FIDELITY HAS 4.95%

Oslo Børs has received report of Significant Shareholdings
from Fidelity Investments Ltd. where it is stated that they
on behalf of investors have sold 275,950 shares in
Fred Olsen Energy ASA. The date of which the 5% threshold
was crossed is 7 November 2006. The new holding is
3,260,313 equal to 4.95%.