REDEMPTION OF BOND LOAN

Fred. Olsen Energy ASA has today informed Norsk
tillitsmann ASA that the Company will exercise
the option to redeem the `FOE 01` bond loan ISIN
NO 001021894.4. The Company will redeem the
bonds on 26th March 2006 at a redemption price
of 104.5%. The bondholders will be notified
through Norwegian Central Securities Depository
(Verdipapirsentralen).

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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