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NOTIFICATION OF TRADE

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First Olsen Ltd (`FOL`), the majority shareholder
in Fred. Olsen Production (`FOP`) and a company
owned 50% by Bonheur ASA and 50% by Ganger Rolf
ASA, has acquired 5.116.600 shares in FOP at
an average purchase price of NOK 26 per share.
Following the transaction FOL owns 65.191.200
shares in FOP, constituting 61.5 % of the shares
and votes. FOL`s managing director Per-Oscar Lund
is the chairman of the board of FOP and Anette S.
Olsen, board member of FOP, is the chairman of FOL
and managing director and board member of Ganger
Rolf ASA and Bonheur ASA.
Contact person:
Per-Oscar Lund, Managing Director First Olsen
Ltd., phone +47 22 34 11 81 / +47 90 78 02 54
Oslo, 26 June 2007.