PLACEMENT OF A NOK 1,000 MILLION 5 YEARS UNSECURED BOND ISSUE

Bonheur ASA has successfully completed a NOK 1,000 million unsecured bond issue with Ganger Rolf ASA as guarantor. Settlement date will be 15 December 2009 and maturity date 15 December 2014. An application will be made for listing of the bonds on Oslo Stock Exchange as soon as possible. Net proceeds from the bond issue are to be used for general corporate purposes, including investments within renewable energy. DnB NOR Markets acted as sole arranger of the bond issue. For further information, please contact: Jan Peter Valheim – CFO, Fred. Olsen & Co. Telephone + 47 22 34 10 06