Condition relating to approval from shareholders in Yinson Holdings Berhad has been met

NOT FOR DISTRIBUTION IN OR INTO CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

Dated: 28 August 2013

Reference is made to the offer document dated 4 July 2013 (the "Offer Document"), issued by Yinson Production Limited (the "Offeror"), relating to its voluntary tender offer (the "Offer") to acquire all outstanding shares (the "Shares") in Fred. Olsen Production ASA (the "Company"). The prevailing acceptance period in the Offer will expire at 18:00 hours (CET) on 2 September 2013.

Today, the shareholders of Yinson Holdings Berhad voted to approve the acquisition of the Company's shares under the Offer, meaning that the condition in section 3.3 (f) of the Offer Document now has been fulfilled.

Completion of the Offer is subject to the fulfilment or waiver by the Offeror of the remaining conditions to completion set out in the Offer Document. The Offeror expects that the remaining conditions will be met or waived, as applicable, no later than 5 September 2013. In the event that the Offeror has not announced that all conditions for completion of the Offer have been met or waived by 18:00 hours (CET) on 29 November 2013 (the "Drop-Dead Date"), the Offer will not be completed and shareholders who have tendered their Shares will be released from their acceptances of the Offer.

* * * * * *

The Offer and the distribution of this announcement and other information in connection with the Offer may be restricted by law in certain jurisdictions. The Offeror does not assume any responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

This information is subject to the disclosure requirements set out in section 6-19 of the Norwegian Securities Trading Act.

About Us

Fred. Olsen Production ASA (FOP) is listed on the Oslo Stock Exchange (trades under the ticker "FOP") and has been active in the offshore oil & gas production business since 1994. FOP’s first day of listing was May 11th 2007. First Olsen Ltd. (FOL), a company owned 50% by Ganger Rolf ASA and 50% by Bonheur ASA is the main shareholder with 61.5% of the outstanding shares.

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