CHANGE IN THE BOARD OF DIRECTORS

Fred. Olsen Energy ASA hereby informs that with
effect from 14 December 2007 Mr. John C. Wallace
has stepped down as director of The Board of Fred.
Olsen Energy ASA.

The Board will thereafter consist of:

Anette S. Olsen Chairman

Cecilie Blydt Heuch Director
Jan Peter Valheim Director
Agnar Gravdal Director
Øivin Fjeldstad Director