FSO Knock Dee

Fred. Olsen Production ASA through its wholly owned subsidiary Knock Dee Pte Ltd, and El Paso Maritime, B.V. have agreed a six months extension to the option agreement to exclusively retain the vessel Knock Dee for use as a floating storage and offloading vessel (FSO) for the Pinauna field offshore Brazil. The option may be declared up until 30th June 2010. The parties have agreed an option fee payable immediately which covers the whole option period. For more information, please contact CEO Mårten Lunde or CFO Jørn T. Røkaas. Phone number +47 22 34 10 00.