the benefit of our customers, shareholders and employees.

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