All conditions in voluntary offer satisfied

NOT FOR DISTRIBUTION IN OR INTO CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

Dated: 29 November 2013

Reference is made to the offer document dated 4 July 2013 (the "Offer Document"), issued by Yinson Production Limited (the "Offeror"), relating to its voluntary tender offer (the "Offer") to acquire all outstanding shares (the "Shares") in Fred. Olsen Production ASA (the "Company" or "FOP"). The Offeror has received acceptances of the Offer for a total of 102,823,421 Shares (including the pre-acceptance by First Olsen Ltd), equalling 97.1% of the outstanding Shares and votes in FOP.

The Offeror hereby confirms that all conditions for completion of the Offer that require any action in order to be fulfilled have been met or waived, and none of the conditions that refer to events that shall not occur have, to the Offeror's knowledge, occurred. Accordingly, the Offeror will proceed to settle the Offer with respect to validly tendered Shares. In accordance with section 3.13 of the Offer Document, settlement will take place as soon as reasonably possible and not later than three weeks from the date of this notice.

Arctic Securities ASA acts as Receiving Agent in respect of the Offer, and Financial Advisor to the Offeror.

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The Offer and the distribution of this announcement and other information in connection with the Offer may be restricted by law in certain jurisdictions. The Offeror does not assume any responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

This information is subject to the disclosure requirements set out in section 6-19 of the Norwegian Securities Trading Act.