CONVERSION OF SHARES

One of our bondholders have today converted NOK 1.900.000,-
into 27.941 new shares at NOK 68,-. The new share capital
after conversion will be NOK 1.223.069.660 divided into
61.153.483 shares at par value NOK 20,-. Correspondingly
the nominal value of the Convertible bond will be reduced
to NOK 376.962.000.

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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