CHANGE IN THE BOARD OF DIRECTORS
Fred. Olsen Energy ASA hereby informs that witheffect from 14 December 2007 Mr. John C. Wallacehas stepped down as director of The Board of Fred.Olsen Energy ASA.The Board will thereafter consist of:Anette S. Olsen ChairmanCecilie Blydt Heuch DirectorJan Peter Valheim DirectorAgnar Gravdal DirectorØivin Fjeldstad Director