CONVERSION OF SHARES

One of our bondholders have today converted NOK
100.000,- into 1.470 new shares at NOK 68,-. The
new share capital after conversion will be NOK
1.224.148.440 divided into 61.207.422 shares at
par value NOK 20,-. Correspondingly the nominal
value of the Convertible bond will be reduced to
NOK 373.294.000.

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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