ANNUAL GENERAL MEETING

The Annual General Meeting of Fred. Olsen Energy
ASA was held today, Thursday 24 May 2007. All
proposals on the agenda were adopted in accordance
with the agenda for the Annual General Meeting
which was sent to Oslo Stock Exchange on 10th May
2007.

The Annual General Meeting (AGM) of Fred. Olsen
Energy ASA has today approved the financial
statements and annual report of Fred. Olsen.
Energy ASA and the Group for 2006 and the Board`s
proposal of a dividend of NOK 10 per share. The
dividend will be paid on 8 June 2007 to
shareholders registered as holding shares on the
date of the AGM. As of 25 May 2007, the shares
will be traded exclusive of dividend.

Please find enclosed protocol and presentation
from the AGM.