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FRED. OLSEN PRODUCTION ASA-AGREEMENT FOR FINANCING

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Fred. Olsen Production ASA has accepted offer for
an USD 500 million 10 year`s Secured Revolving
Credit Facility which will be used to refinance
existing loans, general corporate funding purposes
and future development of the company`s fleet of
FPSO/FSOs. It is expected that final agreements
will be entered into end May / early June. The
Facility is arranged by DnB NOR, Fortis Bank and
Nordea.

For full information see www.newsweb.noFred. Olsen Production ASA has accepted offer for
an USD 500 million 10 year`s Secured Revolving
Credit Facility which will be used to refinance
existing loans, general corporate funding purposes
and future development of the company`s fleet of
FPSO/FSOs. It is expected that final agreements
will be entered into end May / early June. The
Facility is arranged by DnB NOR, Fortis Bank and
Nordea.

For further information you may contact Per-Oscar
Lund, ph. +47 22 34 10 00 / 90 78 02 54