Extraordinary General Meeting

The Board of Directors has decided to call for an Extraordinary General Meeting in Fred.Olsen Production ASA on 21st November 2011 at 2 p.m. at the Company's offices in Fred.Olsen gate 2, Oslo, Norway.

Mr. Per-Oscar Lund (66) wishes to withdraw from the Board of Directors having retired from his position as President of First Olsen Ltd. The Company must thus elect a new Director. Mr. Ivar Brandvold will be proposed as a new Director. Mr. Brandvold has long term management experience from oil companies and is currently CEO of Fred. Olsen Energy ASA.

The summons to the extraordinary general meeting on 21st November 2011 will be sent to the shareholders with known addresses and is also enclosed by way of separate file.