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REDEMPTION OF BOND LOAN

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Fred. Olsen Energy ASA has today informed Norsk
tillitsmann ASA that the Company will exercise
the option to redeem the `FOE 01` bond loan ISIN
NO 001021894.4. The Company will redeem the
bonds on 26th March 2006 at a redemption price
of 104.5%. The bondholders will be notified
through Norwegian Central Securities Depository
(Verdipapirsentralen).