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SPIN-OFF OF FLOATING PRODUCTION

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Bonheur ASA and Ganger Rolf ASA announce that
the 50/50 owned company First Olsen Ltd. has
decided to initiate a process to spin-off and
list its floating production actitvities
organized in Fred Olsen Production
AS within first half of 2007. Fred. Olsen
Production AS has engaged ABG
Sundal Collier as financial advisers and
arrangers in this process.
For full information see: www.newsweb.noBonheur ASA (`Bonheur`) and Ganger Rolf ASA
(`Ganger Rolf`) announce that the 50/50 owned
company First Olsen Ltd. (`First Olsen`) has
decided to initiate a process to spin-off and
list its floating production actitvities
organized in Fred Olsen Production AS (`Fred
Olsen Production`) within first half of 2007.
Fred. Olsen Production has engaged ABG Sundal
Collier as financial advisers and arrangers in
this process.

Bonheur and Ganger Rolf intend to continue their
strong engagement within floating production and
intend to maintain a majority owning interest in
Fred.Olsen Production. Further expansion is
envisaged financed by a combination of increased
equity and debt.

Fred. Olsen Production is a leading operator
within floating production with extensive
experience and strong market position in a
growing market. Fred. Olsen Production owns and
operates 5 FPSO/FSO units. The fleet will be
increased with one additional unit later in 2007
by the conversion of the suezmax tanker Knock
Allan into an FPSO for a contract with Canadian
Natural Resources for operations in Gabon.

Mårten Lunde will leave his present position as
CFO in Fred. Olsen & Co and be appointed
President and CEO in Fred.Olsen Production, with
Paal Hylin as Executive Vice President and COO.

For further information please contact Per-Oscar
Lund, Managing Director of First Olsen
phone: +47 22341181/ +47 90780254

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