Annual General Meeting

The Annual General Meeting of Fred. Olsen Production ASA was held today, Wednesday 25 May 2011. All proposals on the agenda were adopted in accordance with the agenda for the Annual General Meeting which was sent to the Oslo Stock Exchange on 3 May 2011.
The Annual General Meeting (AGM) of Fred. Olsen Production ASA has today approved the financial statements and annual report of Fred. Olsen Production ASA and the Group for 2010 as well as the Board's dividend proposal of NOK 0.50 per share. The dividend is estimated to be paid on or about 15th June 2011 to shareholders registered as holding shares on the date of the AGM.

As of 26 May 2011, the shares will be traded exclusive of dividend.

Please find enclosed protocol and presentation from the AGM.