Expiry of Letter of Intent

As previously announced on the 9th December 2011 Fred. Olsen Production ASA, on behalf of a joint venture to be established with Marubeni Corporation, Japan, entered into a letter of intent with PetroVietnam Technical Services Corporation, Vietnam, relating to contracts for the construction and installation and subsequent chartering of an FPSO for the Thang Long & Dong Do oil fields offshore Vietnam. The letter of intent, with subsequent extensions and amendments, has now expired without the parties having concluded the contracts.

Contact person; CEO Eirik Barclay + 47 22 34 12 76

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.