ANNOUNCEMENT OF 4Q 04 AND PRELIM. ACC. FOR 04

In connection with 4th quarter 2004 earnings announcement
and preliminary accounts for 2004, Fred. Olsen Energy ASA
will host a media- and analyst conference on Tuesday 8th of
February at 09.00 a.m. The presentation will be held at the
Company`s office in Fred. Olsensgt. 2, Oslo. Please
register to Sølvi van Spronsen, telephone + 47 22 34 12 43
or by e-mail svs@fredolsen.no.

Oslo 26.01.2005
Fred. Olsen Energy ASA

About Us

Fred. Olsen Energy ASA (the Company) is listed on the Oslo Stock Exchange and provides exploration and production services to the offshore oil and gas industry building on 150 years experience in shipping and more than 35 years in offshore drilling. The Company focuses on rewarding long term customer relationships where innovative and integrated solutions are presented to the benefit of our customers, shareholders and employees.

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