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Expiry of Letter of Intent

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As previously announced on the 9th December 2011 Fred. Olsen Production ASA, on behalf of a joint venture to be established with Marubeni Corporation, Japan, entered into a letter of intent with PetroVietnam Technical Services Corporation, Vietnam, relating to contracts for the construction and installation and subsequent chartering of an FPSO for the Thang Long & Dong Do oil fields offshore Vietnam. The letter of intent, with subsequent extensions and amendments, has now expired without the parties having concluded the contracts.

Contact person; CEO Eirik Barclay + 47 22 34 12 76