FIDELITY HAS 4.95%

Oslo Børs has received report of Significant Shareholdings
from Fidelity Investments Ltd. where it is stated that they
on behalf of investors have sold 275,950 shares in
Fred Olsen Energy ASA. The date of which the 5% threshold
was crossed is 7 November 2006. The new holding is
3,260,313 equal to 4.95%.

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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