SALE OF TREASURY SHARES

Fred. Olsen Energy ASA has sold 2,623,227 shares of its
portfolio of treasury shares. The sale was executed by
Carnegie ASA after close of business Thursday 24th February
2005. The shares were primarily placed amongst
international and Norwegian institutional investors at a
price of NOK 100,- per share. The treasury shares were
purchased during 2001/2002 at an average cost price of
approximately NOK 41 per share. The sale strengthens the
liquidity of the Company`s share as the number of shares
owned by other than Fred. Olsen & Co.-related companies
increases by approximately 12%. The Company`s remaining
number of treasury shares after the above sale is 111,002
shares, corresponding to the number of management stock
options not yet exercised.