Compulsory acquisition of shares

Reference is made to the announcement dated 20 December 2013 in connection with settlement of the voluntary offer from Yinson Production Limited ("YPL") to acquire all shares in Fred. Olsen Production ASA ("FOP"). Following the completion of the voluntary offer, YPL became the owner of 102,823,421 shares in FOP, representing approximately 97.1% of the shares and votes in FOP.

The Board of Directors of YPL has, effective from after close of trading on Oslo Børs on 8 January 2014, resolved to carry out a compulsory acquisition of all remaining shares in FOP not owned by YPL pursuant to the Norwegian Public Limited Liability Companies Act section 4-25 cf. the Norwegian Securities Trading Act section 6-22 (3). As a consequence, YPL has assumed ownership of all shares in FOP.

The offered redemption price under the compulsory acquisition is NOK 9.40 per share. The offered redemption price corresponds to the offer price in the completed voluntary offer to acquire all shares in FOP. DNB Bank ASA has furnished a guarantee for the settlement under the compulsory acquisition in accordance with the Norwegian Securities Trading Act section 6-22 (3) no. 3.

Any objections to, or rejections of, the offered redemption price must be raised on or before 10 March 2014. Former shareholders who do not object to, or reject, the offered redemption price within this deadline will lose their right to object to, or reject, the offered redemption price and are deemed to have accepted the offer. A letter regarding the compulsory acquisition will be sent to all former shareholders subject to the compulsory transfer whose addresses are known. In addition, the compulsory acquisition will be announced through the electronic notice service of the Norwegian Register of Business Enterprises (Brønnøysundregistrene).

As a consequence of the compulsory acquisition, the Board of Directors of YPL plans to seek a de-listing of FOP's shares from Oslo Børs. Separate stock exchange notices will be published regarding the timing for such delisting. Arctic Securities ASA has acted as Receiving Agent in respect of the voluntary offer, and Financial Advisor to YPL.

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