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Letter of Intent

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Fred. Olsen Production ASA has today on behalf of a joint venture to be established between Marubeni Corporation, Japan and Fred. Olsen Production ASA, entered into a letter of intent with PetroVietnam Technical Services Corporation, Vietnam, relating to contracts for construction and installation and subsequent chartering of an FPSO (the "Contracts") for Thang Long & Dong Do oil fields offshore Vietnam.

The charter contract is for a fixed period of seven years plus yearly options thereafter, with scheduled commencement 3Q 2013.  The entering into of the Contracts is subject to finalization of terms and conditions.

Contact person; Acting CEO and CFO Jørn T. Røkaas; phone + 47 22 34 10 00