POTENTIAL SALE OF SHARES IN FRED. OLSEN ENERGY ASA

Bonheur ASA and Ganger Rolf ASA, together
majority owner of Fred. Olsen Energy ASA
(`FOE`), consider to sell in total up to 5.0
million shares in FOE after market close today.
ABG Sundal Collier has been retained as manager
for the potential secondary sale of shares.
For full information see: www.newsweb.noBonheur ASA and Ganger Rolf ASA, together
majority owner of Fred. Olsen Energy ASA
(`FOE`), consider to sell in total up to 5.0
million shares in FOE after market close today.
ABG Sundal Collier has been retained as manager
for the potential secondary sale of shares.

The sellers in total currently own 40,628,764
shares in FOE, representing approximately 62% of
the total number of outstanding shares in FOE.
The maximum number of shares to be sold equals
12.3% of the sellers` current combined
shareholding in FOE. The sellers are insiders in
Fred. Olsen Energy ASA.

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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