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SUCCESSFUL PRIVATE PLACEMENT IN FRED. OLSEN PRODUCTION

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For details see www.newsweb.noFred. Olsen Production AS, which is wholly owned
by First Olsen Ltd., a company owned 50/50 by
Bonheur ASA and Ganger Rolf ASA, have
successfully completed a private placement of 44
million new shares at a subscription price of
NOK 27 per share, with gross proceeds of NOK
1,188 million. The private placement was
oversubscribed and the new shares were
subscribed by both Norwegian and international
investors. ABG Sundal Collier acted as manager
for the placement.

First Olsen Ltd. holds 57.7% of the shares in
Fred. Olsen Production after the share issue.
The shares in Fred. Olsen Production will be
listed on the OTC-market in Oslo. As previously
announced Fred. Olsen Production envisages a
listing on the Oslo Stock Exchange during 2007.

Fred. Olsen Production is among the leading
operators of floating production installations
with long experience and a strong market
position in a market with good growth prospects.

The company owns and operates 5 FPSO/FSO units.
The fleet will be expanded with one additional
unit in 2007 through the conversion of the
suezmax tanker `Knock Allan` into an FPSO unit
before commencing a 10 year contract with option
for up to 10 additional years, with Canadian
Natural Resources (CNR) for operation offshore
Gabon.

Contact persons:
Per-Oscar Lund, Chairman phone +47 22 34 11 81 /
+47 90 78 02 54

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