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SALE OF BORGEN DOLPHIN

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The production rig Borgen Dolphin has today been
sold to Addax Petroleum Development (Nigeria) Ltd
from Knock Borgen Pte. Ltd, a wholly owned
subsidiary of Fred. Olsen Production AS, which
again is indirectly owned jointly by Ganger Rolf
ASA and Bonheur ASA. For further information see
www.newsweb.noThe production rig Borgen Dolphin has today been
sold to Addax Petroleum Development (Nigeria) Ltd
from Knock Borgen Pte. Ltd, a wholly owned
subsidiary of Fred. Olsen Production AS, which
again is indirectly owned jointly by Ganger Rolf
ASA and Bonheur ASA.
The sale is conducted in accordance with a
purchase option included in a lease agreement
with Addax entered into on 6 April 2004. The
sales amount is approximately USD 21 million with
an estimated sales gain of USD 16 million which
will be booked in the 3rd quarter 2006. Delivery
of the rig is expected to take place on September
13th 2006.

For additional information, please contact Paal
Hylin, Managing Director Fred Olsen Production
AS, phone + 47 905 16 702 or Per-Oscar Lund,
Managing Director First Olsen Ltd. phone + 47 907
80 254

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